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All Forum Posts by: Devon Rollison

Devon Rollison has started 15 posts and replied 37 times.

Post: The power of the 1%/2% Rule In Real Estate

Devon RollisonPosted
  • Wholesaler
  • Calgary, Alberta
  • Posts 44
  • Votes 1

Does/has anyone ever come across houses that fit the 2% rule or at least 1.5%? Is it actually achievable in houses over $100k?

I know that under $100k you can easily get 1-1.5% in a lot of markets but what about over $100k PP and 1.5%+? The ROI on the cash flow alone would be 30%-80%+/year if you could actually get a property at over 1.5%...

Here is some basic math on how the ROI works:

Ex/Deal #1)

-$100k PP, $20k down/invested

-Loan payment and all monthly payments excluding utilities =$500-$600/month

-Gross Rent =$1250-$1750/month (@1.25-1.75%)

-Net Cash Flow =$650-$1250/month

=$7.8k-$15k/year on $20k Investment =40%-75% Yearly ROI in just Cash Flow

Post: The power of the 1%/2% Rule In Real Estate

Devon RollisonPosted
  • Wholesaler
  • Calgary, Alberta
  • Posts 44
  • Votes 1

Does/has anyone ever come across houses that fit the 2% rule or at least 1.5%? Is it actually achievable in houses over $100k? 

I know that under $100k you can easily get 1-1.5% in a lot of markets but what about over $100k PP and 1.5%+? The ROI on the cash flow alone would be 30%-80%+/year if you could actually get a property at over 1.5%...

Here is some basic math:

Ex/Deal #1) 

-$100k PP, $20k down/invested

-Loan payment and all monthly payments excluding utilities =$500-$600/month

-Gross Rent =$1250-$1750/month (@1.25-1.75%)

-Net Cash Flow =$650-$1250/month 

=$7.8k-$15k/year on $20k Investment =40%-75% Yearly ROI in just Cash Flow

Post: Proof of Funds for Wholesaling

Devon RollisonPosted
  • Wholesaler
  • Calgary, Alberta
  • Posts 44
  • Votes 1

I have been looking to get the best POF possible for over a week now so I can start making offers on the properties I have. I am done wasting my time and potentially losing out on this deal/s by waiting for a cash buyer to provide me with a soft POF.

So what do you guys think about this online POF, is it completely acceptable? is there any realtors out there that would give me there opinions on this POF.

Post: Virtual Wholesaling: living in Canada and doing deals in the US

Devon RollisonPosted
  • Wholesaler
  • Calgary, Alberta
  • Posts 44
  • Votes 1

@Eamonn McElroy

The second I get my first deal closed I will do my FULL tax due diligence via talking to a accountant & Attorney if needed, is that not completely acceptable?

Post: Virtual Wholesaling: living in Canada and doing deals in the US

Devon RollisonPosted
  • Wholesaler
  • Calgary, Alberta
  • Posts 44
  • Votes 1

@Eamonn McElroy

Yeah I understand that but I am fully fine with what I am going to have to pay/all the things I will have to do.

But am I not right by saying I don't need to worry about it until I actually close my first deal or at most a couple weeks before closing? (Yes there would be some pros of doing it before I get the deal as I can see what the future will entail etc) but until I actually make money/close my first deal I do not need to do anything tax/accountant related right?... 

Post: Virtual Wholesaling: living in Canada and doing deals in the US

Devon RollisonPosted
  • Wholesaler
  • Calgary, Alberta
  • Posts 44
  • Votes 1

@Bruce Lynn I actually asked the lawyer about how the notary situation would work and they said like you guessed if you 100% assign and don't double close you can do not need to sign with a notary on closing

The #2 thing you is very concerning but as you stated again  "I guess you could probably avoid this by just assigning contracts and not closing yourself if you can convince someone to send you the money for whatever fee you want to assign". 

Which that is exactly what I will do, so I should be free and clear of any major issues when doing this, thanks for your response.

Post: Virtual Wholesaling: living in Canada and doing deals in the US

Devon RollisonPosted
  • Wholesaler
  • Calgary, Alberta
  • Posts 44
  • Votes 1

@Eamonn McElroy I figured I would hire a accountant and do my full due diligence on taxes after my first deal, as it is completely pointless to worry about taxes unless I am actually making money, however the day I close my first deal Id hire an accountant. 

