All Forum Posts by: Rob Powell

The wholesaler is offering a "convenience" to the rehabber or buy and hold investor who has neither the time nor the desire to field a couple 100 calls a week. Their time is better spent focusing on their specific niche.
Simply put they don't have time to look at 3-5 houses a day on top of their considerable other duties.

If they are only working on 1-2 house a month they may have time to do the significant marketing that wholesaling takes, nut as their business grows they have less time to do the task that good wholesalers specialize in.

In closing i will say that doing business with a wholesaler is not for all investors , but they are a god send to busy investors.

Yes. They will handle all the paper work. Just make sure they are familiar with the assignment of contract process. In my limited experience I have not found one who was not, but it does not hurt to ask them anyway.

Welcome. Great to have you here!
Until you find a mentor this site is the next best thing.
It is great for getting questions answered and advice on different aspects of investing.
Good Luck!

Great job!
Remember you don't want to take the contract to the title company until you have a buyer and a signed assignment form. Then take both to the title company.
The reason you should take them is to make sure they arrive safely. Once there give the title company the phone numbers of all parties involved , in case they need more information from anyone. Then just wait on your check.
Congrats... you have arrived.

Welcome!!
I am sure you will find that BP is a goldmine of information.

I am a wholesaler in OKC.
I am no Guru but I have done several deals. I avg 1-2 a month.
I will gladly help if I can for no charge.
Just contact me if you have any questions at [email protected]
or 405-367-4405

I am a wholesaler in Oklahoma City. I used to give a $10 earnest money deposit in the form of a check.
But on my last few deals I have not put up any EMD at all.
The best part is non of the sellers thus far have even asked or questioned that method.

Here is a simple rule of thumb I picked up from a youtube video. It has served me well so far.

Exterior paint : $2.00 per finished sqft
Interior paint : $1.30 per finished sqft
Windows and Doors : $300 each
Kitchen : $2500 for 10' cabinets and sink
Bathroom : $2500
Flooring : $2.50 per finished sqft ( does not matter Carpet,hardwood or laminate)
Electrical Panel : $1500
Water Heater : $500
Furnace : $3500
AC : $1500

Add up all the major items and then add 25% to the sum to account for miscellaneous expenses.
This should give you a good estimate of repairs.
If the entire inside of a house needs to be renovated just factor $15-$20 per sqft.
Hope this helps. Good Luck!

Your lease does not just serve to inform the tenant of his rights and obligations , but it also serves to inform the tenant of your obligations and rights as the landlord. You have the right to do what is necessary to protect your investment and he has the obligation to allow it unobstructed.
Good Luck!

If the numbers make since go for it.
Raise the rent to make it cash flow.
First late rent payment start eviction process.
Show no tolerance and you will likely be paid on time.
Good Luck!