Open Q & A

Your Residential Real Estate Engineer thought it would be a good idea to do an open Q&A session right here on our blog since I've been getting all these questions from various investors on a number of topics. My thought is, the questions I'm being asked in private may be the same questions other investors have but they have been afraid to ask.

Now, I'm not claiming to have all the answers but I'm willing to share and if you've spoken to me on the phone before you know what I'm talking about. If I can't answer your question directly I'll at least point you in the right direction so you can get your question answered.

So, here is what I propose; Ask your question in the comment section and I'll respond and answer there as well. I also welcome others input.

Fire away with your questions, let's get this Q&A session started!!!!!!!!!!

About John G.

I'm a full time real estate investor in NW Ohio, investing since 2007. I specialize in Wholesales, Subject 2's, Rehabs, Mentoring, Private Lenders and web based marketing. I'm your personal Residential Real Estate Engineer

6 Comments

  • Mike Peace
    7 Jul 2011 | Permalink | Reply

    I’m fairly new to the real estate thing and I’ve been reading your blog for about 9 months, good stuff.
    My question is how do you know if you are making the correct amount on money when doing a wholesale? Is there a set amount you should always make?

    • 7 Jul 2011 | Permalink | Reply

      Mike, I thank you for your question.
      When doing a wholesale there isn’t a standard amount you should get. The amount can vary depending on the part of the country you live in and the market you are investing in. Some markets average 10K to 15K per rehab wholesale property and even higher for move in ready or luxury properties.

      I would suggest you network with other wholesalers in your area and find out what the average is for your area.

      Hope this helps.

  • 9 Jul 2011 | Permalink | Reply

    I’ve been reading about creative financing, Can this be done when dealing with a commercial property that is owned by a bank?

    • 9 Jul 2011 | Permalink | Reply

      Jason, to the best of my knowledge banks are not very open to creative financing, they want to have some security tied up into the asset. This is usually done by traditional lending means.
      Here is a suggestion, go to the bank that owns the property and talk to them seeing if you can get a name, number or other contact information for the main asset manager so you can contact them. Once you contact them don’t just talk about ways of obtaining the property. Prepare a well thought out proposal for your creative financing offer.
      A few points to keep in mind when doing this is to mentioned the benefits to the bank for conduct the transaction, these are usually financial. Also include any bid estimates for repairs while making sure they’re from businesses. Be able to show financial projections they display your ability to pay them off in the manner in which you suggest they sale you the property.

      Hope this helps.

  • 12 Jul 2011 | Permalink | Reply

    Do you have any advice for when you check comparable sale sites such as zillow, and you cannot find comps to fit your subject property?

    • 12 Jul 2011 | Permalink | Reply

      Will thanks for your question.
      As a rule most people want to see comparables that are within the last six months, same number of bedrooms, within a half mile radius. Size can vary by 20 percent larger or smaller than your subject property.
      If I can’t located a property that fits this model I usually expand my search to 1 mile away. If you still can’t locate anything I usually provide the most recent sale for that area and provide the time frame for when it sold.

      There are a few sites that give you comps but the best source is to either check your local counties website or work with a realtor.

      Hope this helps.

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