All Forum Posts by: Stephanie Foret

Hello BP community,

I am in talks with a potential buyer on what may be my first deal and am wondering exactly how to work this out.

Deal specifics
-$2000.00 down payment (which I would collect as my fee)
-$800.00 per month for 24 months totaling $19,200
-$37,800 balloon payment
-Total paid $59,000

So here are my questions
-To my understanding I would collect the down payment from the buyer when he signs the contract. correct?
-What contract would be used for this since it is not a lease with option to purchase?
-How does the signing process go?
-Does this need to go through an attorney now, when the title is transferred, or both?
-Once the contract signing is complete I will be able to bow out and let them continue on for the next two years and the title transfer from there? I am assuming I should provide each party with the others information for the following payments and title transfer after 24 months?

Sorry for all the questions I am a bit confused as to how all this would work. Thanks for your time in advance. Any help is appreciated.

Thanks for all the responses Marcus Maloney I have thought similar things. I am a bit skeptical of him. I was thinking more of keeping him as a back up I had a difficult property or could not find a buyer locally.

I have read a little on building a buyers list. I know I need to spend a bit of time reading and putting it into practice. In the coming month I have set aside a week for my main focus to be a buyers list, another week mainly focused on completing a web site, and a few other weeks with a main goal.

I believe the partner ship would be more along the lines of
-I have the properties but no buyers
-He has buyers by no/thin properties
we would partner on any deals his buyers are interested in that I have.

Let me make sure I understand how this would work. We would have terms in the contract saying what percentage each person gets and allocating it into an escrow account upon completion of the deal. Then each party would be able to claim their percentage from the escrow account?

Hello BP community,
I am just gaining momentum in my wholesaling endeavors :-D and here is the background info on my question.

In a group on LinkedIn someone posted that they has access to cash buyers all over the US and are looking for someone to partner with on deals. I don't have a buyers list as I am just starting out so I sent him an email. He responded back saying that maybe there was a way we could work together to make money and asking how we were to ensure he would get paid. He is located several hundred miles away from me.

How should one proceed with this? Is there ways to ensure both parties get their agreed upon percentage?

Thanks for your time and responses.

Absolutely! Great advise. If I had a buyers list I'd get right on that lol. I'm looking for what will be my first deal. While I have been doing some....ok a minute deal of searching for buyers I have been devoting more time to sellers. But it's a good point to put myself in a buyers mind set and look at it from that perspective.

The more I'm looking it seems lots of sales are happening, just most of the real estate sites don't support the area. I know the MLS is the best to look at (working of finding an agent to work with, a friend of a friend type thing) but realquest has lots of data and comps

That's a reason I thought it would be an easy area to find deals to whole sale in. Probably lots of absentee owners, maybe people buying houses for their kids while in college or people buying houses there while in school then graduating and moving away, then there (hypothetically) would be buyers interested since most houses would be an easy rent to college kids if not a sale to them or their parents.

@Ann Bellamy you were right about real quest I signed up they have a 7 day free trial with all their plans I went for the $49 a mo. They have lots of info and even comps that I could never find before even on other pay sites.

Thanks again for everyone's knowledge and input.

In this area I'm not really interested in buy and hold. These would all be wholesales. Out of the four properties I have been trying to pull comps on I only have one owner that is willing to give me a dollar amount the other three "have prices in mind but want to see what I'll offer"

At this point I am thinking about just thanking them for their time apologizing and explaining I can't find any comparable prices in the area.

The one exception is there is a house literally next door to one that a seller I have been speaking with owns. It was just purchased in cash by an out of town LLC. I have attempted to call them and ask if they are interested in other houses in the area.eft a message no answer yet....

@Xing Zhu I didn't even think about this but that is a HUGE possibility!! Thanks for brining this to my attention.

After I checked lots of sites for comps I did start looking through the tax records.
Most of the properties haven't been sold for years and are showing values around 30,000-35,000 ish which I know can't be right.

The area is a small college town (Thibodaux LA) I thought it may be a good place since its a college town, guess not.

I have thought about the fact that it probably isn't a great place to try to make deals happen, I even spoke with members in the local Reia and a meet up I have been going to a about 2 hrs away and everyone keeps saying as long as I can get a good deal and make the numbers work the location should never be an issue.

I am intending to wholesale these properties.

Ok, so here is the thing. I have tried Zillow, redfin, hotpad, homes.com, relator.com, trulia.com, looked in the tax records, sitexdata.com, and a few other pay sites.

There are very little comps I can find, I mean like scraping the bottom of the barrel may be able to find 1-2 recent sales in the entire city area, not even in the same neighborhood, conditions or anything. I have four people waiting on me to pull together offers and make appointments but I don't really have anything to go on. (these sellers are likely unmotivated but I would still like the practice, they may want to sell in the future)

Does anyone have any advise or ideas that could help me? I would really appreciate I have been searching the interwebs for several days and coming up mostly empty handed. I appreciate any help. Thanks.

Hi from Houma, welcome to BP!