All Forum Posts by: Cameron Sharp

@Kelsey Bunker it really depends on what they want as a return for the capital they bring to the deal. If it doesn't make sense, find another partner if possible.

You're right, 100% of zero is not attractive. I have been accused of being overly generous, but Karma can be your best friend. when it isnt being a *****

But if you need to entice to make the deal work, then entice :)

@Darrie W. Bennett Its not free, wait till I send you the bill :) JK

Yes. Put up te earnest and have your clauses in the contract to get it back if the deal goes south or you can not assign it. Then have your new buyer, the assignee put up the earnest to have it assigned to them.

If the price is right and the investor is experienced, they will see it for the future value.

sounds exciteing :)

What is your end game? Rehab and sell? Live in it? Rent it?

Try this

http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CCgQFjAA&url=http%3A%2F%2Fwww.cliftonlarsonallen.com%2FHealth-Care%2FPresentation-Slides-Valuing-Assisted-Living-Facilities.aspx&ei=rghoU7jkOouEogTOpIEI&usg=AFQjCNHmupJbxAv3oAAJ6p1E7lcsDNzg7A

Welcome from Chi-town! Great place to be investing. All the best

I think you could wholesale it depending on how you structure the deal. I would and have bought condemned properties. It will all depend on the structure and how the numbers play out in that market.

To change the status is going to take some money in repairs, most likely. My answer would be the end buyer will take care of that. Your job is to get the property at a good price and sell the vision to the end buyer. Most rehabber who know what they are doing won't care as long as the numbers tell a profitable story.

Condemned could mean a good price to purchase. the last condemned house I bought was a private seller and we scored a great deal. We did have to do a dance with the city to make it livable, but it was worth the dance.

Good luck

Welcome! I am also in SLC. I left the corporate world at age 27 because of my RE success in SLC. Good time to start. Good luck with your endeavors and looking forward to connecting on BP

1. Do I need to have an attorney review and make changes to the the contract before using it the first time?

It is up to you, wouldn't hurt, but also depends on your budget. With attorney's, they all eat. Take them to lunch, lunch is cheaper than retainers :)

2. When do you open escrow? When my offer is accepted or after I have it assigned?

I let the end user open escrow. They will be buying it anyways.

3. How do you determine your assignment fee?

I determine mine based on what the market will bear and how good of a deal it is based on the market and what the end investor wants. I have assigned for as little as $1,000 and as high as $30,000. The latter was because I got such a great deal and then shopped it to multiple investors.

4. When is your fee due? Upon assignment or when escrow closes? I am asking to be paid upon assignment.

Either or. I shoot for as soon as possible. Some of it will depend on how you structure the assignment. If you go the attorney route, they can help, or title company.

5. How do you collect your fee? Cashier's check, wired funds, ... ?

Cash is King. But any form outside of a personal check :)

6. Do you ever ask the investor to put up the Earnest Money Deposit ?

I do not. But it doesn't mean you can't. Most the time, I have found, the investor will not, unless they are buying the deal. Since you have to secure the property before assigning it, you will most likely be putting down the earnest. Plus, most investors will not put down earnest, unless the contract is in their name so they can have control of their funds.

Good Luck

There are 2 kinds of comps I want when considering a rehab project and determining the ARV. Everyone will do it a little different.

1- Sold comps of like properties with in .5-1 mile of the subject

2- Active comps of like ARV properties with in .5-1 miles of the subject

I prefer, if possible, comps from an agent who knows the area and my investment strategy. I.E. an agent who knows rehab flippers and works with them.

Consider you financing, hard money or private money. Ask the lender how they determine comps. There is nothing more frustrating then when you think you have a deal, only to find out the lender does not think so. Most HML are going to look at 90 day, conservative, re-sell comps. In other words, what the home will need to be priced at to sell within 90 days. They are looking at their, usually, 6 month term. Therefore, they want to see it priced to sell within that term.

I consider when preliminary comping, tax assessments, driving the neighborhood, and the Realtor.com mobile app. The final ARV I get form an agent.

My 2 cents worth :)

Good luck