All Forum Posts by: Curtis C.

JNT and Finishing Touches are both very high, about 35-40% mark up. They do good quality, but for too high of a premium. The GCs I know deliver a comprable end result for a 20-25% markup

When you flip a house as an investor, put it on the market and find a buyer. Who determines the Title company that will be utilized, is it typically the buyer or the seller?

Can the buyer set a preference for the title company they would like to work with?

I ask because I have a good friend who is an escrow officer, and whenever I flip my first home I would love to use her services.

Not to mention, if your a realtor your offers can be more competitive on MLS properties. Why? Because there is effectivly no buyers side agent, since you are your own agent, the listing agent will get both sides of the comission.

@John Chapman great reply John. Out of curiosity, what do you feel about the tarrant county side of things? For instance, arlington, fort worth, north richland hills for rentals.

I hear up North in Denton is a booming rental area too, and its a great place to live.

Lets say you and a seller agree on a price to a house. They owe 45k on the mortgage and you offer them 55k for the house. You write up the contract and take it into escrow.

What happens next? I assume the title company contacts the mortgage company for a precise pay off amount.

But how are you able to close on the house with an existing mortgage? Does the title company pay off the mortgage at the last step of escrow, closing and funding? Then the mortgage gets paid off, the lien released, and you can take title to the property?

Thanks everyone

@Dev Horn

I can show proof of funds I have cash in the bank, but I would like to attempt to assign some REOs on the MLS. Is this not possible to do anymore, or perhaps double closing instead? At one point in time it seemed prevalent. Also, if I put in an offer with a short option period to do my due diligence, such as 7 days or so, is that dramatically going to lower my chances of an offer getting accepted?

@Anson Young

REO's and HUD properties typically have clauses that prevent you from assigning in the contract and or advertising it? If so news to me.

Wait guys. I think Dominick is referring to seller financing in regards to WHOLESALING or ASSIGNING contracts. I think for seller financing to work, you need to be the end investor, not trying to assign it.

@Dev Horn

That is some great information there Dev, about follow up and getting houses. How do you typically follow up in your business? A call a month or two down the road, more direct mail, a combination of both perhaps?

Thanks for any insight, love your posts.

When determining ARV I often face a conundrum with the subject property given the variance between houses in good condition, vs flips with high finish out.

Lets say these are all comparable properties, brick exterior 1,500 sq ft 3/2/2

• Comp 1: Sold for 149 well maintained house
• Comp 2: Sold for 150 some minor updates
• Comp 3: Sold for 165 flip high level finish out
• Comp 4: Sold for 166 flip high level finish out

Our hypothetical subject property is the same as the comps but our exit strategy for it is a rental. How would you price the ARV? My thought would be to discard the higher end flip finish outs, and go with the comps that are in good condition or well maintained. Because when you rehab a house as a rental as the exit in mind, your finish level will not be as high as the flippers.

In this case if the subject property would be a rental I would say the ARV is 150k.

Do you guys agree with this reasoning? Thanks for your fedback

As the topic states, are seller financing and owner financing synonymous, or are they different? If so what are the key differences?

Thanks