All Forum Posts by: David Morrow

I'm mailing purchase offers on a monthly cycle.  How long should the purchase offers be good for?  I'm looking for a range, I was thinking 30 to 45 days.  Thoughts?

@Jesse LeBlanc Thank you Jesse, this makes more sense to me =)  The clause did not.

@Jesse LeBlanc  Thank you for the response Jesse. I did move on to another title company that was recommend to me =)  Say the seller changes their mind and refuses to sell and I was set to double close with transactional funding...what are some possible solutions to that challenge? 

@Andrew Freed Thank you for the response.  I totally agree assigning is a great and the go to option.  I should have included that my questions scope is in terms of a double or simultaneous close.  The title company attorney I was interviewing on double close mentioned if the original seller does not perform (sell) it would create an uncomfortable ripple effect in the deal chain and recommended adding a clause to my contracts that the  BC sale (2nd contract) was was dependent on the AB sale closing first.  Hope this helps give a little more context.

One more detail...Bob has deposited 25k earnest money with a title company.  The property cost 100k. 

If BoB Noob (fictional person) has a signed Purchase and Sales Contract for property X with Dwayne, can BoB enter a 2nd Purchase and Sales Contract on that same property X with Larry.  The 2nd contract would include a clause stating that Bob's sale to Larry is pending BoB's purchase of property X from Dwayne?  One more detail...Bob has deposited 25k earnest money with Dwayne's title company. The property cost 100k.

WV farming!  Solid advice that I'd not considered.  Thanks Michael P.

Greetings Greg,

I did trail off ) I think right now my biggest fear is expericencing wholesaling success and scaling. Weird right? I want to have a solid process / team to handle my intake analysis, follow up, and deal chain. I'm currently vetting end buyers which is a delicate balance to filtering out the ********ters and not offending the real REI players. There are lots of free tools to size up a deal or a donut which is great for pre screening. For me when it gets real I'll need to see the property in person with a handy in field Rehab ROM & CAP worksheet tuned to prices and labor for my area.

Best to you out there!

Hello! My name is David. I'm a new to BP + a huge fan of the podcasts. I'm always interested to learn and talk REI. My current focus is wholesaling. I've built some good structure around this niche! I'm having fun with the nitty details (logos) to shaping my LAPS .I'm currently scanning 11 areas in Loudoun County area to get to know the inventory and demographics. I actually have a power sheet with each hood in its own column. You can really see where to focus in a glance and understand where to go drive! Took some time to organize but all free info. I've also begun to build a buyers list. My biggest fear about starting REI journey is.....

I thought I would post a question on BP at some point but every question I've had (and there's been many) has already been answered on BP! I'm actually building a business process line for wholesaling. I'm currently getting to know my county of interest and developing an intial buyers list. Big data yes please! I Held lean six sigma certification.... YAWN YES over kill for REI but also an awesome edge. As I'm learning my hood I'm building a lean process line that's fits where I'm at and the time I have. The truth about wholesaling the numbers are the easy part. My focus is on being transparent and working an agile process with great people in the deal chain. A bad process will beat a good person everytime, but I'll get your numbers right even if I take the haircut.