All Forum Posts by: Duncan Hayes

@Mike M. Most definitely. I’m just trying to see if anyone’s doing promissory notes on assignment fees rather than taking the one time payment.

@Bob Prisco I do not. But I have completed a wholesale transaction and in the process of closing another. I’m not sure what owning properties would do with this topic though, so maybe educate me on that?

The book speaks about getting promissory notes on assignment fees and spreading the payments out over an agreed amount of time, with a small interest rate attached. Nothing in the strategy requires ownership of a property.

@Steven Ko yes my buyers are RE Investors. They're fairly new but have been operating for 2 years now. They're not too picky on the market as far as I know, they're just looking for deals. As far as my opinion on the market, it's over priced but that's a benefit for the end buyer for when they go to sell it on the MLS I guess.

I am almost finished reading, “If You Can’t Cashflow After This...” and in the book he’s speaking of receiving promissory notes to receive monthly payments versus one lump sum payment.

I’m curious is anyone doing this? Anyone doing this in CA?

TIA!

@Maria Luna I’m from Detroit and you don’t wanna think that every property is gonna come the way Ashley explained her journey in Detroit. She has extensive knowledge from growing up there as well as the 10 year head start she has on you.

If you want to go into Detroit, pick cities like Roseville, Warren, Sterling Heights, Novi, Southfield, and Berkeley. Good luck!

@Andres Felipe Aristizabal “If You Can’t Wholesale After This Then I’ve Got Nothing for You” and “If You Can’t Cashflow After This Then I’ve Got Nothing for You”

It’s 2am PST as I’m writing this. This is my first post on BP, but have been listening to the podcast and learning from the community here for about 6 mos.

Two days ago, I completed my first real estate transaction. I put $0 into the deal and received a check for $7,000! Of that, I paid $1,500 to my acquisitions manager & the business profits $5,500. While it doesn’t seem like much, this check was everything for me! Not only did I create a substantial amount of capital with very little effort, but I helped a home owner that was going through foreclosure. I also proved to myself I can do deals in the Sacramento market. While the deal was going on I did not take on any others, just to study this and learn all the moving parts of a RE transaction.

My cash buyers didn’t want to purchase while tenants were still in the property, so the owner had to serve them. Well, in CA if they’ve been there longer than a year they get 60 day notice instead of 30. So we waited from March 9 when I first assigned my contract to a buyer, until Tuesday the 14th to close. So it’s been a long ride. But I learned so much stuff to help me maneuver through my next deals with ease.

Contract w Seller: $123,000

Contract w Cash Buyer: $130,000

ARV: $220,000

Repairs: $40,000

Ready for that next one. Glad to finally be a true member of the REI community and I'm looking forward to connecting w other members here!

New member here. Currently going through my first deal, set to close on the 15th. $7,000.00, $1,500 will be paid to my realtor (molding into my acquisitions manager) and the business will pocket the rest. I'm curious to know how other wholesalers have scaled their business, what the first deal did to help that? 

New member here. Currently going through my first deal, set to close on the 15th. $7,000.00, $1,500 will be paid to my realtor (molding into my acquisitions manager) and the business will pocket the rest. I'm curious to know how other wholesalers have scaled their business, what the first deal did to help that?