All Forum Posts by: Adam Demchik

Bradley, I think there are some blog posts on very cheap or free ways to market. Off the top of my head here are a few I am using:

1.) Networking with friends, family, coworkers, etc. Everybody should know what you do
2.) Facebook/twitter
3.) Post business cards at coffee shops/restaurants
4.) Talk to your mailman
5.) Lead generating website

Good luck

David Jacksonand Bill Gulley

Thanks for the input. I agree it gives him a ton of power to make a world of headaches for me. I think it would be better to avoid any potential headaches and look for deals elsewhere. Thanks again.

Kyle J....as mentioned there is an inspection period. Is there another good contingency I can use to get out of the contract?...in the past I've seen the following:
-review of home owners association docs
-review of city permits
-review of financials/leases (for income properties

Wayne Brooks...you are correct, I am putting up EM at acceptance. It is really a normal purchase agreement just that I will not be signing it. He has a 10 day inspection period in as my "get out of jail free" card. I like the idea of drafting a separate working agreement that would outline his use of the POA. Thx

Wayne Brooks...thanks. Are there any controls that your clients have with you? for example size, city, type of home, etc.?

Dawn A....agree, but see below.

Wayne Brooks...I have no availability issues, but in this market getting houses under contract is a major issue for almost everyone. If he really has a "hook-up" to get properties I might really go against my attorney's advise. I am getting a little frustrated with the acquisition process.

Hey BP...somewhat odd legal question: I met a realtor/wholesaler that wants me to give him power of attorney to put houses under contract. The purpose is to allow him to quickly get the house under contract and off the market. He then leaves a 10 day inspection period to allow me a way out of the contract. I have talked to his references and they all have done multiple houses with him, but my attorney is dead set against this. Any thoughts on this would help. Thanks.

Brandon,

Regarding the 2% rule...does it apply to larger complexes? I'm looking in the 30-50 unit range. I'm not finding many that satisfy the rule but a lot that come close. The properties cash flow well with over 15% CoC return and about 150/door/month with 25% down. Any thoughts you can provide would be helpful. Thanks.

Adam

A local wholesaler gets properties locked up either before they hit the MLS or directly after because they know the right people. He only does this if he can buy properties in your name so he needs power of attorney to purchase the property. Has anyone heard of this?

I agree on using a HELOC to do rehabs. Since banks will not loan to me for rehabbing I either have a choice of private money or a HELOC and in Michigan HELOC rates are cheaper.