All Forum Posts by: Account Closed

Several steps must be taken to wholesale preforeclosures or foreclosures. First, one must decide what area you want to wholesale properties in. In your case, I believe you have decided on this. Second, find a title company or an investor friendly real estate attorney to work with who can do assignment of contracts and simultaneous closings. Then, check the market for the properties you intend to wholesale (e.g. the price they are willing to pay for it or the cash sales in that neighbourhood for the past few months.) It is also important to find motivated sellers in the target area. Find someone that needs to sell their house. Once you find some motivated sellers, you need to reach out to them. And when you have a motivated seller who wants to sell their house, make an offer. If you can reach to an agreement, write up a contract. Now, if you have both signed the contract, it is time to find a buyer. Once you find an end buyer, make them sign an “assignment contractâ€, this is a simple one page contract that basically says you are assigning your right in the contract with the seller to the new buyer for a fee. Once the assignment contract is signed, send their earnest money check to the Title Company or attorney you are using to close the deal and they will handle everything else. Finally, get paid!

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There are a couple of suggestions in buying at an auction. First, obviously, do research on the property being auctioned -- this includes market value and estimated needed repairs, etc. Second, develop your exit strategy. Know how you will sell the house before you buy the house. For example, are you going to remodel it and sell through a realtor, are you going to wholesale it to another investor, or keep it long term as a rental. Then find out if they want a cashier’s check pre-written or if you have time to get your finances that day. You also want to know how much you are willing to spend and then stick to it and be prepared to walk away. Don’t feel as if you really have to buy something. If the deal is not right for you, it is not a deal. And lastly, make sure you make friends with the other investors. Friendships with your competition open the door to many possibilities! And you don’t have to have a girl with you to network!

Submitting multiple offers in short sales and foreclosures is not a big deal. A phrase that can be used is “Contingent upon receiving acceptance by seller on subject house before another offer I have made is accepted on a different house.â€

Great question! A mother/ daughter house is a single family house with two kitchens and two bathrooms, more or less arranged as separate living areas but connected as one overall dwelling unit. Most building codes specify that a single dwelling unit cannot be occupied by unrelated persons, and a mother/daughter is really a single family dwelling that happens to have a separate living area that is connected to the other unit. A mother/daughter will typically have one electric meter servicing the entire building. The number of electric meter servicing the house can be a basis or point of comparison between a two-family house and a mother/ daughter house.

This is a great question, but this is like asking does an orange taste better or an apple! It all depends if you have a system or not to handle the load of tasks needed to execute the deals affectively. To be honest, you need to put a system in place through outsourcing and automating your business. I have closed on over 65 short sales and with a automated system either strategy works like clockwork!!

There are several ways to check all liens affecting a property’s Title. This information is available at the local recorder’s office or online through RealtyTrac or Intelius. One can also visit the website of the municipality or country where the property is located. Property information is a public record and local offices list liens along with other property information on their websites. I always put a Purchase Agreement on the property contingent of liens first and then go through a Title company since they specialize in Title work.

There are several things to research before bidding at auctions, to wit:
- My first thing I check is if the property is already vacant or not. If it is still occupied then you will have to evict them and you are fully vulnerable to whatever they do in the house before they move out. Next is check the Market value –make sure that it is a good deal. The remember that all liens will fall off after the foreclosure, however IRS liens have a 4 month redemption, this is a something to make note of because you can’t remodel anything until the redemption period. Last, estimate the needed repairs - Estimated repairs should be factored into any property purchase, but there’s an added twist with auction properties. In most states, auction bidders don’t have any opportunity to view the inside of the property before they bid, let alone hire a professional inspector to inspect the property. You may be able to approach the current occupants and ask permission to view the inside, but permission is not guaranteed. So just make an estimate based on what you see on the property while viewing from the outside and know that the inside is always worse.

Most MLS systems restrict real estate brokers and their agents, however, MLS access is becoming more open as internet sites offer the public the ability to view portions of MLS listings. To be honest, we fighted it for a long time, but we decided to have my wife become a realtor. It costs less than $1200 and you can finish the entire course in 2 Saturdays!! It is quick and easy and it gives access to the MLS!!

Buying a property at an absolute auction is when the highest bid wins the property being offered. There is no reserve or minimum bid required. It is a fantastic way to acquire properties; however, one must be careful with a peril filled risk since properties sold in auctions iare “as is†or one might be over-excited to place their bid and exceed the price that they are willing to pay for the property.

You need to find out how many months are left in the lease. When you walk through remember that the visual will give you a very clear gut feeling if this is how you want your duplex to be treated. Remember, tenants don’t normally want to leave; they want to stay because they are comfortable. But also remember, if you don’t have a good gut feeling about how they treat the duplex, then keeping a tenant is worse than letting it sit vacant while trying to find a great tenant