All Forum Posts by: Bryan Watson

Hello, I am a newbie and looking to pitch investors for my first real estate deal. I know this is a stretch as a complete beginner but I am looking to develop an entire community. What types of documents and information do I need to have before pitching my idea to investors? I know having estimated costs, time of completion, estimated revenue and location are important but what else is needed?

Hello, looking to start building multi-unit properties in my area but I have no idea where to get the knowledge from. I don't think simply purchasing a course or attending an event will provide me the information needed in order to build from start to finish. I think I need a mentor but not sure how to find one. Any advice would be greatly appreciated.  

Thanks to everyone for the feedback. I will be moving on from this deal but I did learn a lot from it so it wasn't a total lost. 

I met with a seller yesterday to sign a purchase contract but he does not want to sign until closing. He verbally agreed to everything in the contract and gave me access to the property. 

What are my options here? 

- Can I show the property without a signed contract but verbal consent? 

- Can I still draft an assignment contract and assign the property?

Thanks @Fred Heller

@Micah Copeland and @Fred Heller I have another question for you guys. My current work schedule does not allow me to get to the title company before they close during the week and they aren't open during the weekend. What do you suggest I do?

Thanks!

Thanks for the response @Fred Heller and @Micah Copeland. I am working with a partner who suggested 14 days. He believes he has a buyer for the property. 

Hello,

I am going to meet with a seller later today to sign a purchase contract and he wants to see me fill out the check for the earnest money. Do I make the check out to the title company? 

The earnest deposit is $1,000. If I cannot bring a buyer before the inspection period is over which will be 14 days, do I lose that money? 

Also, I assume I should request access to the property immediately upon signing the contract and get a lockbox to put on it. Is that correct? 

Hello all,

I am scheduled to go see my first property today and wanted to get some advice. Yesterday I told the seller I wanted to bring a contractor with me to see the property. He did not want me to do this and said I should bring them through after it's under contract. Could he be hiding something or is this how things work? 

Should I get the contract signed if I think the house doesn't look too bad and then have a contractor give me estimates? Do I get a title search completed following the execution of the contract?

The seller wants the buyer to pay all closing costs and July RE tax. Should I offer to pay RE taxes for July if I cannot close before they are due? Should I state that I want 30 days for closing in order for me to perform my due diligence? The seller did state that is a high water bill outstanding that he would take care of. Should I include payment of this as a contingency before closing?

Is there anyway to back out of the contract if I believe this wouldn't be a profitable deal after receiving contractor estimates? 

Based on my assessment of the property, the numbers seem to be good. The ARV is $170,000 ( which is below comps in the area) and he wants $65k. I would expect make $5k on the deal so selling price is $70k max which leaves $49k between rehab and profit for the end buyer considering 70% of ARV is $119k but I know the final numbers depend on the contractor estimates.

Any feedback or tips are greatly appreciated ! 

Hello Samara,

I have not done any deals yet but I would suggest evaluating the deal to make sure it is a good deal before worrying about any down payment, if you haven't already done so.

Also, you will not know what the seller is going to do if you do not go see them. You should gather as much info as possible about the property and process then meet with the seller. There is no progress without action.

 I'm sure there are a number of investors on BP that can give you great advice. Good luck and I hope everything goes well!