The Wholesaler's Dilemma: Managing the Seller's Mindset
Tuesday, January 15
Wholesaling is a two-step process: first, the wholesaler finds the property, and second, the wholesaler negotiates a purchase price that allows him or her to make a profit on a resale. You can find any amount of advice on finding properties, but very little knowledge on how to convince a seller t...
Rehabbers May Be Liable for Defects Even When a House is Sold "As Is"
Monday, October 22
I ran across a Georgia Appellate Court opinion that is instructive for all flippers and rehabbers. In Georgian Fine Properties, LLC v. Lang (Case #A18A1295, Oct. 17, 2018), the rehabber added a second story to a one-story house, then sold that house pursuant to a purchase agreement that had a buy...
Deal Diary Epilogue: Lessons Learned
Wednesday, August 01
We did the deal that was the subject of Parts 1, 2, and 3 of our recent blogs by getting the house under contract and then assigning the contract to a rehabber who would close the deal and pay our wholesaling fee simultaneously with the closing. We earned a good wholesaling fee and learned enough...
Deal Diary Part 3: Stress, STRESS, @$#&&%, Close. Aaaaah.
Thursday, July 05
We had a signed purchase contract for $64,500 on May 7, but the deal did not close until June 29. Here's a bullet list of the key elements that went sideways before the deal closed.- We delivered $1,000 earnest money to the seller's lawyer on May 18. Even though the contract allowed me access to ...
Deal Diary Part 2: How We Found and Negotiated Our Most Recent Deal
Thursday, June 07
Starting with the methodology described in our blog Part 1, we examined a number of estate and probate cases that were filed in Kenosha County, Wisconsin, in December 2017. Of the 20 or so new probate cases filed that month, we sent introductory letters to representatives of 7 different estates ...
Deal Diary Part 1: Finding Deals in Estate Cases
Monday, May 21
Bison Real, Inc. works with estates that are in active probate. We are a Wisconsin company that researches active probate cases in 30 of the more populated counties in the state. Like many other states, Wisconsin records all court filings, including probate cases, in a "Consolidated Court Automat...