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How to Sell a Wholesale Property to Investors Rehab
If you have a property that you would like to wholesale to us, we require the following:
1. Comps for the after repair value (From a subject to repair appraisal)
2. Rehab list from a professional with price of repairs.
3. Our cost (what amount are you selling to us for)
4. Copy of original contract, if being assigned to us.
5. Potential rent if house is a rental.
6. Recent pictures, both internal and external.
Remember that we are wholesalers. This means that we have to sell at 70% of the ARV. That 70% ARV needs to include the cost of the house, rehab cost, our wholesale profit, and points and closing cost. Anything below that offer will be your profit.
Example:
This is an example of where our numbers need to be. Depending on the area and other due diligence, we may have to go below 70%.
| ARV |
$100,000 |
| 70% |
$70,000 |
| Less Rehab |
-$20,000 |
Less Taxes, Insurance and Attorneys Fees
|
-$2,000 |
| Less points for hard money (5% on 70K) |
-$3,500 |
| Less our wholesale profit |
-approximately 10% 0f ARV |
| We will buy at a cost of |
$34,500 |
You would need to negotiate a lower price for your profit.
Please do not submit a property until you have already negotiated the required discount.
We only purchase properties from wholesalers who own the Ultimate Buying Machine course.
Please allow 5-10 days for us to do our own due diligence as is required before accepting any property. Just because a property meets the above criteria doesn't necessarily mean that it is a good deall. Many factors come into play when analyzing property and we do not want you or us to make a bad investiment.
How to Submit a Filthy Riches Property For Funding!
If you want Investors Rehab, Inc. to fund your Filthy Riches deal then you need to submit the contract with the correct clauses and the pictures of the property to the email below. Please do not submit unless you have already negotiated the discount, have a written contract and have all pictures.
Here is how it works: I will fund your Filthy Riches deal after you have it under contract and have done all due diligence described in the Filthy Riches course. I also need to approve the pictures and your due diligence prior to your funding request. I also cannot fund more than 40% of the current listed price. This is because we are buying properties at 25-35%.
You have 60 days to find a buyer, sell the property then sell the note and pay me off. Since these are small deals we need to double our money if we fund your deal. So if we fund a $5,000 deal we need to get back $10,000 within 60 days. Remember, you only need me to fund your first deal then you will have the money for your next one.
I do not fund your deposit which means you will not be able to put up 100% deposits if you are using my money to fund your first deal. There are many other sources in the course for funding as well if you want to put up 100% deposits. We personally usually put up $500 deposits.
If you do not want to to have to find a buyer, sell the property and then sell the note, then you can simply wholesale the property to me and I will pay you $1,000 over what you paid for it as long as the due diligence is satisfactory.
We only fund deals for owners of the Filthy Riches course. This is because you need the course to understand exactly how to structure the contract and the types of properties we will fund.
If you have a wholesale property to submit or a Filthy Riches deal for us to fund, please send all of the information to Closing@LarryGoins.com.
Buy or Sell a Filthy Riches Note
Sell a Note: If you own the Filthy Riches course and have a note for sale that you have created on a property that you have bought and sold then please submit the note to me at the email address below. I need complete details of the transaction including the following:
Purchase price
Down payment
Finance terms
copies of all disclosures and documentation
Pictures of the property.
Borrowers credit and application and closing documents
Once I receive all documentation I will be able to analyze the note for purchase.
Please do not email unless you have all documentation listed above when selling a note. Submitting a note does not guarantee we will purchase the note as we must do our due diligence.
I typically only purchase the first 5 years of a note. I cannot quote a rate or yield until I do all due diligence.
I only purchase notes from Filthy Riches course owners.
Buy a Note: If you would like to buy a note from me then please email me at the email address below and I will be glad to put you on the list to purchase a note. We require all note purchasers to sign a note purchase agreement.
Please only email if you are a principle and not a note broker reselling to an institution and have the funds to close.
To buy or sell a note email my closing department at closing@larrygoins.com and we will be glad to help you in anyway we can.
Thank You
Larry Goins
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