All Forum Posts by: Bryan Davis

I want to back up what Dave said. I'm working a property right now that I found the seller by checking out a labor lien on the house that had a different address than the tax man had. I sent a yellow letter, the owner called, now we're sorting things out and should be under contract soon. To second some of what Rick said, DON'T LET UNCERTAINTY PARALYZE YOU. Ok, caps are off now. You're GOING to goof up, sound uncertain, and make silly mistakes, and that's alright. Work with people that want to work with you and don't spare a thought for those who don't. Going beyond that, take a trip to the library and pick up some books on real estate investing; there's a list somewhere here on BP that talks about some of the greatest ones to read so start with those if nowhere else. With time and persistence both knowledge and confidence will come.

Siobahn: I'm sorry I'm just now seeing the rest of this thread, I would've like to have met you. I'm relaunching my yellow letter business so I'll be hitting every REIA I can squeeze into my schedule to spread the word. I'm sure we'll run into each other somewhere in there!

Just for some closure on this thread, I did some research into the property and visited the area. As it turns out, lots are sitting empty as they have been for as long as 6 years and there are only a couple of houses built in the subdivision. While the property may be a grat buy and hold for later sell type of investment, I'm looking for liquidity right now so I let it go. If anyone else is interested in it, I'd be happy to pass the seller's info along to you.

Brian,
Thank you for the link that you provided. I guess the best way to find out if a title company will do double closings IS simply to ask and better sooner than later. That's going to be on my to-do list within the next couple of days.

I'm supposed to be putting a property under contract toward the end of this week and now that I'm looking ahead to the exit, I realized that I no longer have the old "Assignment of Contract" form that I used years ago. I'm wondering if anyone here has an assignment of contract form that they use and wouldn't mind sharing or can point me toward a source. Furthermore, my buyer knows exactly what I'm getting out of a deal whenever I assign a contract and I'm wondering if anyone has any strategies that they like to use to keep their end buyer in the dark about the purchase price. I've never done a double closing and I understand that this is a way to accomplish that feat but is there any extra paperwork necessary or is just a matter of two contracts and a title company willing to be creative? Thanks for any info.

Thank you for your input, I didn't even think about zoning but that is kind of crucial. I'm going to go look at the property tomorrow to see if there are any glaring deficiencies before putting down the option fee. I did find a slightly smaller lot for sale by owner with owner financing on Craigslist for $75,000 that was listed on the 13th so I'm going to contact them as well to see what kind of interest they've had.

I had a seller call me earlier from one of my yellow letters that has a 1.3 acre vacant lot for sale. The seller stated that they purchased the lot for $105,000 but is now willing to sell for $37,500; I suspect that they would go lower if negotiated with. I have only ever dealt with single family residential property, mostly as a wholesaler but also as a rehabber, and I'm really uncertain on what to do with this. The only house currently built on the street is tax valued at $700,000 and other empty lots are tax appraised at around $60,000 per acre. I considered asking for an option and auctioning on eBay but I thought I'd ask the collective mind here for guidance first. Thank you for any suggestions.

I'm also in the DFW area (Grand Prairie) and looking for the same thing. I'm planning on attending a REI Meetup this weekend that's going to be covering wholesaling in hopes that someone can answer this question for me. I'll report back on what I find out.

I've done a couple wholesale deals (contract assignments) and while they were complicated just due to weird circumstances, I wouldn't consider them HARD given the $10,500 that I made off of them. Both of them I got from "I Buy Houses" flyers that I designed myself and I'm no graphic artist. I'm a big fan of yellow letters (I'm the former owner of CheapYellowLetters.com) and I use them now for reaching absentee owners. "Driving for dollars" is another great way to locate prospects, I'm working on a few right now from that source. In any case, perseverance will be your best friend; never give up. Most importantly , TALK TO OWNERS. All the research in the world won't get you a check. Good luck Sir.

I would suggest going to meetup.com and looking for real estate investment groups in the area. You can find underground poker games there, I'm guessing that you can find wholesalers too.