All Forum Posts by: Chris Colvard

Scott

What if the money is coming from SDIRA?

Did you pay cash for these properties?

Tell us more about the purchases? REO, Cash, Short Sale, it makes a difference.

They will also have to qualify as a wholesale deal. 70% ARV or less.

If they are under contract, they must be assignable or you will need to do a double closing to wholesale them. Without knowing more specifics though, it's pretty hard to say how you can do it.

Search wholesaling on this site for hours of free education.

Type above "deal"

There are a lot of good ideas floating around here.

The deal is it's beginning to get to complicated for what it is. He is acting as a private lender and needs to be protected.

In another hat he is sharing in the profits on the deal.

As he stated earlier, he wants to do this gral. So, in the the most simple way possible, protect himself and insure performance of the rehabber.

TJ, I think if you explain this to your real estate attorney, then present specific escrow instructions to the title/escrow company it will be professional and straight forward. You will be protected, the partner/borrower will be happy and you guys will probably do many successful projects together. If it goes bad, you will be protected. Keep it simple.

PM me and I'll send you to some sites where you can learn more about wholesaling. I don't think they let us post links to those sites in posts.

What are you doing with craigslist?

Join your local rei club, make contacts there. These will help with your buyers list.

Bandit signs may work in your area. But first, you need to establish a farm area. Do bandits there. Once you find a farm with lots of rentals and rehabs. Get to know those guys, you can build your buyers list from these guys. Drive your farm, find every vacant house, not every we buy houses sign, not every rental sign. Talk to them. You see a house that is run down, talk to the owner and see if they want to sell.

Do you have a budget for direct mail?

You can do absentee owners or probates.

Find out how to find owners with code violations. Mail or call them.

There are lots of ways to establish yourself. Pick an area and roll with it.

Next!

Keep going; time to find more.

What is your non-MLS strategy for finding deals?

first and foremost is that you need a real estate attorney to ask these questions and close the deal for you. Get title insurance & fire insurance.

I don't see any reason for having any of your money unsecured. You should be in a first lien position for purchase price and your portion of the rehab.

Even if you are secured you should escrow that rehab money and pay draws. If she is paying for 1/2 the rehab then let her pay the first half.

If you are using IRA funds you need an attorney to tell you what you can and cannot do.

I see what you mean.

I work probates in 2 large counties. So, there is never a farm and a deal could be in one of 20 cities. While some of my buyers will go all over, most do not.

So, many times I'm starting from scratch in an area.

I think what most of them were saying is not to just freeze and do nothing until they have a big buyers list.

The negative side of it is if they don't know how to even promote a deal when having no buyers. Then they are doomed by not having a buyers list before then.

What if your buyers list is in a hot area, but you found a great deal in another area? Don't you still have to learn to find new cash buyers in this area? And very quickly.