All Forum Posts by: Jacob Michaels

@Steve G.

It's a great idea to wholesale virtually from outside the US. I do it myself. 

I don't think setting up a US bank account would be too tough to do one time, if you're serious about this business. 

In any case, I think the title co should have no problem with wiring funds to your NZ bank account. They'd send you USD, so you would have to set up a USD account with your NZ bank before you could receive the funds.

They'll need your SWIFT code for your bank and your account number (just contact your bank and ask them to send you all the info you need to forward onto the title co). But I don't see why this would be an issue. 

 A lot of potential buyers can't get that kind of traditional (aka "legit") financing, Brian. They are looking for owner finance deals so they can have a house of their own.

Although it would be nice to have a detailed scope of work, I often will just provide what basic info I know about the property to the buyers and let them look at it and make their own decision. I tell them what I know and make no representation more than that. I often don't even give a repair estimate, because I could be off on the numbers. Just the basics. 

They understand this, and they do up their own assessments based on their eyes. Haven't had a problem with this. 

 Either/or. It'd be either something I'd wholesale or fix up and resell, but maybe not to full rehab standards. I think officially I need some kind of closet, so not sure just shelves would work

@Michael Hicks

Thanks a lot for the detailed description and estimate of costs. I misunderstood the idea at first until you explained it. It sounds like a phenomenal idea and likely the route I'll need to go.

@Lisa Thoele@Paul Bellonby@Max T.

Thanks for all of your input, I appreciate it

Does anyone have any idea of how to efficiently make bedrooms compliant if they have no closets? 

I'm thinking wardrobe that we fix down in the rooms, but that'd wear out over time. Building closets, but not sure of the cost-efficiency. Anyone done this and can guesstimate a cost/closet?

Thanks

 Email me

@William Barthelmeus In my contracts I basically state that my $100 earnest money will be deposited after inspection approval. That gives me time to inspect the property and market it to my buyers and get a buyer on the line before I even put the $100 earnest money down. My buyer puts the EMD that I require down. For this, I might say $5000 non-refundable for my buyer.

If you can't get it sold within your inspection period, you let the seller know that the property did not pass your inspection and your funding partners refused to accept it. This is true, because all of your funding partners (aka "buyers") refused to move on it because the price was too high and/or it needed too much in repairs. Make sure your buyers give you a number that they need based on the property's current condition. Now you know your target. 

This gives you an opportunity to either back out of the agreement legally, or renegotiate the price you need----which is the price your buyers are willing to pay minus your desired profit. 

This strategy is essential as a wholesaler to never lose money. I rarely put my own earnest money down. 

 I agree with that part wholeheartedly J. I can't believe that they get away with charging $10-40k fees . It seems criminal. 

I do think there are a lot of valuable courses out there, probably most/all of them can be had for less than $1000. Well worth the money for the ones I've invested in.