All Forum Posts by: Barry Smith

Thanks Robert.  Much appreciated!  I will contact Jerry Holt ASAP!

Does anyone have a good source for a regular list of Probate leads in Columbus and Central Ohio?  Is there possibly a Probate attorney selling a list to realtors/investors or anything like that? Thanks in advance for your suggestions!

I watch the same Pre-Vacant House Goldmine video, created by Sean & Tracey Flanagan, that Nate mentioned. Anyone have a chance to look it through and try it out yet... with success? 

Apparently, RealtyPRO Network is NOT an option to hang your real estate license with if you want to have access to the MLS, because joining this network requires that you have NO access to the MLS. They only allow you to refer clients to their regular agents, who have the access.

Hi Tim:  So, what is the one you are using? REIsoft?  Can you clarify?  Thanks.

How does Ring Central compare... in Podio... with CallRail and Vumber?  Anyone use Ring Central?

Does anyone know of any good bloggers who have great blogging content with a variety of reasons why a seller should consider selling to an investor as opposed to a realtor?

Someone who is not blogging to investors, but their potential clients?

Know of any good ones out there?  Any suggestions would be great... thanks!

Richard Roop (www.richardroop.com) has had a post-it note in his real estate marketing tool kit for years that is supposed to look like a UPS or Delivery type of message on the front door.  If you are going door-to-door and no one is home, leave the post-it note.  Or, pay some kid to canvas a neighborhood you like and put it on all the front doors.  That's the approach.  Hope that helps.

I am looking for the same thing... did you ever get an answer or make a decision on a live answering service?

Pat Live works ok, I've used them before, but is pricey... unless your RE business is making you 20K a month and then who cares.  I'm looking for a less expensive alternative to $89.95 a month plus $1 per minute... unless you can get the $79.95 rate... or you pay the $159 per month rate and get 100 calls at no charge. 

If you have any feedback, it would be greatly appreciated.  Thanks.

Barry Smith

Homesmith Group

Since this is a wholesale forum, I'm wondering about a few things you did not mention.

1) What is the After Repair Value for a retail buyer... is it around $200K (using the 70 percent rule)?  If the condo is in good condition, it doesn't sound like there is much money needed for repairs.

2) How much of the closing costs are you paying?  Half or all? 

3) Do you have several comps in the complex to support the $200K ARV?

4) You say you "want" to sell it at $140K, that would be roughly $21,000 wholesale fee on a condo? Does that mean you already have a wholesale buyer lined up because this condo is a great deal that is really worth $200K plus fixed up, and you can sell it to the wholesale buyer for $140K, leaving them maybe a 25 percent margin minus 5 percent for minimal repairs? If that's the case, this wholesale buyer should be the one putting up the $10,000 deposit.

5) What are the Home Owner Association (HOA) fees? Have you factored that in if you can't sell it fast?

If the Condo is not worth $200K after repairs, and is only worth $140K, this is not a wholesale deal because you'd be buying it at 85 percent of value and there is nothing left for a wholesale buyer to make money on after repairs.  No incentive for a wholesale buyer to get involved. 

I'm not sure about your Florida market, particularly with condos which I hear are very easy to get and not easy to sell, but in general...if you are going to leave the wholesale buyer with the property worth 70 percent of the ARV minus repairs, you need to buy the property at 65 or 60 percent or less of the ARV so you can take that 5 to 10 percent out as your wholesale fee.

Again, if this is not a wholesale deal, this is the wrong forum. But if you are doing this as a retail deal, and the condo is only worth $140K fixed, and there a several comps in the complex to support that, you are paying way too much at $119K. That's 85 percent rule and, in my opinion is too risky a deal, because it does not include repairs, buying costs, holding costs, marketing and sales costs, HOA fees, etc., provided you don't already have a buyer.

But, at $119K, if you ALREADY have a buyer locked in ready to pay all cash at $140 now, get a contract with that buyer at $140K, have them put up the $10,000 deposit to you, you put the money in escrow, assign the contract to your buyer and have escrow send you your check when it's all said and done.

Just my opinion.  Hope it works out.