All Forum Posts by: Brandon McCadney

Apologies in advance: the topic says “assignment contract” but i meant a “purchase agreement”.

Hey BP fam!

I’m in the process of getting my first deal under contract today. I was wondering if anyone has a really good purchase agreement template that you frequently use.

The template that I found and uses actually resulted in me losing a deal because of an inspection clause that covers me and doesn’t really have the seller in mind.

Any thoughts and templates would help! Thanks!

Hey! I’m just very curious about this posting I saw this morning. Here’s what it says:

“THIS HOME IS CURRENTLY LOSTED FOR SALE. If you like this home, we will purchase it and rent it to you.”

Mind you, the home is listed by a professional realtor, but I’m just confused on what type of strategy this is, if anyone has done anything like this before, and if it is a profitable strategy? My mindset is always “someone knows something that I don’t.” So if anyone knows what type of strategy this is, I’d love to hear from you!

PS: I'm 2 months into REI so I'm still figuring things out!

Hey BP fam. I have another question. So, I've acquired a list of contacts who have recently inherited property from a county court in Saint Louis. There's a lot of content out there about how these are a good source of motivated sellers. My problem is that I think this is too heavy of a subject to talk about with these type of sellers. Do you have any recommendations or guidelines that you may follow when talking with sellers who may have inherited a property? Because I do believe the conversation should be more delicate and sensitive versus someone who abandoned a property or is behind on taxes.

Any help will definitely be appreciated. Thanks!

@Matt McConkey Thank you both! Truly. I really appreciate that. And it's funny because that's another issue I've been running into: the fact that it would cost more to fix a lot of the properties in this city. Matt I'll go ahead and connect with you. Would love to get some insight from you since you've been working in the market.

@John 

@John K. Thanks for your insight as well! After I posted this question, I went ahead and made a few calls, and called the one property that I was in question about. After speaking with him, I learned that he was a buyer and works with other investors who brings him deals. So we went and established a relationship right on the phone and I'll be adding him to my buyers list.

It's cool to see how things work out in REI. Thank you again!

Hey everyone! I'm about 2 months into REI, so there's still so much I'm learning. I'm working on what potentially will be my first deal if things go right within the next week.

While I'm in the waiting period with that deal, I'm working on finding other properties and I've noticed that there are a lot of rundown vacant homes in St. Louis, but they have been purchased by either a person or a company within the last year or 2. 

Am I wasting time connecting with these types of owners? My thought is that maybe they've had plans to renovate, but they may have fallen through. 

Any suggestions or thoughts will definitely be appreciated. Thanks!

Brandon

Hey everyone! I have my first potential deal coming up but I need some help! I’m from St. Louis and I have a motivated seller with an inherited house in Oakland, California that would love to sell (I’ll explain later how I got this contact. The story is crazy.) it’s owned free and clear and has a large amount of land compared to the other houses in that area with a lot square footage over 6500 and a house sqft of about 1200.

The problem is that I have absolutely no idea how to estimate repairs on a house I can’t see, but I’ve seen posts on people wholesaling houses in other cities all the time. Does anyone do deals out of state? And if so, what are some of your best practices? Any help would be great because I need to get back with her on an offer today!

Thanks in advance!

Hey everyone! I’m revisiting this thread, as I’ve been seeing a lot of ads for the REWW software. After researching it, I did see that it’s, of course, a sales pitch to double profits and speeds up the process. I’m, by no means, against the software and I think it could be a really great investment tool given that it has worked well for others and reading @Chris Clothier’s response and testimony.

As a new investor/wholesaler who hasn’t done any deals yet, that price point is very steep to me.  I’ve been driving for dollars for the past 2 months now and have been using the DealMachine app to do so. But I haven’t had any responses, most of the phone numbers it searches for on the properties are wrong, and their email addresses. It also got too expensive sending postcards every week to over 70 houses and over 100 different addresses. 

I’d love to know what are some other alternatives to REWW that help automate your wholesaling, deal-finding processes?

Thanks in advance!

@John Thedford @Jay Hinrichs Hey! I just want to say thanks for your responses also. Like I said before, I'm very new to the wholesaling process, let alone REI as a whole. One thing that I have learned is the difference and credibilities of a wholesaler versus an agent. I see the differences, the pros, and the cons, the good, the bad etc. Maybe the seller is in a position to get whatever they can get for their house and not have to deal with working with an agent OR maybe the seller wants to work with an agent because that's what they're comfortable with and they feel as it would be less of a hassle than someone like me.

At the end of the day, I truly believe that all of this falls on the integrity of the person. Sure, wholesalers can be seen as "those guys are doing everything they can to get people out of their houses", and agents can be seen the same way but in different situations and contexts. All of it is relative honestly. We're all here because there's money to be made (just being real), and there are people interested in selling their homes for whatever reason. If we look at it like that, and understand that this is a people's business first, then it doesn't matter if you're a wholesaler, an agent/broker, rehabber, etc. And 

Just help make differences in people's lives and make their lives easier using what you know and the resources you have. We're all different. That's what, I believe, makes REI so interesting.

@Gabe Waldrep Thank you. That makes a lot of sense. That's where my thinking was going after I sat with this for a while. I think if the seller sees that information up front, it can make him more reluctant to work with the agent. I'd hate to let it go simply for that reason because it's in a very prominent, desirable area in St. Louis.

Just out of curiosity, have you created a net sheet with similar information? I'd love to see an example. 

Thanks again Gabe. I'll be visiting the property next week or the week afterwards once his current tenants move out.