All Forum Posts by: Alejandro Flores

I really appreciate your comment @Dustin Verley

Ibrahim Hughes do you also follow up on the people that want too much for their property?

Thank you for your comment @Ibrahim Hughes, Yes I learned that! I got a question for you if you don't mind answering. All the calls you get, do you follow up on the calls till they say stop or they sell? 

Jay Hinrichs I'm just need to take my last exam to get my real estate license, since I get people that want to sell their house with me. Apart from wholesaling I'm really looking deals that I want to rehab. Since the house that I got under contract is a burnt house and needed way to much work I'm looking house that need 20-50k of rehab, and I decided to find my own deals by finding really motivated sellers since theres a lot of competition on MLS and other wholesalers bring me deals that aren't any good so I'm looking own. My goal is to rehab then to go on the holding side.

Jay Hinrichs ^^ my reply is on top of this one

Jay Hinrichs , well I'll tell you my background. Im 20 years old, goes to college full time I put in very little money on marketing since that's the only budget I have for it. 3 months of the 5, I was marketing complete bad, with no results. This last 2 months I been able to correct my marketing and started to receive calls 4-8% response rate. I have a couple good leads that I'm working on getting under contract. I might get little money or even nothing on this house that I got under contract, but what ever happens I learned from this experience. Talking to the seller, putting it under contract then going to the title company and getting a buyer, and learning that wholesaling is not easy.

Yeah I thinking about it, but since something just came up today, on the seller side. She has a documents from the attorney that show and tells that the lawsuit against my seller can not be reopen which could be a really good thing, meaning non of the other sibling have to sign except the seller( which the property is still under her name). @Rene Montelongo

I  fully did not understand about that situation, my mentor would guide me along on what to do. All I know that the father owns the estate and when he passed away on his will it mentions that her wife is the executor of the estate. When she passed away she left the estate to only one child which is my seller. So one of the siblings got really mad because they wanted part of the estate, and they filed a dispute and also tried to sue my seller. Then that sibling that did the dispute passed away so the title company needed the sibling's child to sign off. @Steven McPherson this is all I know. I couldn't really understand why the title needed them since the property was under my seller's name.

Yes, I target east and a bit of south of Houston.  I always try to get the best deals and make sure my end buyer gets enough profits for the work he is going to do. @Effram Barrett

So I sent out yellow letters to absentee owners list and I received a call from a lady saying she got my letter and saying that the house got on fire and told me she wasn't ready to sell. I go on saying we will be in touch in a couple of days. So time goes by I call her a week later to see how things are going, and she goes by explaining that she filled a claim with the insurance company and if I would like to make her an offer on the property. I agreed and went to the burnt property.

I took a friend of mine that is a GC and told me the estimates was 70k of repair. I then went to the seller told her "knowing the house needs 70k of work how much would you give it to me", she then said that some guy already made an offer at 40k but was needing to get bank approval. (the ARV was 150k-160k) I had to act quickly, so I told her ill match it and we can close than 30 days. She agreed and this was my first house under contract! I remember that I was so nervous and scared but yet excited of what I just accomplished.

A week later a buyer made an offer at 43,500$ I and my partner in this deal agreed to it.( not much money but it was going to be our first wholesale deal) Then it was time to close.

Well, title commitment came back and there was a problem, there was a dispute from one of the siblings and even though the house was under the seller name the underwriter still needed all of the siblings to sign off. Which there was a problem because one of them will not sign off since he passed away and the family holds resentment, (they are the ones that wanted part of the house but weren't in the will when their parents passed away). The seller told there is no way that family will sign off and she would not even want to deal with it. I told if later in the future you want to sell the property they still will have to sign it, and she understood and we pulled off the deal.

Sadly I was excited to get my first paycheck after 5 months of work but I guess not, but I won't give up.