All Forum Posts by: DaVon Brooks

@Rick Harmon thanks for a clear outline of action!

@Chris Boyd thanks! I'll give that a try. 

I found a property that seems to be an awesome deal, but I think it's abandoned; it's in an area that I visit a lot and I haven't seen anybody enter or leave the property in months. I even knocked on the door for about 10 minutes on a whim, hoping to confirm our disprove my thoughts. 

How would I go about contracting the property? 

@Lloyd Stanton thanks for the advice! As an investor what would you want to hear in the first 10-15 seconds?

Thanks @Aaron Anderson!

Hi guys! 

After a lot of research on real estste wholesale and a few attempts at deal generation,  I'm going to try to door knocking. I haven't generated any income from wholeseling as of yet, but I'm not discouraged. I just don't have the resources to conduct a month long mailing campaign to bring in the leads.

My question is: "What's the best day, time of day and approach for door knocking?

I'm seriously considering contacting a bank regarding a Foreclosure that they control, and I am also in the process of researching and acquiring a HML to buy and flip the property. Where should I look for a contractor? I know a pretty awesome Real Estate Broker at Keller Williams, who I am positive would help move the property, and if not, I know other agents too.

However, I DONT know any contractors, especially those that specialize in House Flips. I would want somebody honest, thorough, quick and of course not ridiculously expensive. I would be working entirely off of the HML. Best way to screen contractors? Other issues I should look for when taking on a foreclosure as a flip? Links to other articles on here?

@Ron Scribner are you saying that the bank "should allow" me to assign, or rather, I  need to be going in as a cash buyer?

@Steve Vaughan Thanks for the input! The HML seems to be the best option. The assessed value of the property as-is is about half of the MAO for the property, so its a great deal. Good enough to make ME want to come in as the investor on this to reap the large profit on it, but understandably I hesitate to make my first investment based on debt (loans).

I wonder if contract wording without specifically saying "assign" would work for a bank. 

As a new investor, I've joined a few free trial sites that list foreclosures and comps in the area. The profit margin for some of these homes based on comps in sq ft, room numbers and location are great for investors that have the money to acquire the property. However, would a bank allow a Wholesaler, such as myself, to assign my rights to an investor? I have seen different forms of this question and a variety of answers. Is it on a case by case basis? 

Should I look into obtaining a Hard Money Loan and just buying the property myself, doing the rehab and putting in back on the market? Nashville is hit-up hard for residential property.