All Forum Posts by: Brent Hill

So I finally got my first house under contract. Will list it on MLS tomorrow. Another RE agent found the property, I negotiated and put together the deal and we are doing a Joint Venture to share in profits when we sell.

Used MQ 9 page contract and all of the documents provided in his coaching program like Permission to put for sale sign in yard, permission to put on lock box.  One doc provides like a check list or flow chart of sorts that walks you through every information needed to close the transaction from beginning to end so you don't forget anything like getting good directions to the house, taking pictures, filling out a property info sheet, etc, etc.  This made my life so much easier because I didn't have to overthink and reinvent anything.  I will double close on this property using transactional funding using a local title company in Jax.  I stopped by their office today and went over everything and handed them all the docs..no problem for them at all.

My listing will look something like this thanks to a fellow colleague in the program...so again, I didnt' have to figure out the best way to list it. Of course, I searched the local MLS for other brokerages that are doing the same thing looking for a title status of "equitable interest"

Remarks: Large 3 bedroom 1 bath, property has Florida room addition with A/C and enclosed carport addition. CLEAN TITLE, NO LIENS, NO OPEN PERMITS, NO CODE VIOLATIONS. Great opportunity for fix and flip or buy and hold investors. Property needs work and sells as is.

Broker remarks: Subject to seller obtaining title. All offers subject to interior inspection. Vacant. Sells as is. Must close with sellers title company (input your title company)

Terms: Cash only

And I will use the FAR-BAR contract. In this case we plan to close within 25 days with a 10 day inspection period and I having them deposit $2,000 EMD within 24 hours.

This deal got put together so quickly I did not have time to go through it with Michael and his team

Out of this deal, I am helping the owner buy a trailer with land with the net proceeds from the sale.   Seller will put 20K down on a place me and my partner will purchase and owner finance him the other 25K for 5 years netting us another small paycheck and some recurring income.

My point in all this is this is a real life example of where owner inherited property with a mortage and balloon payment past due and had no means of paying the balloon payment, keeping up the payments, taxes, maintenance etc and they needed to sell immediately in as-is condition and needed help to find another place to live.  I think we will have helped everyone involved with this deal is complete.

I am sure there are minor details I am leaving out so feel free to call or PM with any questions.  Glad to help and I am hoping the RE agent i am working with will be able to do the next one on her own.

@Ben Roberts  feel free to call or email me anytime.  I would be more than happy to talk to you and answer any questions I might  have based upon my experiences so far.  I have been listening to Michaels podcasts for about 9 months so I feel I know his business model for wholetailing pretty well.  Best of luck!

@Benjamin Barredo  Google Michael Quarles gold coaching.  Feel free to call or email me with quesitons.  Would be happy to help out in any way I can.

@Steven Leigh I wouldn't assign - which many people will refer to as wholesaling. Put a property under contract once the seller has agreed to sell it at 65-70% of as-is value and then list it on the MLS right away. Take title using owner financing, sub2, your own money, private or hard money. Just schedule both transactions on the same day as a back to back closing. Just figure the costs of your hard or private money into your formula if you are going to go that route...in a nutshell this is wholetailing.

Hey @Kurush Italia Yes, still taking action and sorry I have been slack on the updates. I still working for network engineering job full-time. Justed used Micahel's 2 part seller script to get a house under contract for 73750...the seller started at 99000. Just 6 questions into the script the seller voluntarily lowered the price to 80K! I then set an appt to see seller yesterday. I used Michae's Ugly, Uglier, Ugliest worksheet to estimate rehabs going from room to room. Based upon that I shared that the rehab would be a little more than we had discussed which is how we arrived at 73750. I also use Michael's 9 page contract because I will be listing the house with another agent in our brokerage Monday. It is amazing that even my broker did not think you could list a house immediately after putting it under contract. I showed my broker listings on our local MLS where brokers do it all the time! You can tell because the title status will say something like "equitable interest". He called our local MLS and confirmed it was perfectly fine. At the end of the day, I am not trying to overthink this at all and just copying what Michael has done successfully and so far it is working for me even though i am still in the beginning stages. What i will say is the roundtable and Q&A discussions with Michael and his team are invaluable. We discuss real life examples. I will say again if you are somewhat shy and want to be spoonfed everything, this might not be for you. let me know if you have any specific questions and i will do my best to answer.

Hi...I am in need of a single wide trailer on a small piece of land in either Duval or Nassau county.  I am buying a house from the seller and the seller is going to use the proceeds to buy a trailer on some land just for himself that he can put a few chickens in the backyard.  He is not picky and just wants something for himself.  Not sure if possible, but he has a budget of about 15K and is on diability/fixed income.  Thanks in advance.

Brent

@Renee P.  Maybe come by the local REIF meeting at Jaybirds Restaurant here in St Augustine.  There is actually a meeting at 8:30am this coming Thursday(Oct 6).  There are always people looking to network and looking for contractors.  Hope you and your husband can both make it.

I wholetail properties here in NE Florida and am also a licensed realtor...I work for investors to help find homes on the MLS but also off-market. If you need CMAs or want to target some particular houses on the MLS, I can get an automatic subscription setup that can email you as soon as anything new comes on the market. Best of luck!

@Tyler Rusomaroff and @Wyatt Payne  sent you both messages to your inbox.  thanks for your interest!

If there are any buyers that are focusing mainly on MLS properties in NE Florida for your next buy and hold or flip, I will be happy to put together some MLS subscriptions for you so you are notified immediately of "qualified" properties in the zip codes or areas of your choice.

I can also do CMAs and submit offers for you.
I already do my own market analysis on every zip code in NE Florida based upon percentage of SFH, REOs, cash buyers, median sales price along with many other factors so unless you have your own criteria, you will be getting notices on houses I personally target at about 65-70% of median sales price for that zip code. In other words, you won't have to filter through a bunch of listings but what you will get will have potential.

No, they are not listed.