All Forum Posts by: Larry Lee

Quick question, When I go tomorrow if im able to get my price and I get the contract signed im supposed to give the owner a dollar or ten dollars are something in order to make the contract binding correct? Do I need to get a receipt from the seller acknowledging that I gave him the money. not sure what its called but i read somewhere I need to do this

Thanks jaremy, I got the email. That should help alot.

I was contacted by an auction company a couple days ago, they asked if i had any properties to sell, Has anyone tried selling a wholesale deal this way? i know there are added fee's dealing with auction companies but it seems possible to just add their fee on top of whatever price you need to hit to be profitable on the deal, then have that as the reserve price.

I did some research on my local auction companies and found 1 in particular that had over 50 foreclosure homes to sell. I was told that banks contract with them to move the homes fast. starting bids were between 5-10k and all of the appraisals were between 100k and 350k. Anyone used this method to buy a wholesale deal? How did it turn out...

Maybe its just a temporary error. I dont see add colleague buttons on anyone I've checked so far for the past 2 days. Hopefully admin will have it fixed soon

thanks jaremy, I checked your profile but it said i have to be a colleague before I can view your contact info. Not sure if i need to upgrade my account or what as it wont allow me to add anyone as a colleague. Anyhow my email address is capturehouse at aol dot com , If you could email it over to me that would be great. Thanks

Dream RE, I knew the person previously and they've been complaining to me and others about wanting to get rid of the property for months. I've just never had the knowledge to take advantage of the situation. Recently he said he cant afford to pay the note anymore and just wants to get rid of it so thats what clicked for me to take action. Last appraisal was 180k, its 3 bed 2 bath, lake front, 2 car garage, full basement. It needs extensive renovations tho so i think I can get it for what he owes, which is 75k. I have yet to actually start marketing for sellers but this will be good practice irregardless to how it turns out.

Going to look at my first property on tuesday and I'd rather not make any rookie mistakes. what methods do you use to determine how much you can offer on a property? I know this is a very important step in the process as i dont want to over pay. I'm sure there's a formula for this, anyone willing to share theirs?

Thanks, thats a great way to look at the situation. Makes me wanna get set up and running all the sooner. Jaremy can you send me a colleague request. I went to your page but I didnt see the option to add you.

I made it a point to call all of the cash for homes companies in my area. I found 10 in total and called all of them. I was surprised that the majority of them were no longer in business and their websites and bandit signs were just left behind. I actually only talked to a rep from 1 company. Not sure if I should take this as a good sign as thats less competition for me and I can put my own signs up over theirs to find sellers or as a bad sign in that if they tried and failed maybe that says something about my area. Guess ill have to wait and see.

Quick question for those that know, i've seen several people say their having issues with title companies. Are most title companies not investor friendly or is it just certain types of deals title companies wont do? and what questions can I ask to determine if they'd be willing to work on wholesale deals or any type of investment deal for that matter? I'd like to find a local title company now before I actually need one.

Thanks trace, great advice. I'll give these methods a try and see what results I get. There are more methods out there than I thought for finding buyers and so far i'm having good results with what I've learned on this site. Hopefully finding the sellers will be just as straight forward.

Thanks alot, Ive got a firm grasp on how to use all the necessary contracts now. Hopefully any other beginners got the answers they were looking for as well. I found 1 property by luck in which i just happened to know someone who was in the above situation. I'll attempt to get it under contract by Monday and then send it thru to the list I built in my 1st forum. I'll update as I get it done. I'll also be researching how to market for sellers to create a constant flow of new properties, when I get it together ill start a new forum. Thanks for all the great advice, Its been invaluable to my progress