All Forum Posts by: Gerald W mcgee

P.s when you are dealing with an assignment fee more than 7k it's best to do a double close witch make your assignment fee more discreet but more closing costs so make sure you fully understand how much the closing costs will be before closing.

Hello Chuck, when assigning a contract to end buyer you want to disclose your net price witch includes your assignment fee and closing costs Example 50k +assignment fee 10k closing or attorney fee,lets say 1000 so amount on assignment sheet 61k. Please consult an attorney first because laws may vary from state to state. 

Hello investors.                                                                                                                                                                                                                                                                                              I want to start a direct mail campaign targeting absentee owners and vacant properties. Although i have a very tight budget right now so i was thinking about hand writing them to start off with,does any one have a sample copy of one that i could look at for ideas. Thank you .                                                                                                                                                                   Gerald McGee   

Hi, i know it can be frustrating when starting out,but i don't know what your intentions are in investing,weather if you are holding and renting or fix and flip. As a beginner wholesaling would be a good start,just find a good deal get it under contract and assign it to a cash buyer and get instant cash flow,in the mean time you need to find private or hard money lenders and start build a relationship with them,they have high rates but doesn't require a credit check like a conventional loan. they go by loan to value on your deal so you need to do your home work and present them a good deal that will impress them,then they require you to put down 20% normally. I you are planning to fix and flip use a hard money lender because you get the funding quicker and you are only going to hold the property long enough to rehab it,just make sure they don't have any early pay off penalties. I you want to hold and rent use a private lender they may take a little longer to get the funding but they have lower rates. Just stick with BP and plug in and absorb the knowledge,you can also try connected investors or reiclub and start marketing for private lenders,you can also go to private money gold mine(be careful on this site they are known to have scammers so closely interview them and make sure they are legit). If you decide to whole sale check your area about the laws so you don't get yourself into trouble,some states may consider wholesaling as brokering witch  requires a real estate licence. You can also go to meetup.com and check your area for rei meetings.                                                         Gerald                                                                    

Does anybody know a simple formula to calculate ROI and the estimated ROI in the future of the property?

Hi Peter and welcome to BP,my mame is Gerald. I reside in North Carolina. I was born and raised in Mass int the Worcestor area(Whitinsville Northbridge). Glad to have you aboard.

Hi, and thanks for that download that was very helpful. 

Thank you all for the tips, and the lesson learn here is stop listening to the general media and focus on wholesaling.  Again thanks for the tips,i overheard that and got a little concerned.

 You are not the only one that said that about my web site,you went to www.mcgeehomesusa.com? That has me a little concerned i'm not trying to sell seminars.

Thanks for your reply,you have great in sights.