All Forum Posts by: Jeff Green

No Aube, it was *************. His salesmen/marketers wouldn't leave me alone. After the third salesman they finally gave up.   

In this area you can buy the materials at Lowes or Home Depot for around $350.00. (2/0 copper @ 2.55ft, 1/0 copper @ 2.19ft, 200amp breaker box around 150.00, joint of emt(2") conduit around 10.00, weatherhead about 10.00, nipple connecting meter base and breaker box about 3-4.00, #4 ground wire @ 1.19ft, my company gives the customer a meter base so not sure what they charge for that at Lowes/HD. So, all that plus tax. We are in a rural area so we usually give the customers a spec sheet and they end up doing a lot of the work themselves instead of spending a lot of money on electricians. Once they are finished they call the office and I go back and inspect their(or electricians) work. If all is good, we hook their service back up and that's it for a new meter loop.

I agree with Seth. I work for an electric co-op and as an inspector I encourage customers in doubt to upgrade to 200 amps. Its a one time investment and you will never have to worry about not having enough amperage especially in a 1500 sq ft house. I've had customers with concerns about their 150 amp services in the past and I told one customer to turn on everything in their house(all electric, 2000 sq ft) and he literally turned on EVERYTHING. Central Air, every burner on stove, oven, well pump, all lights, dryer, and when I measured the amps at the breaker panel it was about 130 amps on one leg and 110 on the other. So he still had room to spare but like I asked him "What are the odds of you ever having this scenario of everything on?" Thanksgiving and Christmas(cooking,family, etc) would be the closest scenario. But like I said, when in doubt? Upgrade! One less worry and a good selling item.

By the way Erica, I read somewhere that he gets 50% of your first half million! You will be supporting his family for quite some time. Especially if you are just going to wholesale for a while. I'm just wondering what some of those people are doing who contracted with him and have learned the ropes after several deals, with the help of locals too, and are now wanting to get out of the contract so they can reap the full rewards. I'm sure Phil has a "buy out" clause in the contract. 25k, wink wink:)

Learn all you can on here. Ask questions. And like others suggested, find someone local to help you(REIA meetings). I'm still trying to soak in as much as I can. My interest is only part time since I do work full time and then some so it will take a lot of work and a little luck to find some motivated sellers to sell me their home for 30-40 cents on the dollar.

When driving for dollars, where can I get decent size maps of subdivisions in that county? Also, if the County Appraisal website doesn't give up to date info on a property will the title company give you information on a property? Went to a couple of free search sites looking up out of town owners/address and came up with nothing. Any suggestions? Thanks

How does the 'market value' on the CAD usually compare with the actual comps on a property? If there aren't any good comps in that area could I make an offer using the CAD market value? In the area I work in I drive by this abandoned little brick house that has "wholesale me" written all over it. I walked around back and looked through the back door and saw holes all in the walls so it will definitely need some work but the outside looks workable with some TLC. The CAD has a 47k market value from 2013, 59k from 2012. There were no neighbors around to ask about it. There is a lock box on the door so i'm not sure if that means the bank has it or what. No 'for sale' signs or anything. The CAD shows "deceased estate of John Doe", C/O Jane Smith, 123 BFE RD, BFE Georgia. When I saw the out of state address I was really getting my hopes up for a motivated seller but I've been on a couple of different search sites and cannot locate this name/address. Anyone have any suggestions on how I could find this person? Tax office maybe?

@James Wise

I'm new to all this James so forgive my ignorance. I'm guessing Home Path is another version of HUD? I was thinking there was some kind of seasoning in there from some of the post I've read in the past.

@Bryan L.

Thanks Bryan. That should be motivation for me. Thank you too Joe Gore.

Anyone around Conroe, Willis, Huntsville know if wholesaling REOs is allowed and if so can we do a double closing using the end buyers funds? Does it depend on which title company you use or is it Texas law? If transactional funding has to be used for the A-B, do the banks even care if I'm wholesaling to an end buyer soon afterwards or will they balk on that if they find out I am wholesaling before the deal goes through? Wholesaling in my area is going to be very difficult because of the less populated areas so I'm thinking I need to educate myself on dealing with banks and foreclosure/REOs. Reason I'm asking is I was watching a you tube video from a wholesaler in FL and there are title companies there that allow the end buyers funds to cover both transactions. Some people have all the luck! I was about ready to order one of their $47 dollar ecourses on wholesaling REOs then I remembered seeing a post a while back that TX may not allow that or it just depends on the title company. Any comments much appreciated as always.

I watched a you tube video of this wholesaler telling about the first time she got scammed on a JV deal. The other wholesaler promised to give her whatever percentage it was of his deal and she said ok but...she didn't get it in writing in the contract. You guessed it, she never saw that money! Get it in writing!