All Forum Posts by: Andrew Quinn

Thank you Jim. Great idea to refer seller leads to listing agents that do not fit my criteria. What can a listing agent do for me in return? Would it be the exact opposite? They refer leads to me that they've spoken with that choose not to use their services?

I am doing direct mail to find off market leads. I intend to wholesale deals using assignments for a while to build up capital for flips and rentals. I just finished listening to podcast #200 which talks about the 20 things that must be done to get your first investment deal. One of these things is to get your team in order. An agent was listed as an essential team member to have before looking for deals. How can an agent help me if all my deals will be off market and I will not be the one ultimately closing on the property? Is there anything I am missing? Any hidden benefit to having an agent in this sort of transaction that I am missing? Finally, if there is a benefit to me finding an investor friendly agent for my business while I am doing these deals, In what way can I provide assistance back to them in return since they will not recieve a commission off any of these deals? Any feedback is appriciated. Thank you.

I have a few contract templates that I think may be useful for my business but I am not for sure. When is the best time to get your contract in order... right before you start marketing for deals? or after you have found a deal? I can see pitfalls to both. If you get the contract before marketing, parts of your contract may not apply to the particular deal you end up finding. If you get your contract done after finding a deal, then your time to submit an offer takes longer because you have to have an attorney draft up the contract. Also, is it ok to use a template contract if you feel that you are in good understanding of it and have an attorney ammend it as necessary? Or is it absolutely foolish to use any contract without an attorneys approval even if you feel you understand the terms of the contract?

It has been a little while since I have been on BiggerPockets so I think a post is due. I have a question about wholesaling assignment contracts. To my knowledge 2 documents are required and a third is recommended. These documents are a Purchase and Sale Agreement, Assignment Agreement/Contract, and a Affidavit and Memorandum of Purchase and Sale Agreement. On the purchase and sale agreement, I know that you want to be upfront with the customer to a certain extent as to your intentions with the property (to make a profit). I also know that you need to put and/or assigns on the contract just to avoid any future headaches with the assignment legality. I know that you want to put something to the effect of "subject to partners approval" or and inspection contengency. I don't think I need a financing contengency because I will not be the one actually purchasing the property. Other than the and/or assigns, the contengency/partner approval, and just being honest about my intentions with the sellers property, is there anything else I should make sure my purchase and sale agreement includes???

As far as the assignment agreement, I know that you need to state the purchase price of the property and the assignment fee separatly so that they are clearly spelled out on the contract between you and the end buyer. I also have heard that it is a good idea to get double the earnest money deposit from you end buyer than what your original deposit was with the seller. I also know that this deposit should be non-refundable. Is there anything else I should make sure to add to this document in order to make things go smoothly and better protect myself???

Finally, I know that the affidavit and memorandum are used to protect your interests in the property in case the end buyer and the seller link up and try to go behind your back or if the seller trys to sell to someone else while you have it under contract. My only question with this document is that since it has to be notorized, how would this work if you were dealing with an absentee owner and require a fax signiture transmission??

Do any/all of these documents need to be on legal size paper???

Disclaimer: I understand that many of you are not attorneys and may recommend that I speak to one. I already have spoken with an attorney about some contracts I am just interested to hear what other investors have to say on these subjects. I appriciate any feedback that comes in. Thanks a lot BiggerPockets community.

Without the MLS, what would be the quickest and most efficient way to determine the ARV on a property. If you are unable to see what houses have recently sold and for how much, what is another way round this? I have several leads that I would like to determine what they are worth but without a way of viewing recent closed sales I find this to be very difficult. Any help is appriciated.

I understand. It can be very difficult to find them sometimes. I think I have finally figured out the county website and it seems that most forwarding addresses are available. I am now practicing estimating After Repair Values and Repair Costs. Those are my two small road blocks now are lack of practice in those areas.

Maybe I was looking in the wrong location. I was only able to get the owners name and if I was lucky the last sale date/price. I was unable to get any forwarding addresses or tax information for Jackson County. I am always open to partnering. I would love to learn more about what you have accomplished in real estate to determine how we may be of assistance to each other. Thanks for the reply.

From what I have heard, the Kansas City market is best for Buy and Hold. I am certainly interested in eventually obtaining rental properties, however I would like to start out with wholesaling to build some capital. I want to do this so that my company can pay for itself instead of needing capital contributions from myself. I have heard many things about how wholesaling should be left to those with the most experience as it can be very difficult. I am not denying this fact, however I do see some parts of wholesaling that can be easier/more beneficial. Regardless of which type of real estate I get into, the ability to market for and obtain my own leads is critical to me. I believe this can be learned through wholesaling. I also believe wholesaling is easier becasue it is exactly like a rehab minus the construction phase. I feel that if I do a few wholesale deals in my area that I can save come capital for further projects and see how the process works from start to finish as far as sitting at the closing table on both ends. Does anyone have any advice on wholesaling in the Kansas City area? I have done some driving for dollars and found a little over 30 properties that appear to be vacant. Most of them I believe are bank owned. I have tried to find the owners on the county website but I am still getting used to the site and am not very proficient at it yet. I am also working on a marketing piece that I plan to send out to these vacant property owners. Am I on the right track? What should I do next so I can speed up this process and feel like im actually doing something productive? Any help is appriciated. Thanks a lot BP community.

Hello everyone. It is great to be a member of the BiggerPockets community. I am really looking forward to speaking with as many of the great people who are a part of this community as I can. I am new to real estate but I have learned a lot since my interest was sparked. I am hoping I will continue to learn everyday and can use this to my success. I am interested in wholesaling, flipping, and buy and hold investing. Happy investing to all!