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Investment Properties at Wholesale Prices

New Rehab

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New Rehab Property in Atwater Village!

Next property flipWell we picked up another great property to rehab!  We’re super excited to bring this property to life.

This property was listed on the MLS and brought to my attention by my great agent.  I turns out that someone way out in Tampa, FL had negotiated with the bankruptcy court and lender to release this property for sale.  He then listed the property for sale once he got his approval.

This property is in horrible condition: rats, huge roaches, piles and piles AND PILES of junk inside and out.  We’ve been working on the property for a week now and we’ve cleaned out everything and have finished all the demolition.  Now the fun part starts!

For all you numbers people, here’s the breakdown:

Purchase Price: $350,000  | Repairs: $69k  | After Repair Value: $560k

We borrowed 65% ARV hard money (3.5 points, 12.5% interest) and used a private money partner to bring in the down payment and rehab money.  My private money partners have invested with me before so they were happy to do another rehab with me! 🙂  They get to earn a super return on their money, while both of them are working in other jobs full time.

I’ll keep posting pictures as we go along!

Next property flip

Next property flip

Come Meet Me Tomorrow!

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I’ve been invited to speak at Rosie Nieto’s club tomorrow night, August 11th in Culver City.

Here’s the link for more information –> Meeting Information

I’ll be speaking out how anyone can go out and snag a great deal in this market!  All you need to do is look — and I’ll show you where!

Hope to see you there!

Wholesaling Class Overview

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Well folks, it’s less than 2 weeks until the next wholesaling bootcamp! I’m very excited to share all the great strategies that are working in today’s market. My team and I are in the trenches everyday and know what’s working and not working. The market is changing and it’s important that you change along with it.

This class is great for those beginners who want to get into real estate and for seasoned rehabbers who want to get better at finding deals. Not to mention all the great networking and team building that will happen at the event.

So I hope you’ll join us on April 9th! Check out the video below for a video I made about the topics and guest speakers we’ll have during the wholesaling class.

Register TODAY –> http://wholesalingseminar-april2011.eventbrite.com

My First L.A. Rehab Story…

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My First L.A. Rehab Story…

Well folks my first hands-on Los Angeles rehab is finally complete and ready to close escrow in 8 days!  It’s been a long, challenging few months, but it has also been a tremendous – and PROFITABLE- learning experience!  I definitely took on a big project that would scare a lot of seasoned investors, but I’m fearless like that!  Actually it was the solid numbers and great neighborhood that made it easy for me to decide to do this project.   Not to mention my pleasure in seeing a house that was about to be condemned by the city transform into a house so pretty that the buyers want to hold their wedding there!

Los Angeles Rehabbing

Before Rehab

Los Angeles Rehab Project

After Rehab

This property had great potential structurally and profit wise.  WARNING: You are about to see some serious bragging:  A wholesaler we found through craigslist brought this property to our attention.  This property was about to be demolished by the city and a $40,000 lien put against it.  The seller had inherited the property from her aunt and didn’t want to deal with this.  The wholesaler was selling this to us for $165,000, but after looking at the condition of the property we negotiated it down to $110,000, which included a $20,000 wholesale fee.  At that time the comparable sales were about $400,000 and we estimated repairs at $85,000.  The final numbers: repairs were $150,000 and final sale price $515,000.  So what could have been a serious drop in our profit was more than cushioned by the recent “bubble” in the neighborhood.  All the partners involved in this project are happy with the outcome and are ready to do some more!

I’ve been asked what lessons I’ve learned from this project.  There are so many so I may just create another post about that; however, my biggest lesson was to ALWAYS work by the numbers and not the emotion of the project.  Even if we had sold at our original $400,000 estimate we still would have made a nice profit anyway.

How about you?  What has been some of your recent accomplishments and/or lessons learned from real estate?

Inglewood, CA CASH FLOW property – Hard Money Approved!

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Inglewood CASH FLOW property – Hard Money Approved!

I had tons of interest in this 6 Unit property but I wanted to let everyone else know that this property has already been appraised and approved by a local hard money lender.  They are ready to close THIS Friday! The seller has also lowered the price, so I have done the same.  New Price is $317k for 6 units!!
Contact me for more details 800-279-7148

Wholesaling Bootcamp a Success!

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Wholesaling Bootcamp a Success!

Wholesaling Seminar

This weekend’s Wholesaling class was a great success.  We had a great turn out and most importantly everyone went home that day with the exact steps to complete a wholesale deal from start to finish.  Here are some testimonials:

“Easy to understand the material and I loved the work book. So much good info in it.” –Lupe Murillo

“One day packed w/info, enthusiastically presented w/lots of real life info to use.” –Vicki Maffei

“Ginger’s workshop empowered me to be ready to go out there and do deals! I have all the tools I need to get started: forms and contracts, how to set up my blog, where to find leads, and much more. Thank you Ginger for also being available to help me with my deals and also to partner up by using your buyers! I know I will be making money soon!” –Marguerite DeSelms

I’ll be having another seminar sometime next year.  If you missed this class you can download the training manual with audio recordings of the bootcamp under the Product Page.  I had a great time meeting everyone and teaching what I do everyday in my wholesaling business.

Stay tuned for some more updates on deals and education coming your way!

Los Angeles Rehab is Looking Great!

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Los Angeles Rehab is Looking Great!

Los Angeles New Remodeled House

Los Angeles Views Through New Double Doors

We are moving very quickly with our rehab project in the Cypress Park/Mt. Washington area.  Located at the top of the hill we have spectacular views all around!

This is just an example of one of the rehabs we’re currently working on in the Southern California market.  We are actively looking for some more properties to rehab and/or wholesale to our many cash buyers.

Our money partners on this deal are also very excited about the progress we’re making (not to mention the great returns on their money!).  In today’s market, why keep your cash in a bank CD or Money Market account when you can easily earn 3-4 times that investing with a company like ours?

I’ll keep posting pictures on our progress.  If you’re interested in being on our buyer waiting list for this property when it’s completed please send me an email at support@ocwholesalers.com.  This property is going to have all the bells and whistles–including a large deck to take advantage of the amazing views.