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$126k X 70% = $88,200 $20k repairs = $68,200 asking price when flipping it

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I'd like to try to set up appointments for this weekend with these people if possible. Should I take my contracts to the appointment and make an offer on the spot if everything goes well? Or is it better to act more like you need to consider the property a bit and make an offer a few days later?

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Probably my most important questions (LEGAL! Haha) should I have my LLC set up before making offers on properties or is it ok (as in safe) to do one or two deals before setting everything up? I met with a local attorney last week who quoted me $1,000 to set up the LLC and act as registered agent for a year, but I don't really have a grand to hand to him right now to do it.

Wow great work on your marketing! I was going to try and link you to a few posts on this site about what questions to ask sells but when I did a search the results were plenty. I'm sure you'll get some responses from people who know exactly what you should ask but until then you should look at what people have already said about this topic. Use the search box up on the top of this site and search "questions to ask sellers" and there are a couple of hundred blog and forum posts on this question.

BTW, right now I'm using $20k as an estimate on the work to finish the drywall and kitchen cabinets while running my numbers. He claims that he has estimated it out to be about $10 12k of work left, but I figured it would be better to overestimate the repairs initially Nike Fs Lite Run 3 Grey

Secondly, I think you have your list parameters well designed. You might find that you can go under 40% equity and it's still a workable deal as well. Run the numbers for what the average home is sold for, subtract expenses of handling the property and outstanding loan balance use that number to calculate what % you can feasibly work with. In my area I can go to about 20% because most homes run in the $250 350k range. This gives me a slightly wider range of homes to contact than those who are only targeting those with 40% equity searches. You will make less money, but when their money is tied to yours, they will help you make less mistakes as well. Hope that helps and keep us posted. Over the phone he was asking for $59,000 for the property and saying all it needs is drywall and kitchen cabinets to get it rolling; and that he has already done the roof, sub floors, windows/doors, framing, electric, and plumbing.

The most similar house recently sold, that I've found so far at least, was about a block down the road from it and went for $126k back in August. I think if he was being honest about the work that still needs to be done, this could be a winner. Guess I'll find out on Saturday!

for $125. Just Google the state of NJ dept. Of Treasury/Division of Revenue's home page and they will take you thru the steps. Pretty simple.

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until I actually get my eyes on the property. Even at $20k for repairs I could potentially be looking at a $9,200 pay day if I offered his full asking price and flipped it for 70% of ARV minus the $20k. I think I'm doing this right? Please correct me if I'm wrong.

I am also a licensed real estate salesperson in NJ. Not active yet, but on file with the DOBI. Should I put a written disclosure in my contracts stating that I am licensed or is it ok to just let people know in conversation? Obviously I need to put some other info into my contracts that I don't think non licensed wholesalers need to worry about (attorney review periods, etc) but I'm unclear on the requirements around the disclosure of my licensing.

Good luck and congrats again on the successful marketing.

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that clause in their docs.

Hey everyone, I'm Eric and I'm just beginning to get started in wholesaling. I've been doing plenty of research over the past few months; listening to hours of podcasts, reading the BP forums, and reading everything I possibly can about rei. Now I'm finally jumping in and have a few quick questions. Being from a fairly rural to suburban area (southern New Jersey) where township officials and local law enforcement have absolutely nothing to do, bandit signs don't have a great lifespan in the area. My parameters were pre foreclosure, 40+% equity, single family residential, 7+ year ownership. Dropped my first 45 letters in the mail on Tuesday and when I got out of work today and checked my google voice account I had voicemails from 3 different people already! One guy is located in a highly sought after town (Cherry Hill, if anyone Nike Free Dark Green is familiar with NJ) and called twice before leaving a message practically begging to be called back! It was a bit late when I got the messages so I plan on calling them all back tomorrow instead of disturbing them at night.

Eric congrats on getting started. In NJ you can set up your own LLC Nike Free Montreal

As far as the deal goes team up with a local veteran in the biz and see if you can work out a 50/50 arrangement. Although you paying more on your 1st few deals would be well worth the education. Good luck. People have developed a sense of when someone isn't telling the whole truth and their mind will start to create the worst possible scenario of why your not being totally honest. It's not hard to include a clause in your documents that say something like "while I am licensed in the state of New Jersey as a realtor, I am representing my company XYZ and am engaged in this transaction solely for business purposes not related to said licensing." Talk to others who are licensed, especially someone doing lease options, they will typically have Nike Free Mens Black

What sort of info should I be gathering when I call these people back?

Jumping right in and have a few questions

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