All Forum Posts by: Danny O'Bannon

@William Gillette, I would definitely be interested. I know a few guys personally that I could invite. And some people on here that I could invite as well. d

Hey @Zack Broaddus,

I think I understand your question:

So in college I had a landscaping business so when I found REI and wholesaling I basically made that my focus while still working the landscapping biz and going to school. I really just mowed lawns and only did a handful of landscapping jobs each year. Having a landscaping biz meant being self employed which meant I was able to make my own schedule. My university offered night classes so I had all day to work. I would typically work my landscapping job in the morning until noon-1, and then come home and work the wholesaling until class.

Over the years I was able to do less and less mowing and now am full time rei. There was a point during Jan of 2014 that I hit some road blocks in my REI biz and had to get a full time job until I could build up some cash and go back full time. Thankfully I aligned with an amazing mentor, and was able to go back full time rei in about 5 months.

Sorry for the long response, I tend to do that. 

Hey BP Nation,

I signed up for BP a while back but haven't utilized it until now. I am really looking at improving all aspects of my business so I plan to become an active member. Before I do, I just wanted to take this opportunity to say hello and introduce myself. I have been wholesaling for the last 3 years. I am now starting to do more rehabbing and next week I will be putting my 5th project on the market. Looking forward to helping in anyway and am excited to soak up the knowledge that is so generiosly passed around. 

Have a great weekend and happy hunting friends

Hey Brett,

I am also working the Spokane market. I have been in the game for about 3 years now and specialize in wholesaling and fix and flips. I would love to meet with some local BP members. If you're ever up for it, let me know and we can plan a day.

I kno I kno, I should have sent it, but its not over yet. Your feedback is appreciated.

Hey Joe,

Thanks for the comment. Because I dont understand exactly how it works (thats what attorneys and title companies are for, and I havent done this yet) I am hoping someone can explain it to me as if I was her.

As I understand it...

We go to closing, everything is done by a third party closing agent, title is transfered into my name, and seller is given a deed in first position for 110,000. We fix up the property, put it on the market, and sell it. At closing, the title company look at title and see if there is any payoffs that need to be done. At that point, they will see a payoff for 110,000. Our retail buyer will wire in the funds, and you will be paid off your 110k and my company will collect the difference.

Hows that sound? Theres probably a better way to explain it

I recently was working with a seller and gave her 2 offers. One all cash for $100,000, and another offer for $110,000 but she would carry a note, and get paid when the project was finished. She didn't seem interested at all, and said just send me something in writing that explains this. I never bothered cause I could tell she was going to waste my time. However, she called me after about a month and was wondering why I never sent her anything.

So my question is, whats the best way to structure a deal where she gets paid 110k for the house, but on the back end, after I fix it up and sell it to a retail buyer.

Secondly, how best can I describe those terms to her so she can understand it. The answer to the first question may sum up the second question, but I had to ask.

Thanks in advance. I know there are some creative studs and studets who have put these deals together. Would love for you to share

Thanks for all the input. Ill do my best to answer most of the questions/objections here. I am very confident on the resale value. Not only have put a lot of time into analyzing the comps, I work with what I and other investors consider to be the best CMA expert in town. As far as rehab estimates... I keep going back and forth on it. Being my first one, im not sure what exactly im doing as far as the type of flooring, cabinets, paint color etc. I will go with. I decided not to add a bathroom and just keep this thing a 3/1. Im hoping to keep my repairs down to 10k (hopefully around 8k) Im putting most of the money in the kitchen and bathroom as my agent stressed that those are what sells the house. The kicker... I may have to do the roof... its got a couple years left and my agent says he doesnt know if FHA will let it slide.

I spent the last week analyzing and stressing over this non stop... But I decided not to stress... I know an experienced rehabber could make 20k on this deal... For me, if I break even ill be ok... obviously I want to make the money but the education is what I will value most from this deal. Ill keep everyone posted and Ill look for the area to post the pics of my progess.

Thanks again for the support!

Thanks for the opinion Jerry. I definitely spend a lot of time and money to get the license. I feel like having it has great benefits but if I am going to keep it I need to structure my business so that I am not putting myself in a position to get in trouble or get fined.

Excise $2,100 not 21,0000