are faced with the "go" or "no go" scenario all the time:- Single family
3-bed 2-bath house $400k ARV, $75K in repairs, purchase for $200k and wholesale for $230K - is this deal a "go" or "no go"?
- Condo
2-bed 2-bath $800K ARV, $30K in repairs, purchase for $600k and wholesale for $650K - you present this to your local REIA for them to judge: is this deal a deal "go" or "no go"?
- Apartment
complex, 140 units, NOI $1,000,000, repairs $300,000. purchase for $1,200,000, and wholesale for $1,400,000 - is this commercial real estate deal
a "go" or "no go"?
- What is the purchase criteria for each buyer;
- Of the Buyers whose criteria match the property characteristics and financials, who is ready, willing and able to buy NOW;
- If the Buyer is ready, willing and able to buy NOW, how decisive are they? Often times a Wholesaler will use an option
or a contract with a deadline for completion of the transfer of the deal to the Buyer. If the Buyer is slow, needs weeks to decide, and the Wholesaler needs to complete the transfer within a week then that Buyer is useless. The "deal" is now a "no deal."
- If the ready, willing and able Buyer is in the List of another Wholesaler, is there enough of a spread to cover that Wholesaler's desired profit? Or are the numbers so slim that a joint venture is not feasible?
Of the 3 examples given, which one do you feel is a "go" and which is a "no go"? If your money was on the line, would you "go" with that deal your are trying to wholesale to others?
But isn't that how life is? Constantly, whether we are conscious of it or not, we are making "no or no go" decisions. Take the alternate route to take to bypass a traffic jam, or wait and hope the jam clears soon; accept the date invite from a man who is not the one you were hoping to get the invite from, or sit home of yet another Friday night. The "go or no go" can take many forms. For some the outcome is measured in how late they are to the destination, how much fun they have on that date, or whether they make $30,000, $50,000, $200,000, or NOTHING. "Go" or "no go"? You decide.
. After reviewing the numbers sent, he was interested. We set up a time to conference regarding the particulars and how we would go about doing business together. Here entered the New Idea. My "New Idea" was to go into contract on the REO as a joint-venture partner with the end-buyer. Then the end buyer would "buy" us out of our interest in the deal. That way we would eliminate the need for a double closing, saving on the closing costs. The end buyer gets the property for less money and we still make our desired profit.
, we let this one go. But the deal served as the catalyst for us to establish and clearly define a relationship with an active rehabber.investor.
.
- yes, for business expenses I've trained myself to have a reason - it occurred to me to consider the App World. Little function-specific programs that make these tech tools a must-have, iPad Apps could hold the key.
) 2 months ago. We are still in the "getting acquainted" stage. But it is a 17", and we definitely want a more portable laptop also. Our business plan does include the purchase of an Apple laptop, the MacBook Pro 15" with 500 GB harddrive. But...would the iPad be a better choice, since we already have a laptop? That is one question that prompted this very blog post. So your input would be GREATLY appreciated.
to have the additional power. But the idea of having a tool like the 
, the banks are telling their reps to "let it ride".