All Forum Posts by: Floyd Orr

Hi guys I first heard of wholesaling real estate on 9/23/15 from a customer at my day job and set my action date to be 30 days later which happens to be my birth date. My action date is a few days away and I have learned a lot about wholesaling, and have been putting a system in place to help me efficiently work my business.

One of the things I have read about is how to figure out how much it will cost to fix a home from a very good book I brought on this website by walking through house and itemizing cost one by one and it has giving me a good understanding of that method.

I have come across others who use another method that does not rely on itemizing cost. They simply find out what other investors in the area have paid for similar houses.They assign the contract around the same cost using comps and using good old sales skills to put the house under contract as low as possible. Just that simple.

Does anyone have a good resource that can help someone master that method, using tools outside of mls or websites like Zillow? I hear there are other services that can be used for comps that people are successful with, some are paid and some are free and does not require having to become a real estate assistant for mls access. I'd like to use the  "itemized method" and the "investor purchase method" when I come up with my numbers.

Does anyone know of a book, program or have used that method to purchase and assign contracts with success based on what local investors are already doing and can share a tip or two?

Thanks in advance.

I'm sure this will help as I found it helpful http://cashbuyerninja.com/93-2/

Welcome Michael.

Welcome to the community Soprena.

Thank you Mr Scott. I can't wait for the next book you write to come out.

I really appreciate your time Mr Fernandez that cleared up a lot for me. Best of success to you and your lovely family. 

I know these may sound like dumb questions maybe even funny, but if I don't ask I just won't know. When I assign the contract with the seller do I have to give the seller earnest money if they didn't ask for it? 

And far as the buyer goes am I just asking for enough earnest money from him/her to cover the title and paper work ($250 or so) because when I give the buyers earnest money to  the title company they use it to pay for the title search and cover any additional fee's, then they will call the buyer and the seller and tell them to come down to the office and have the buyer pay at that time and close? 

After the close and the buyer and the seller have physically met  at the title office and get/pay what was laid out on the assignment (seller gets x amount for house, and buyer paid  x amount in earnest money)? Will the title company will  handle all the money and simply send any remaining amount to me in the mail and I really don't have to be there (extra earnest money more then the cost of the paper work, difference between buy price and sell price)?

If it is a law office that will be handling the assignment do I need to be aware of any sales techniques they  will try on me when I bring them the paper work (I imagine the  lawyer puffing a cigar sitting back in his chair staring at me with a bright white suite on looking like colonel sanders and  saying with a serious look on his face "son , I do believe you need to get x and x insurance because there are lot's of scams out there, protect yourself and don't be another  statistic, while you're at it you need to buy Advance Contract Performance Processing so your paper work does not get lost or something, it really is the smart thing to do in my professional opinion. Sign right here and here I have to catch a flight in 20 minutes!")?

Okay. Thank you.

No way! The last person I thought that would take time to answer my questions is you Mr Scott. I loved your book and I will follow your advise. Thank you for your time sir.

I didn't hear any mistakes from you. What I'm hearing is  maybe you need to  work on selling  and negotiating because if I'm hearing you correctly you were only 2k away from where she wanted to be. It sounds like you couldn't close the sale on the buyer and you just needed more time to find a buyer you could have closed on. Maybe more soft skills could have brought you more time, and closing skills could have got the buyer to say yes.

My motto at my telemarketing day job when a sale goes bad is "some will, some won't , who cares, next call!

Keep up the good work. You are doing it and not just talking bout it.