All Forum Posts by: Mary B.

There's short sales and then there's underwater mortgages that the homeowner is in good standing with the bank. Sounds the same but quite different. If you are referring the later it should be to million dollar investor(s) for a nice profit(pending on your negotiation with the investor) on the flip side which is usually 90days to 120days when the homeowner closes with the bank. Referring them to realtors is cutting yourself out of thousands of dollars.

Kudos,
Mary

If you are considering a L/O tenant what would the terms be as far as length of time? Anything can happen in a year or two i.e. hospital bills for Tenant B and out of business or a huge lawsuit for Tenant A. May you want to see how they are as tenants for more than a year and work it from there. So 3yr lease with an option to buy in 37months. I'm just spewing ideas but its about preparing for the future right so if you are planning to sell to a tenant in the end it would preferably be a good tenant that can afford the place, yes?

Kudos,
Mary

I'm not an expert on California laws but double closing is legal in every state in the country. You do have to disclose it to your escrow/title company (and bank for REO purchases)because some of them may not do same day closings (requiring you hold title for at least 1 day...) so its in your best interest to be upfront. As for the realtor referral fee you can fix that by negotiating lower % i.e. if they normally would get 7% ask that they'd accept 5% instead. The Standard CA Purchase & Sales Agreement is good for wholesaling, fix and flip and assignment deals as well as long its written in there. If you don't like the way its written you can always have your attorney draw up one more to your business m. o. To the seller you clearly state that you are an investor in business for profit. They don't need to know that you are getting $10K, $25K or more in addition to what you are paying them for their property. That's why you are doing a double closing so they won't know. Disclosure is a simple and plain statement on the truth on your business operations. No specific details required.

Kudos,
Mary

Oops, I meant I agree with what Ryan stated.

Additionally, you have to take into consideration on what your pitch is after the calls come in which may need tweaking.

Kudos,
Mary

I agree with Tony you should search for a JV opportunity with a realtor, wholesaler, private lender, contractor.... Yellow letters are only one of many marketing techniques. Whatever you do don't give up but adapt and prevail instead.

Kudos,
Mary

This is something I say aloud and to myself(while smh) often and I am a wholesaler myself. Many people protesting to be real estate investors aren't and often get away with it because they assigned/wholesaled a property or two for profit so they figure they've won the title. Yet many know nothing about how to do a CMA nor accurately perform other due diligence and will offer all sorts of ridiculous pricing for purchase and/or rehab. Its becoming more and more vastly an issue around the country and certain SEC rules & regulations may qualify which can land them in a court of law or worse prison.

Kudos,
Mary

3 to 6months follow-up

Instead of checking back in 30 days I'd do a 6month follow-up to see if the property is still vacant or suddenly is under construction. If it is in the midst of construction remove him from the list. If its still vacant maybe he's changed his mind. Find out what he wants work in a good barter and make the deal happen.

Kudos,
Mary

No disrespect but your numbers are likely off. Hence ARV of $79K but no repairs are needed so why not ask for $55K or $65K?

Comps are simply:
- at least 3 properties that have sold within the last 90 to 120days (no more)
- same style of house, number of bdrm/ba and as close to the sq ft of the subject property as can be
- all within no more than 1 mile radius of the subject property

If the numbers make sense the deal is sure to make dollars. You cant have one without the other.

Kudos,
Mary

Do mean as far as leads on motivated sellers, vacant property owners, how often to re-mail to those that haven't respond or how often to add to the list? I'm trying to understand what you are talking about.

Kudos,
Mary