All Forum Posts by: Brandon Connell

 Tax auction sale. He grabbed it at a great price.

Seller will be at the address Monday July 18th at 11:30 AM showing the property.

Equitable interest in Memphis Tennessee for sale!

4731 Royal Pine Dr, Memphis, TN 38128

Just $11,000

for this is a 3 bedroom, 1 bathroom ranch with a carport. 1,006 sf on a 6,960 sf lot. Central heating and A/C.

Needs between $12,000 and $15,000 in repairs with an ARV of $45,000+. Past sale for as much as $60,000! Do your due diligence. Highest offer gets it. Will go FAST! $1,000 EMD in escrow.

https://www.redfin.com/TN/Memphis/4731-Royal-Pine-...

http://www.trulia.com/homes/Tennessee/Memphis/sold...

http://www.zillow.com/homedetails/4731-Royal-Pine-...

Call me at 323-977-8617 if you want this, or email me at [email protected]

Hard money is your best bet. There is a list of them here in the forum. DoHardMoney is popular.

Aside from the usual instructions, you should also use social media. I use groups and pages, and build them up or interact with others, which is a good way to find flippers. Flip and buy/hold are who you are after, so you want to go where they are.

This all depends on the deal. I Sub2 and wholesale those to landlords, and my contracts often have a 2 or 3 year length before refi. I do leave a length in the offer though to give the seller an out. The buyer would more than likely hold the property long enough to recoup their initial costs including the closing if title is transferred rather than a contract for deed being used, and the wholesaler's assignment fee. The amount of your fee and the DP that may go to the seller would depend on the deal and how much equity they are giving away. I often put out offers with a $10,000 fee or a total DP on a Sub2 deal.

I think your problem is with the newbies not knowing what they are doing more than any unethical wholesalers. I see inflated ARVs as well, and I always shake my head knowing that they are just getting started. I got a lead on my website today from someone who passed up my JV form, and filled out the seller form instead. They turned out to be a wholesaler. They over offered and have been trying to assign the deal for over a month.

As a wholesaler though, I get annoyed at the idiots telling new wholesalers to contact people they find by searching terms like "we buy houses", or other wholesaling phrases. Somehow they actually think they will find a cash buyer this way when in fact it is a needle in a haystack. I end up having to weed them out from real sellers, or I have to waste my time with phone calls with the usual script. On top of it, the bird dogs come to me trying to bring me a wholesaler held deal.

 I have to disagree with you on this one. As an active wholesaler, I do have a good list of cash buyers. But I also have a newsletter on my website to gather new cash buyers, and I email that list when I have interest to sell. It is best to have a lot of backup in case the main guys decide to go on vacation, or not jump on the deal quickly for whatever reason. That strategy can also increase the fee in the event that there is a bidding war, and the deal was priced low enough.

A P.O. box, or you can use a virtual address if you are not local to your mailing. You can get virtual mailing addresses fairly cheap per month basis, and your mail will forward to you. It is helpful for edgy sellers who only like dealing with locals. You can also use LineSpan or CallRail for local numbers.

The above post has a great list to go on for checking values, but I also like to check out the neighborhood with city-data.com and a couple other statistics sites. If the comps look ok, but the neighborhood is not so hot, it can tell you a bit about how fast your cash buyer/flipper can sell the property at retail. It helps me set price points, or avoid a deal that may have initially looked good but isn't.