All Forum Posts by: Heidi Duren

Would love to see another of these meet ups soon too!  What's the update?

This is not selling the house, this is for the wholesale contract.

I made a deal with two highly motivated sellers, they're ready to go.  I threw in a low number for both places and now we're moving forward. This is an incredible deal as I was able to get well below 70% and am excited to not mess this up. The listings were both with the same realtor and she has agreed to represent me as the buyers agent as well. The houses were both cash buys from the seller years ago. This means no bank, no REO and the realtor says the contract can have an assignment. I know with this listing being with an agent that she will use her own contract and we will move forward with hers. Here are my questions:

1) Where do I add my assignment fee?  Can I add this to the price of the home when emailing investors?
2) I requested for her contract for it to have 10 days of an inspection period.  She agrees that would be fine. Is this good?
3) What are some things I should watch for in her contract?  
4) Once I have the contract do I just shoot an email to all the investors to let them know or one at a time to see if they're interested first?  I also have pictures from the viewings and repair estimate costs. Do I include all this in the emails or only in the emails of interested investors?
5) If an investor is ready to go, what next?  Do I send my assignment contract to them and then send that to the realtor once completed by both parties?
6) If I can get an investor wanting to purchase asap, how do I have them pay the EMD?
7) If they are wanting proof of funds for the cash offers, how do I do this if I'm moving the contract to someone else?

 I'd love to!  

I am close to closing my first deal. The house is a probate and could list after repairs for 225k-250k. The repairs needed are estimated at 80k (this is a high estimate to allow the investor to chose roof type and other contractors in the area for some other repairs needed). I offered 75k for the house. So that's 62-68%. I have a list of investors I can contact with this SFH stats and see if they are interested. Here is my list of questions for both this house as well as future deals:
1) Do I call an investor first and see if they accept and send them stats? Or do I get the house under contract first and then reach out to the investors?
2) Do I include my assignment fee inside that 70% rule or does this come out at closing? Would this be 6-10% of wholesale price?
3) Where do I get the contract to lock in this wholesale deal?  The title company or myself?
4) I have a title company in mind, but do I also need a real estate attorney?
5) I've noticed with the free contracts I've found online they have inspection periods. Who is the inspection for since some of these houses I've looked at and are buying we know needs TLC. With some of the stats I have on the properties, I have a list of known repairs and expected/estimated costs for the contractors in that area. Would they still need an inspector?
6) Do you like to see wholesalers reach out to you (the investor) only with a contract ready, or do you like a list of leads first?  If I have contracts ready, are they contingent on finding investor funds?

It has helped me to network around and have multiple investors and even real estate agencies I can call to work out a deal with first.  One investor likes me to send him stats on the places I find before I get that place under contract.  Another likes me to call him to see if it's in an area he's interested in. It helps to have someone in mind when finding these places first.  Buy now and find later can be more difficult.  Have you tried putting it on the wholesale websites like Investorlift or a Reddit investor page to see if anyone is interested?