All Forum Posts by: Hector Perez

@John Thedford when you are started placing a $10 EM is better than placing $0 or no money when wholesaling a property.

If you have big funds to play with big money, do it, but don't say that we are scamming the people when at the end they get the house sold, which is what they wanted in the first place

@Tom Gimer, $10, helps!!!, That's what I do in all my contracts and never had any issues going to the table, well....., one time I had to put $5,000 EM, but the fee was to large that I took the risk

@Augustin Tommy Jr. its very simple, just have to read the agreement and fill out the blanks. if some of the clauses does not apply to you, just put N/A or none.

make sure to put property address in all pages

In the first page, write down your name and seller name, along with property address, and county description of property for LOT and Block, this info is available in your county

Then in sales price just put he value as cash, leave blank financing amount

For earnest money, I always put $10 and the title company information that I am using

For Title and survey, I always place as Buyers Expense when wholesaling

IN PAGE 2 - I usually leave blank, but you can place as Buyers expense or seller expense

In objections I leave blank or none

The rest of the pages are self-explanatory you just have to read the contract

@Chinmay J. What we are forgetting here is that you just want to seller to call you that's why you are sending the letter. The presentation, negotiation, the contract agreement and how you will handle the showings of the home to other investors is a different process.

The goal of the letter is to receive a call

When I close my deals that I wholesale or the deals that I purchase to rehab, I will never show at the same time as the seller. 

@Daniel Johnston

This is how I will write the letter

Dear "SELLER NAME"

I noticed you own the property at TARGET PROPERTYand I would like to know if you would be interested in selling it

i like to know if we can work something out, please call me at XXX-XXX-XXXX

I am a private home buyer and I can provide you with a Competitive Offer on your property with no Realtor commissions, and I will buys "As-is", no repairs needed

Please give me a call at xxx-xxxx

Thanks,

Daniel Johnston

In Texas you can use the TREC contract 1-4 Single Family agreement. I have use it to wholesale properties, but it is very lengthy 16 pages

Then to assign the contract you just need find a one page contract. You can find this agreement at your local REI club

But the key is to find a title company that will accept assignments and are investor friendly

@Manolo D. if you come to Pearland for Christmas and have a day off, let me know, so we can get together and chat or visit some of our projects.

Take care

@Manolo D. Thanks for the feedback

In my company we have a team of 4 people , I am not doing everything myself, otherwise, would have been impossible. 

Also, having so many rehabs at once is putting pressure on our cash flow, but hopefully by mid January all properties be done.

From this learning experience, my goal is to continue 5-7 rehabs a months, and wholesale the rest

Merry Christmas, and Hope one day we can meet in LA

@Manolo D. Thanks for the Feedback. Well, now you know, someone that is doing 15 rehabs at once. its crazy, that's why we are in need of a project coordinator, as it is taking 100% of our time, and no time for anything else. We have contractors and subs doing several types of work.

we normally have 5-7 rehabs at once, but all the properties under contract close back to back so we ended up with more houses than we anticipated.

Thanks @Aaron McGinnis for the feedback

To your questions"

I will be hiring a employee as a project coordinator 

Yes I have already workers comp and have a company that handles payroll as I have other employee in the company, so that will be not as complicated 

managing rehabs have  taking most of our time this year and we cannot grow the business if 95% of the time we have to deal with contractors vs making calls and acquiring assets. as of right now we are handling 15 rehabs at once and it has become a nightmare.

If I pay a project manager a salary, does $50K a year is ok? I know other companies in town that pay $80K or more, but seems a bit too much

Take care