All Forum Posts by: Donald Taite

I also get a lot emails from them too..but I haven't done anything with them yet. 

thanks for the advice Rob!

Does anyone have any advice on making an offer on property that's in forclosure with a second mortgage on it. An agent told me that the bank won't budge on the price. Is this because of the second mortgage on the property? Because looking at the pics that I have seen its not worth what they are asking for..at least I don't think so anyway. The property needs a complete overhaul inside and some work outside as well. I would think that the bank would know that. There is a home that sold right next door for $80,000 and it didn't need nowhere near as much work as this one needs. Plus the home had 1 more bedroom. I don't understand why the bank won't budge on the price,and on top of that its been for sale for the last 3 months. The agent told me that they haven't had any offers on it either. They are asking for $95,000 for this property. Comps have sold between $120k-$160k in this neighborhood. Should I move on to the next deal or make an offer?

@Nancy Brook..shouldn't I look at the property first to see if it needs any repairs before I put it under contract? How can you put a property under contract and ask for all these clauses when you haven't even been in the property?

Dude..reading your reply made me think of a scene in the movie Back to School..lol. When Rodney Dangerfield was in a class with the professor..who was played by Sam Kinison and they were talking about the war in Vietnam..Rodney started going off when asked a question and at the end of the conversation..Sam Kinison said..and I'm saying to you.." I like the way you think..im gonna be watching you"... Lol!!

I  don't think wholesaling homes are no different than wholesaling cars..more paperwork involved yes..but the concept is the same. If a person comes to the dealership and trade their car in for a new.the manage is gonna decide if he will keep that car and spend the money to get it ready for resell or if he is going to sell it to a wholesaler..make a little money off it instead of taking the chance of the car sitting on the lot for weeks at a time.i used to sell cars so I know all about that. I think as long as everybody is happy..its a good thing. And you know what's crazy about that is..the happiest customers were the ones you made the most money off of..the ones you made the least off of were the unhappy..but they still agreed to the deal..strange huh..I never understood that.

I tell ya what Troy..I would love to become an agent instead of a wholesaler because you can have more access like you said..but it cost money to become an agent. That's the main reason why I would like to start out with wholesaling..Because it will give me a chance to make some money so I can take this thing to the next level. I'm glad I heard about whole sing because I had no idea you can started in this business that way.i always thought you had to have your own money and everything. I didn't know anything about hard money lenders or anything like that...so with that being said..I'm all for it.