All Forum Posts by: Account Closed

The title search should be run by the title co or closing attorney depending on how your state does it. You absolutly need to run your own numbers. Even if your wholesaler is awesome and gets them all right, you need to be able to run the numbers if for no other reason than to double check their numbers. Otherwise you are trusting the the wholesaler to get the numbers right  and represent your interests.

Walk through the property. You should only talk to and through the wholesaler and not the seller directly. It can confuse the seller if you start negotiating a price when they already have a contract signed with the wholesaler. Especially if you plan to do business with that wholesaler in the future.

Hey  Valdemer, the assignment of contract is where c pays b to take his position in the deal. The deal is where seller a agrees to sell to b for a given price. I have heard that $5,000 is a reasonable top profit on an assignment. Since everyone sees how much the assignment fee is, if it is too much the seller a might get mad if you get paid for too much “nothing”. Especially if they are believe they are selling it to you to avoid paying a commission to a real estate agent. Assignment fees feel  a lot like a commission paid to an agent. Also, I have heard but not experienced where the end buyer c will try to go around. buyer b and buy direct if they think the middle man “you in this case” is making too much. Clear communication is key if you are doing these kinda of deals if you want people to work with you long term.

Since you said you have an attorney I would defer to them. You may be stuck with the buyer  until they cannot close. It you have contingency offers I would work hard to have them lined up to go as soon as the original offers expire. AND going forward, make sure you specify deposits must be in escrow within 24 hours of contracts being signed or the they become void.  Or some other similar legalese...

I don’t know about Cobb, here in Paulding County, Ga it is against the sign ordinance and can be fined $50 per sign if caught. If they are leagal I would not recommend using a personal number since it can be a hassle with crazy calls at crazy times.

If the website is working for you I would recommend staying with them until you have a problem. The issue of the company failing and your website being lost can be addressed simply by ensuring you own the domain name itself. If your hosting company fails you simply pick another company and point your domain to their name servers. The tech folks deal with this kind of thing all of the time.

If the issue is the performance of the site itself, you might consider finding a new vendor instead of becoming a web designer and wholesaler too. Look for the highest and best use of your time.

I use Zillow and Redfin in addition to the Title Toolbox from Rebogateway to find the closest match, nearest physically, most recent property sales I can find. It tends to be a moving target between these data sources.

Hey, Atlanta is a pretty hot market too and the rules of thumb depend on your buyers.

I have some buyers who are still looking for 50% or 60%. Admittedly they complain about there not being any deals out there right now. So in a hot market AND the right buyers you can push up past 70%.

I would suggest sticking to houses with some sort of perceived motivation, tax default or physical distress on the property. You will really waste a lot of time if you knock on doors just because they are in between your other targeted houses.

Good luck

Bob

Hello Shaneka,

For me I had to be able to walk a deal all the way through (on paper at least) from finding a lead to depositing the check then I felt that I could truly pursue a deal. It doesn’t have to be perfect but at least a path from start to finish.

Find a property

Find the owner

Calculate the MAO max allowable offer

Get offer excepted

Get a/b contract-original seller to you

Depending on local laws you have to work some version of the following:

Find your cash buyer

Get b/c  contract- you to final cash buyer

Fund a/b deal.

Close a/b

Close b/c (can be the same day, same place)

Deposit check.

There are many different versions of this but you must be able to see your way through at least one way from start to finish. Then you can work on faster, better, cheaper etc. etc.

Good luck.

I have only included the property address on the post cards and included the name and property address in letters. I don’t think anyone believes it hurts to include it so why not? It most likely doesn’t cost any more to provide the extra touch and you already have the data.