All Forum Posts by: Dennis Pressey Jr

@Wanya Griffin The contract will be a one way contract directly with the owner of the home. The contract is ‘one way’ because only the seller has obligation to ‘specific performance’ aka they MUST sell the property if furnished with the contracted price, however you are not obligated to buy. I’d highly suggest using the terms “deal is subject upon buyer finding adequate financing and/or partners approval” I would not mention or use the term “buyers” in reference to the assignee. Buyer suggests you are representing somebody, when you are not. To answer the last question, you will use an assignment contract to sell your rights/liabilities of the sales agreement. Your partner (buyer) should pay you at the time of assignment - not at closing. Message me if you want contracts or have any questions.

@Zevi Arem In my opinion, yes absolutely.

Chiming in again after seeing some responses...

You can have all the properties under contract you want...who will you sell them to?

Find buyers and partners first, as they are where you income will come from! Qualify as many buyers as possible.

@Kyle Nicholas Yeitrakis The home inspector and contractor will be walking the property with you? That covers most bases including the tools needed for access to crawl spaces or utility areas. General areas that are important (structurally speaking) are: Roof lines - are they straight? Roof condition - popped shingles, missing flashing, poorly pitched drains/runoffs causing water seepage into property Fuse panel - size, age, and is it aluminum wiring? Knob and tube? Heating - oil, gas or electric? Plumbing - plug tub and fill 2-3” then release plug - check all accessible drain areas and watch for major leaks or slow drainage (back ups in the line) Again, if your contractor and home inspector are there, you will get a good lesson - assuming both are competent at their job.

@Zevi Arem Ok cool! Get your investment criteria down and what your exit strategy will be. I like to tell beginners to do one thing excellent rather than be average in everything. Start to make real life networking connections with seasoned agents, contractors and start finding partners prior to any property hunt even beginning.

@Zevi Arem What does “deals to invest in” mean? Do you have cash on hand to purchase or leverage to purchase property or are you considering wholesaling?

@Sherman Dunn I would have those eyes taking very specific photos of things you’ll need to see: mostly utilities and their service entrances into the property. My eyes on the ground will typically escort local contractors through for estimates unless my ‘eyes’ is an absolute trusted partner with experience.

@George Wohar "It definitely works" :)

Not a completely built system. Support is very slow and not working out for me the best.

@Darren Sager and @George Wohar this definitely works, the craigslist strategy.

Experienced guys tend to sniff out the BS and will not ever call you. My experience is this technique leads to beginners (nothing wrong with them) , and not a ton of qualified, "ready to close" buyers.