All Forum Posts by: Jonathan Drago

@Zac Collins, also a local investor/flipper/rehabber/licensed agent. How can I help?

@Kevin Earnest Thanks for reaching out! I'd love to see some of your properties that you may come across in the Tampa area. Please keep me in mind when you come across any good deals in my area.

Thanks!

Hello BP,

I am seeking qualified wholesalers that can consistently bring me properties that I can rehab and resell.
I buy ALL CASH and am also an agent, so I can process/close quickly. Looking to purchase in Hillsborough, Pasco, and northern Pinellas if location makes sense.

I know it's getting tougher to find the best deals, but I'm ideally looking for SFH, 3/2, with a good amount of equity. Next project looking to buy for $150K max with at least a 15% ROI after resale.

I appreciate any contact info, or referrals (please PM me) and/or feedback (good/bad) on this thread of wholesalers you've worked with in the past. Ideally would like to build a relationship with a few, so I am constantly receiving updates on new properties. 

I appreciate the help!

Thanks,

Jon

From my experience, I've found that Homesearch.com has the "Buyer's Premium" fee tacked on for the majority of their auctions. They sometimes run specials with "No Buyer's Premium" but not often.  It's typically 5% of your winning bid price and not negotiable. Also note that when you win the auction (or they accept your pre-auction offer) you will owe an earnest money deposit equal to 3% of THE SUM of your purchase price + buyer's premium OR $3000, whichever is higher. That deposit will go toward the total cost in the end, but be sure that you add on the buyer's premium to your purchase price before submitting your 3%, and submit on time, so you don't go into "default."  My advice is to thoroughly read all disclosures, event agreements, and e-signature information prior to bidding. It is very one sided in favor of the seller/auctioneer, and there are many ways you can trip up and they can terminate your contract for being in "default" and they keep your earnest deposit, based on the verbiage of the bid contract. This info is solely based on my research. Definitely do your own to satisfy your hesitations before purchasing.   Hope it helps!

Hi @Marcio DeOliveira, I am an investor and an active agent in Tampa. I'd be happy to speak more to see how I may be able to help you.  Feel free to PM me if you'd like to discuss further.

Thanks,

Jon

J, without a doubt.

I figured as much, but one could hope... I didn't know if there was any way to go about protecting myself on the buy as the seller listed the condenser as, "seeming to be newer."  After walking the property with my contractor, it's obviously not newer, and it's definitely not functioning properly.  

I plan on negotiating the sale price (even further) based on the bad unit, but didn't know if there was any other tips regarding warranties, etc.  Anyone have a company they recommend that has treated them well in the past? I plan on purchasing a home warranty prior to me selling the property, and transferring it to new owner.

I'm looking at Old Republic and AHS.

Hi All:

Question for the veterans...

I'm looking to purchase a property from a wholesaler to rehab and resell. I'm obviously buying "AS IS" but wanted to know if there's a way I can purchase a home warranty for the property prior to my inspection in case we find out that there are problems with house/HVAC.  

I am basically trying to get coverage for the HVAC system, as I know the condenser is shot. I heard recently that Old Republic (home warranty company) recently changed their policy that if the condenser needs to be replaced, they'll also replace the matching handler at no additional fee.

Any insight on the topic is much appreciated!

Thanks,

Jon

Mark, I'm happy that my advice is working for you. It definitely prepares you. Make sure to go through all of the State Exam Prep Quizzes on the website through the "Student Resources" side of RE-Campus. There are A LOT of quizzes. Definitely over a couple thousand questions throughout all the topics.

Those helped to seal the deal. I recognized some of the same (or very similar) questions on the state exam. 

Good luck all!

@Anastasia G.

UPDATE: I've passed the exam recently!  I agree with Roshard. I purchased the textbook and read it entirely, taking all of the end of chapter quizzes and the final prep quiz (in the book) before taking the online pre-licensing course, and end of course exam. 

For me it was between Bob Hogue (as they're reputable and I'm local to Tampa) and Rowlett School of Real Estate for the online course.  Rowlett was a little bit cheaper and it worked great for me. I did buy the textbook through Bob Hogue, as that was cheaper though them. Haha.

Rowlett offered great exam prep quizzes that definitely helped me on the exam. I feel that I overstudied for the exam, BUT it was worth it, when you take the test and it all comes right back to you.  I definitely heard a lot of "sighing" in the test center from those that didn't study as hard as they needed to.

I have also sat with a number of Investor Friendly Brokers, offering 100% commission, if you only plan to use your license for your own investing. Some have a few small monthly fees and the average transaction fee is around $250 a transaction.

Hope this info helps!