All Forum Posts by: Bill Mitchell

@Account Closed Strongly disagree. Say you are trying to "sell a contract" and see how many properties you get under contract to wholesale. Take this from someone who activley wholesales and talks with motivated sellers.

As long as you can perform, its really irrelevant. I just tell the seller that I always work with a funding partner, which is the truth. On my assignments I ask for $2,500 non refundable earnest money wired to my personal bank account.

If I ever had a buyer back out, which has never happened, I would simply take the money wired to me from my funding partner and give to the seller and that is my gift to them and let them know my funding partner backed out at the last minute. They will get the money and they can choose if they would like to amend the contract and continue working with me.

Beyond that I put down $500 to $1000 in earnest money on my contracts to show im serious. Which I am, I take these contracts very seriously and won't write junk contracts.

@Gerald David Many thanks for your replies. I assume the reasoning you explained for vinyl flooring applies to laminate as well?

That is you cannot "refinish" most residential grade laminate flooring?

Looking at a property today that for the first time I may consider purchasing myself. The property has vinyl flooring that is a few years old vinyl in the appearance of hard wood and vinyl in the appearance of tile in the bathrooms.

My question is can vinyl flooring be refinished if its in decent shape? If so what products do you recommend using?

Just a simple question, but how do Escrow Officers get paid? Do they get a base commission + a certain amount per closing? Do they have incentive for closing on more properties in a given month?

Thanks

@Jon Klaus How do you identify "good" areas? Is it just a combination of things such as school systems, driving the neighborhood, crime rates etc?

Why not strip the paint :), disregarding the clean up mess it would create

I am not sure I fully understand what you are asking.

Here is how it works. Execute a contract with the seller. Physically take the contract to your title company for them to open title. They will make a copy of the contract for their records, you keep the original. You will give the original to the end buyer. But if you want to hide your assignment make a copy of the original, black out the contract price, and only give them the original contract once they have put down the non refundable deposit.

Make a copy of the contract, and take a marker and black it out. Or cover up the contract price when you make a copy (tape something over it). Give them a copy of the original once their non refundable deposit clears the bank.

If you are making a large assignment and afraid that will discourage your buyer, black it out on the contract. Once they put down the non refundable deposit, you can give them an original copy of the contract that shows your contract price.

It shouldn't matter if your making $1,000 or $10,000 if the numbers work for the end buyer, but I have had people back out after they see my assignment.

I like some of what Schiff has to say, but he has a very extreme view point and he uses it to sell shares in his investment company (research on google). I am not saying the sky is falling, but they need to start tapering or we will have a permanent zombie economy and the longer we prolong it, the harder the ramifications.