All Forum Posts by: Adam Johns

Brian Bandas welcome to BP. I just got back from Nashville yesterday. I have to go every couple of months for work, and look forward to it every time.

Craig Garrow you also might want to go to an auction or two with no intention of buying. Just meet the players in your area and see if any would be willing to talk to a new guy. Tax liens work differently in different areas, so knowing what it's like where you are might be a good step #1. You don't want to spend a bunch of time learning and getting interested only to find out every lien sells to a huge company bidding way below any rate you'd consider.

@Sheena Prattis

I'm glad I could help you remember. Happens to everyone.

Don't end that relationship with the realtor, though. While looking for those sellers, you will probably come across some who are more ripe for a shortsale or even traditional listing at retail that you can refer to your realtor friend. In exchange, he can help you with comps. And who knows, you may grow to a rehab business one day, and want a realtor who can list properties for you.

As far as the title companies not returning phone calls, you might want to try to find the newer and smaller companies that are trying to build their business also. If you go to the first name in the google search, or the one a realtor recommended, chances are they've got plenty of business and aren't as eager to give you the time attention you're after. It might take some time, but you'll get all the pieces in place.

@David L. Clark

Welcome to BP!

My father lived in the Morristown area (Randolph) years ago, I hope it's still as nice as I remember it.

As far as what you're looking for, you'll need to be careful about soliciting outside of the Marketplace forum, but stick around and post often and I'm sure you'll build some benificial relationships.

Sheena Prattis if you're trying to assign contracts, you need to take advantage of the fact that there are many investors with large sums of money! It sounds like the problem is that you're trying to assign contracts on properties listed with agents. Don't. You'll have to find the motivated sellers who are willing to sell for much lower than retail and who don't care HOW you get their house sold. Finding the sellers is probably 95% of the work in wholesales.

@Jesus Villarreal

http://www.trec.state.tx.us/formslawscontracts/forms/forms-contracts.asp

That has the contract as well as all other addenda and required. Pay special attention to section 11 "SPECIAL PROVISIONS". That's where you're going to want to add some things to protect yourself as a wholesaler. Also, section 15 "DEFAULT". Once you think you like the changes you've made, have an attorney review it. It shouldn't cost much to have one look over your changes, and it could save you thousands.

Good luck!

Dev and I were typing at the same time. Didn't mean to just echo ;-)

@Account Closed Hi, and welcome to BP!

If you're the buyer, than you can depart from it at any point that you feel comfortable there is still enough room for profit in the deal at over 70%. If you're a wholesaler, than it comes down to knowing your buyers. If you have buyers that are comfortable with profits at a lower percentage and you know what kind of numbers they look for, then you can structure the deal to match.

There are many investors on this board that buy properties above 70%, but in most cases it's because they are very good at knowing what the costs are going to be and minimizing some of them so that they can get the most out of the 20-25% they leave themselves.

It's called a "rule", but it should really be called a "guideline".

Ollisha Jones what are your intentions for this property? It's hard to give directions without knowing where you're trying to go...

Derek McCreight welcome to BP! There is a ton of great information to read on all aspects of investing that you mentioned. And the best part is, if you're stuck on one part, you can just ask!

Depending on what kind of knob is on the door, the owner might just be able to take the knob off from the inside and take the lockbox off that way...

Also, how far is this house from Huntsville? With the owner's permission, I'll take the lockbox off and give it back to him (no guarantee on condition).