Post: Virtual Wholesaling: living in Canada and doing deals in the US

Devon RollisonPosted
  • Wholesaler
  • Calgary, Alberta
  • Posts 44
  • Votes 1

(Back ground on the situation before I show the lawyers response/conclusion) 

I am living in Canada and I'm trying to do my operational and legal due diligence before I go through with the disposition steps of virtual wholesaling which I have solely learned from people living in the US doing it state to state never personally being at the property. However my due diligence is purely focused on finding out what differs because I am in Canada trying to do it cross country and not living in the US doing it state to state... This is what a online attorney has told me (What do you guys think):

Lawyer: "It doesn't matter where you are. It matters where the property is".

Me: "it doesn't matter where you are. It matters where the property is" That is very very interesting... Are you telling me that being that I am in Canada across country, I can wholesale a property in Texas per say, the exact same as if I was living in Texas (and doing it all virtually without going to the property). 

There aren't any laws or anything I need to worry about because I am living in Canada doing it across country?...

Lawyer: There are no laws that I am aware of that would make any difference where you are, with the possible exception of tax laws that may require greater withholding or other documentation to complete the transaction. What matters, as I and others noted, is where the property is. The laws of the jurisdiction where the property is located are what matters, and you will need lawyer(s) licensed in the jurisdiction in which each property is located.

Me: Ok thank you so much that is the re assurance that I needed. So one final question to 100% clarify Teri. So the way I have learned to do virtual wholesaling is via people living in the US doing it state to state without ever personally being at the property and most time out of there state. So what you are telling me is that I can apply everything that they are doing/that I have learned and will continue to learn and get advice on, and I do not need to worry about ANY differences legally etc being that I am cross country not just cross state? (other then taxes of course)

Lawyer: If you've already been working remotely, I know of no reason why your personal location would change anything, other than, as stated, possible tax issues and additional documentation requirements.




Post: Virtual Wholesaling: Please Help

Devon RollisonPosted
  • Wholesaler
  • Calgary, Alberta
  • Posts 44
  • Votes 1

@Don Konipol

I don't know why you are trying to be rude.... 

I have as much experience as I need to get started to say the least. The only thing that I don't know and want to do my due diligence on before I start is how it differs when doing it cross country not state to state, if it was state to state like I learned I would not need any extra support. Also I simply said I would like to just get 20-40 min consultation in which I show them everything I am going to be doing and get them to review it and make sure everything is proper and to give me tips etc, and that It would be very much appreciated if I could pay "as little as possible if anything at all" specifically if there is another avenue of help that I could use other then attorneys. (obviously I want to do it for as little as possible if anything at all, everyone does, that is common sense. As well as that is all I should really need to spend to get a basic legal consultation for my situation, most people in my shoes wouldn't consult anyone before starting as I know everything I need to know other then how it differs being that I am cross country in Canada)

Post: Virtual Wholesaling: Please Help

Devon RollisonPosted
  • Wholesaler
  • Calgary, Alberta
  • Posts 44
  • Votes 1

I have a quick question, Hopefully you guys can help me out I am in need. Where would I be able to go to get legal advice about wholesaling real estate virtually living in Calgary Alberta (Canada) and wholesaling deals in the US without ever personally being there. I would also mainly like to have them be able to slightly assist me once I get into doing the contract for the purchase and sales agreement and other dispositions steps I am going to need to encounter when wholesaling real estate virtually living in Calgary AB (Canada) and wholesaling deals in the US without ever personally being there. I figured a real estate attorney or a more specific avenue associated with real estate attorneys would be my best most affordable bet. However it seems that they are unable to give information on anywhere other than the province that they work and are certified in, anything abroad they are not qualified to give legal advice on. I have recently been told by a realtor (that didn't really know much if anything about virtual wholesaling) that “all you need is an international lawyer and an agent in the state you want to buy in”. I assume this would work, and definitely it would work if I actually worked extensively with the attorney, however I want to spend as little as possible if anything at all. I just want like 20 minutes of educated legal advice and everything I need to know about me doing this cross country not just state to state (the way I have learned and the contracts, strategies etc that I will use) Hopefully you can help me as soon as possible, I have multiple properties that I have gone through the acquisitions steps and need to make offers and get contracts before I lose them, but I need to do my due diligence first. Please help asap guys! (1 deal is a bidding war that is ending Tuesday 5:00pm and I would like to do an escalation clause before it ends, or worst case at least try to get a final bid if the number still works. The other main ones is I have 2 super good properties from the same agent at a price they will accept for sure and the same agent has 2 other properties that I could potentially get).