All Forum Posts by: Brittany Simms

I would like a little advise on working from a different state and trying to wholesale in Atlanta or near by cities. I would like to have someone do the showings of the properties out there and I would pay them when the deal goes through. I live in Chicago. Is there anyway possible for this to happen if so can some explain how I can go about this situation?

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Originally posted by @Jason D.:

@Brittany Simms, you may have trouble finding an investor on that one. By the numbers, if you buy it for $13k, you add your fee and sell it for $18k? Then I, as the investor, have to put $70k by your estimation, but what if you're off a little and its $80k? With holding costs I'm in this property for $105k l, give or take. With selling costs I'm netting $115k, so my profit, before taxes, is $10k. That's a slim deal, and I personally would invest $100k+ for a $10k return. May be better to walk away from this one, just my opinion.

This sounds about right. I will walk away from this deal. It's Not a good deal.

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Wow they run from it is there a reason why because it cost too much because it a brick home and had ceramic floor and foundation is ok? I'm getting scared now.

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@Account Closed Thank you for your quick response back. I almost have a deal with a seller I went and looked at the property its completely gutted and was burned worth before burned 40k and the comps is 30-60k for 2 bed room 1 bath 600sqft but properties were being sold 10-12k if gutted in that area. I would like to buy it from him for 10-13k because the work would be 50-70k to put in and to get a ARV 130k. what do you think?

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HELLO,

Do I tell the seller I am the investor and have other partners I work with (because it's just me)? If I say i have partners to help negotiate price but the seller might be wondering whats taking so long to close(I would be looking for a cash buyer) if you working with you partner already?

Then do I have an inspection period on the buyer's contract or on both the seller and buyer's contract they have within 10-14 days to look.

Thanks

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Originally posted by @Shawn Kostoff:

@Brittany Simms

It is always best to do your research before you go look at the property so you know exactly what you can offer and back that up with comparable properties and market data. This also helps when you are negotiating with the seller. As for filling out the contract before you go look it is a matter of personal preference. I like to complete everything but the purchase price and bring a few copies with me in case the seller is ready to sign on the spot.

You can sign the contract in person or I have sent a signed contract to a seller and had them sign it, scan, and e-mail it back to me. I use a simple, one-page contract and haven't had any issues with it so far.

Thank you so much, could I see the contract you use? could I email you or text you?

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Originally posted by @Eric Armstrong:

I'm not a realtor so I don't know your rules, but I wouldn't use the normal realtor contract, causes it says prop can't be assignment without written consent from seller, unless you have written consent. If you use a generic contract, I'd be sure there is a clause in there that states the seller understands you are a licensed realtor, but understand you are not acting as one in this transaction. Be clear and upfront with seller.

Hello, I'm new to wholesaling and would like to know the process of the contract. Do I go look at the property first then make ARV or do I Make an estimate fill out the contract before I look at the property? Then for signing the contract I have to be with the seller to do so or we sign it together and I take the contract to the title company? And will this be the same process for the buyer?

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Hello,

I'm about to send my own yellow letter out and should I use a P.O BOX or my address?

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Hello, I recently purchased from listsource and would like to know what to do next. I do not have a LLC yet. Can I use my own name? I'm in Chicago, IL.

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All Forum Posts by: Brittany Simms

Brittany Simms has started 2 posts and replied 10 times.

Post: South Atlanta area Help needed

Post: South Atlanta area Help needed

Post: Wholesalers what do I say to the seller who I am and work with?

Post: Wholesalers what do I say to the seller who I am and work with?

Post: Wholesalers what do I say to the seller who I am and work with?

Post: Wholesalers what do I say to the seller who I am and work with?

Post: Contracts for a REALTOR

Post: Contracts for a REALTOR

Post: Housing Stipend: cover rent or buy house?

Post: I purchased my ListSource list. Now what?