All Forum Posts by: Dan Franks

Welcome Ryan! I am a CPA in Dallas, formerly with a Big 4 firm, but I got the hell out of there as fast as I could!

Where are you looking to go from here in real estate?

I have a motivated seller who is listed on the MLS but very unhappy with his realtor. He has been listed for four months. He is listed at 140k, but the current value is probably closer to 130k. It is in a rental neighborhood, and in pretty good shape. With 5k in updates could ARV around 145k.

He called off of a direct mailing and let me know his property is 100% paid for, it is vacant, and he just wants to sell it and would be willing to give deep discount off of asking price if there was an all cash fast closing. Exact amount was not discussed. My bad. I did find out he had no interest in carrying and type of owner financing, though.

I know this does not fit the typical wholesale model, but I feel like a buy and hold guy with cash might be ok buying at 110,000 to 120,000, and if I can create a decent spread for myself than might work for everyone. Thoughts on this?

Second, I would like to buy outside of the realtor to avoid commissions since the margins are thin and to get purchase price as low as possible. What kind of contract can I buy with to circumvent the realtor without him cancelling the listing (in case I cannot flip it)? I am not familiar with the various types of option contracts.

I just would like to know if I can make this work, since he is super motivated, but somewhat awareof the hhouse value.

I go to a REIA in the Ft. Worth area, and know there definitely are people making money flipping.

Hey guys!

Everyone talks about how important it is to network and join the local REIA to gather with and get to know the others in your area.

However every time I look into the local groups in the Dallas area, there are at least ten to pick from that are active!

Can anyone reccommend one or a few as the best ones to get involved with?

Thanks in advance!
Dan

I bought a "Magic Jack" not too long ago and it actually worked quite well. Saw it on one of those CNBC infomercials, and stopped buy Best Buy and picked it up for $40, which pays for hardware, local number, and a year of service.

I read some bad reviews on it but gave it a go, and so far has worked out really well for me.

If these lead to dead ends, you can run a simple skip-trace. If you would like me to refer you to a good, cheap, fast skip-trace service, just PM me.

I have heard that Vena Jones-Cox has a great wholesaling course. Search for the Real Estate Goddess. I think she has beginner and advanced courses. I have seen them on Ebay before for pretty cheap, and all the reviews I have read have been very good.

I don't want to advertise other sites and get this removed, but there are podcasts of some of her teleseminars if you want to get a preview of what she does.

Good Luck

Claude,

Let me know what you think. I use them for business cards, postcards, and car magnets, but never for website service.

Keep us posted!