All Forum Posts by: Corey Boone

@Cornelius Garland That was EXACTLY what I was looking for ! I have been getting a 1% or less response rate from my VAs and was wondering what was wrong with them...lol. Now that i know that is average, i can relax.

@Darrin Wesenberg What happened with this deal? Did you get financing and did your client get the house?

@John D. I don't think so. To my understanding in Northern Virginia, Solicitation is if you are trying to get someone to buy something. You are just offering to help them with a foreclosure issue, you aren't offering anyting for sale. It is easy to find. Go to your county website and search solicitation. They are very descriptive and detailed.

@Derek Smith, I know it has been like 4 years but how it is going now? How many deals did you do your next 9 months and a how many are you doing now? I am in your same position.   I live in the DMV and have been wholesaling for about 3 months also.

This is all great information. It was really helpful to read, thanks. @Mark Graziano glad to know that there are still some investors that like face to face interaction. I am always looking for ways to improve my process. I am 3 months in and looking for my first deal through door knocking.

Sean,

I must say this is a gold mine. That is really good information! I am not sure if it is new information, but it is just very throurough and all in one place. Great find! All the best!

That is some really good advice @Brandon Turner. I was just about to post another discussion about the same content but that is really helpful.Thanks.

Hey Joey,

Good job taking the first step. It depends on what you are doing. I have a preforeclosure list and they are people that are about to go to foreclosure so they SHOULD be motivated but that is not always the case.

If you want to doorknock, you go to there house. If you want call them you find their number and give them a call. If you are doing yellow letters you send them a letter to their address, but the main thing is you don't have much time because most will be auctions in about 6 weeks or less.

What I say is, "You may have already taken care of this but you home is on the foreclosure list and what wondering your plan?" Listen..."I buy homes cash and can possible save your credit" Now, I must say, I am about 3 months old and this hasn't work as of yet but I will post my success story when it happens. You normally buy the property for 70% of ARV or less. Hope this helps, let me know if you have further questions.

Hey Linda,

I am a newbie also, I really started in January for what its worth, but congrats for your first deal. The fact that is "free" is great. So when you sign the contract you will take the contract with the EMD to the title company and they will tell you what it takes for a clear title. You will need to add this into your cost when figure out your total cost. You can't make the seller pay since your are not paying anything for the property and you can think of it as your "buying cost".

Now I would say if you think it is $110k , confirm with a local agent, that is what the rest of your calcs will be based on, if you are off by 10%, there goes your wholesale fee. So the 110k*70% will equal your price to the cash buyer minus rehab cost so $77K-$15k(bills)-$38K(rehab)=$24K to YOU for a wholesale fee. (70% of ARV is normal for my area, not sure about yours) Which is a really good deal when you sell to buyer at $39K because one of you will have to pay the $15K at closing.

Now you can see how it will add up if you are off on anyone of these. For instance if you are off on a missed $10K mechanics lien and your home is actually worth $100K, now your take home is $5K. My newbie advice is do your due diligence and go for it! Lastly be upfront and honest because you will make a reputation for yourself with each deal.

Justin,

It seems like you have a great deal. You should offer to "buy" the property (wholesale it). I can't stress enough that you get the property under contract.  Because he owns it, it should be a simple process. You just need to include the price of the taxes. It sounds like he is motivated. Don't get me wrong, I have only been wholesaling for about 4 months, but this seems like a prime opportunity. Let me know if you have any questions.