All Forum Posts by: Tony Colquett

Just got an $85K insurance policy for a quadplex for ~$1400 annually (300k liability + 2500 deductible) from Farmers.  Has anyone had better rates than this on their quadplexes?  If so, what insurance agent did you use?

Thanks,

Tony

I'm not saying I don't get good credible responses. I'm just saying that I get a lot of non-credible responses as well and I was just wondering what these scammers/fakers are phishing for. The only thing they ever get from me is, at most, my email if I respond to them. I don't give out any of my information.

Yes, I did deselect the check box about others contacting me.

I have some ads running on craigslist and it seems like everyday I get a response from someone that seems unrelated to my ad (i.e. out of context). It seems like the responses are some sort of scam. I am just curious, if it is a fake response/scam, what is the scammer trying to get from me? For example, one of my ads basically just asks if people would like to be on my buyers list to respond with their email and phone number. The faker usually responds by asking me if my house is still for sale. It doesn't make any sense in relation to my ad. Has anyone else seen this on craigslist? Does anyone know what the faker/scammer is doing or what he is trying to get? Thanks.

Bill Gulley, could you explain how to implement/execute your option strategy. Thanks.

This is why I posted the topic. I want to do things the right way (legally, ethically, morally, etc.). Wow, reading over my previous post does sound pretty crappy ;) I am not the best at wording things. Michael Quarles, Bill Gulley, what did you do when you were first starting out?

I know this is a little off topic, but @Michael Quarles, do you have a sample yellow letter to send out to cash buyers, as a means for building a buyers list. I didn't see a sample on your website. I might have overlooked it, though.

Thanks everyone for all of your help. Bill, you could almost be my mentor. I feel like you have responded to so many of my questions with great feedback ;)

Aha! Got it, now. One reason I was confused is because my lawyer, when I tried to tell him what I was doing, said that usually wholesalers already have a buyer lined up before writing up a purchase agreement and assignment contract. This seemed to conflict with what you guys were saying, because how can you have a buyer lined up before having a contract without marketing it in some fashion. I don't know, though. Maybe I confused my lawyer.

Ok. Now that I understand what you guys are saying, what clauses in the purchase agreement would reduce my risks? Keep in mind, I have already told the seller up front what I am doing. So let's say I can't find a buyer before closing and I decided to pull out based on one of the clauses in the purchase agreement not being met. Since the seller knew up front what I was trying to do, wouldn't it make it a lot harder for him to swallow if I backed out? Wouldn't it be better for him to not ever know and just assume I am a regular buyer? It seems like my risk exposure would be much less if he didn't know up front what I was trying to do.

Doesn't this mean that wholesaling is illegal? Even if you don't market it to the public, you are "marketing" it to your buyers list. Is it the marketing that is illegal? At what point is it illegal? Are you saying not to tell the seller what you are doing up front? Sorry for all of the questions. I'm just confused.

I've got a motivated seller saying that she is 12K behind in payments but she says that her monthly mortgage payments are only $630. That means that she is 18 months behind. How is that possible? Wouldn't the bank have already foreclosed and kicked her out?

What if it is just the specs (no pics, no address, no contact info) of the house, asking price, and ARV? And let's say you have already told the seller up front what you do and ask for their permission to advertise the specs and not to wait on you to sell their house since their is no binding agreement.

I have read through many threads on BP about building a buyers list, but I am still left wondering, is it ok (legal, ethical, etc.) to market (bandit signs, post pics on craigslist, etc.) a house that a seller is trying to sell to me before I enter into a purchase agreement with him.