Craigslist FSBO property

[Redstar1324]

Okay on to the next one...
https://orlando.craigslist.org/reo/5990888823.html

Zestimate is 144,871.     Half of that minus $5,000 is $67,435. It's listed at $69,550.

There's no pictures on Craigslist or Zillow. I'm gonna offer $65,000.

Is that a good idea? I don't really want to go see it if I don't have to.

I verified through the property appraiser that the owner is a private individual who lives right down the street.

Just think if I can do three of these per month at $5,000/house, that's $180,000/year.

I could see myself getting hooked on this really fast.

[Luke9686]

Make sure you're telling all these people "I'm looking to buy three more properties in your area in the next few months, and I offer this really cool referral program.  If you know of anybody needing to sell a house, and I end up buying it, I'll pay you xxxx dollars once the transaction closes."

Also tell them the types of houses you buy; inherited houses, people in foreclosure, vacant houses, tired landlords, etc.

[Redstar1324]

Here are pictures of the most recent house I posted.
https://www.dropbox.com/s/rpivlfwy4k7ba38/image2.JPG?dl=0
https://www.dropbox.com/s/guabi5k52q9af5j/image1.JPG?dl=0
https://www.dropbox.com/s/o901sinuqazayvu/image3.JPG?dl=0

The lady I spoke to was a wholesaler and said she thinks it needs to be completely torn down. It's on an acre.

I have no idea what this means as far as what price I can offer.

I need to learn how much things cost to build/repair.

[Randoskie]

Get out there and figure it out, that's what we all did. go talk to these sellers, gain confidence, learn the values of neighborhoods.
Fail a few times or 10 or 20, get out there and make a mess of things, and have some fun.

[Redstar1324]

I have no idea what to do with that house, by the way

[Randoskie]

How bout wholesaling it for cash? Are you second guessing everything, fearful, hesitant and on and on?
Haha, I'm glad I don't have to go thru the newbie experience again. It was horrible, terrifying,
I think a lot of people never make it to square one because of the fear.
What are you going to do?

[Redstar1324]

How bout wholesaling it for cash? Are you second guessing everything, fearful, hesitant and on and on?
Haha, I'm glad I don't have to go thru the newbie experience again. It was horrible, terrifying,
I think a lot of people never make it to square one because of the fear.
What are you going to do?

The seller (another wholesaler) said it probably needs to be demo-ed and rebuilt from scratch.

I, of course, have no idea what that costs.

I need to start making calls to contractors.

[Luke9686]

No you don't.  You need to get it under contract and sell it.  Your contract has an escape clause.

[Redstar1324]

No you don't.  You need to get it under contract and sell it.  Your contract has an escape clause.

For how much? That's what I'm lost on.

[Randoskie]

Take a stab at it, ur spear don't need to be sharp, You can club it to death.
OK, half of zestimate, deduct 20K for repairs and $5,000 for your fee.
Then if he's ready to talk, sharpen the spear, go for the kill, negotiate him down some more because his dog is ugly.
leave no witnesses.

[Redstar1324]

Take a stab at it, ur spear don't need to be sharp, You can club it to death.
OK, half of zestimate, deduct 20K for repairs and $5,000 for your fee.
Then if he's ready to talk, sharpen the spear, go for the kill, negotiate him down some more because his dog is ugly.
leave no witnesses.

They accepted an offer for $58,000.

What do I put for Earnest Money on the contract? It currently says zero.

I'm 99% sure this is another wholesaler.

[Randoskie]

Some state require at least $1 to make it all legal, not sure about Florida. I used to put down 5 or 10 buks but now I just write in zero.
If it's another wholesaler that's OK, Ive done deals with 5 wholesalers involved.
But you shud ask,
My Johnson, is this your house your selling? No, I'm selling it for a friend, oh, your a wholesaler, oh not really, Yea Kinda.
OK I need to know the numbers, what did you get it for? So your making x amount and I want to make x amount, we need to get together on this with the contract and everything.
I will run it past  my list of 47,000 buyers, some are in Peru & Africa and I will start some mass marketing online.

[Luke9686]

As a side note they can actually pay you the earnest money.

[Redstar1324]

As a side note they can actually pay you the earnest money.

The sellers are gonna give me $100?

[Luke9686]

Technically you could.  That being said I usually put a $10 EM, and never actually give it to anybody.  It's taken care of at closing.