All Forum Posts by: Larry Lee

I have someone thats interested in my first property. she's not a cash buyer or an investor tho but is pre approved for a loan. Is the process of assigning the deal to her the same as it would be for a cash buyer? Will I need to do anything at all differently?

ok, so if i've allready gotten the option contract signed should I just give the person a dollar and just explain what its for then get a receipt? For future reference can I just put on the option contract how much option money the seller will receive and they can accept that as well as the other info on the option contract when they sign.

Greg,

Yes im glad I built a buyers list first regardless of how small, I just went out to view my first property and we settled on a pretty good price, I've got lots of pictures so im gonna set up a web page and email it to my list an see if any ones interested.

I'm in the process of setting up several squeeze pages as well, im using get response to manage my lists. Havent played with it much yet so im assuming I can manually add the email list I allready have. Let me know what works best for you when you start building your buyers list...... I'll update how the squeeze pages work for me after I start seeing results.

Just a quick update. I went out to view my first property and everything went pretty smoothly, I got lots of info and took lots of pictures. The house needs about 24k in repairs but has lots of potential

When it came time to talk about price things started to change, Initially over the phone he said he'd take 75 or 80 thousand and that he just wanted to get out of the property. When I actually got there the price somehow moved up to 85k, I asked why the jump in price, he said because he put 3k into some minor repairs so I suggested 83 thousand and he agreed. Looking back he may of been lying in an attempt to get more money but hey you live and learn. Im bound to make some mistakes along the way. The land value on the property is over 100k by itself as its a lake front home, Last appraised value was 185k and that was without any updating.

I was hoping to get it for $75,000 like he originally said so I could assign it for 85,000 and make 10k but at this point I think I should sell for 90,000 and try for a $7,000 profit. We'll see how it goes. He said he's ready to sell now at 83k so once I redo the numbers in the property analysis spread sheet I'll look at getting the option contract signed. Hopefully tomorrow. Then i'll market it to my buyers list and see if any of the investors on the list are interested.

Quick question, In the beginning I know its normal to go personally to meet with the people on my buyers list who wanna see the house, but if you have 5 or 6 properties to sell and multiple people want to see multiple houses how do you handle that? Lock box on door with key inside and let the investors go see the house on their own or have an assistant that shows them?

I was just about to start a forum on this topic, glad I looked first. Anywa I've been reading about people placing bandit signs to find sellers but the best place I hear to put them is at the exit of walmart. Any truth to this from anyone thats tried it?

Also I've noticed some pretty good deals from other local wholesalers in my area. If their selling a house with a $140,000 ARV for $60,000 is it possible for me to put that property under contract with the wholesaler and market it to my buyers for $65,000 an I sell to one of my buyers and we all just get paid at closing. Wont make as much but alot less work also. Anyone done this?

Dont know if I saw bird dogs anywhere in this forum but I plan on printing out a couple hundred advertisements stating that I buy houses and I'm looking for homes not listed in the mls and whatever other criteria I may have and that I'll pay a $500 referrer fee for each lead that ends in a sale, including individuals that refer their own property. I'll pay someone $50 to go neighborhood to neighborhood placing them in mailboxes. Not really sure if thats legal or not but I'll check before I try it. at the bottom of the ad page will be a place that says referrer and the individual can place his name and number there and make copies and give them out to people they know who could use my help. When they call ill ask who referred them, they'll look at the bottom of the page and give me the persons name and number. If I buy ill be happy to pay the $500. If this works ok I'd do the same with postcards and just mail them to a larger area with the same instructions. Write your info, make copies. pass them out to people who I can help.

There's a pretty busy auto repair shop in my area and I plan on using a similar advertisement. I'll just ask the owner If I can place a stack of them in the waiting area and say he'll get the referral fee if any of his clients sell me their property. Cant see why he'd say no and im sure I could do the same with other businesses in my area.

Again I havent tried any of these, be nice to get some feedback from those who have tho.

Trace,

I'd like to test that postcard out in my area as well. When you get the time shoot me a copy and ill update the results as they come in. My emails below. Thanks

Thought Id give a quick update. So far the newspaper ad and craigslist ad have brought in about the same number of leads, around 25 a piece. I finally got call backs from 2 of the 10 we buy houses companies, tho it took about a week to hear from either of them.

As of yet I still havent gotten contact info for the cash buyers list my realtor gave. I'll try to get on that this week. Next i plan on buying some blank bandit signs and hand writing, House for sale, $35,000 cash, Appraised value of $80,000 Must sell ASAP call 111 111 1111. I'll be handwriting because I hear it gets a better response than printed ones.

Ill try 50 of them for starters, will be paying my cousin $30 to place them around my city on friday night after the county workers get off for the weekend. We'll see how it goes.... will update after responses come in

Thanks, that explains it. I didnt input the repair estimate for retail. once I did the numbers changed and it looks correct now. Well im off to talk to the seller of this property and do a walk thru. Hopefully everything will go as planned. If not, plenty of other deals out there im sure :D

jaremy, quick question on your property analysis spreadsheet. In the profit and loss area for wholesale, does the sale price it gives include the purchase price, repair costs and closing costs? I'm asking because I entered the purchase price as 80k and to make 7k on the deal i'd think the sales price would say 87k so im trying to determine how it came up with $117,000. Thanks

So to confirm, when I get the option contract signed I dont give any money. After I find the new buyer i'd use the nc offer to purchase contract, get that signed and then put $10 earnest money with title company. That sound correct? and how soon should I have a title company in place. should I be looking for one now that handles these types of deals?