All Forum Posts by: Jermaine HILL

Thanks for looking out @Bill G.  But I did not draft a purchase contract or assignment myself.  I had a real estate attorney who is well known in the Richmond area draft my contracts.  He went over step by step each clause in the contract as well.  A lot of people told me it was a waste of money, but I feel it was the right thing to do.  Honestly,  I myself old not advise anyone to draft a contract themselves. .

@Ken Morris that would be cool.  I have being doing pretty good with wholesaling in he Richmond Area.  So a I will reach out to you....

I  aagree with Andrew.  Wholesaling does not require a lot of money.  Though have a sufficient amount will help you get out a deal faster.  First start off by getting a little education around what wholesaling is and what it takes to be successful.  But I would not waste to much time trying to learn everything is about wholesaling.  The goal is to start marketing to motivated sellers.  That's the most important part.  Honestly you can start off with a few hundred dollars.  First, I would sign up for agentpro247.com or use list source.com to find and pay for an absentee owners list.  I would then hand write yellow letters and mail to that list of wanting to buy your home.  The phone will start ringing. This will give you the experience to know what a motivated seller sounds like.  Once you put a deal under contract post online and buyers will call you. Hopefully this helps.  Talk to your wife again because it's nothing better than having someone by your side when starting something new. 

@K. Marie Poe You are absolutely right!  I tried to ask the seller would she be interested in reducing the price or consider a lease option or seller finance early today and she politely said no.  She is looking at it like hey its already $37,000 below assessment why would I go down any lower.  So you are right I still have to find some way to at least close on the seller first. Luckly I have another guy scheduled to look at the land tomorrow.  Hopefully I can work out a cash deal with him.

@Bill G.  I have been targeting motivated sellers who own Vacant Land.  The assessed value of the land is $62,500. I verified this by looking up the parcel number through the county and calling and verifying if the assessed value was correct. I did a purchase agreement contract for $25,500 and was going to assign it for $10,000.  I presented it to my buyers first but only one wanted to work out a deal.  So I am trying to see if I can do some creative finance before going to the seller to reduce the price and before the contract expires. I agree with you I don't know if if I really have  buyer, but I want to make sure!

I like the flipping the option at $25,000 but want to make sure I am understanding it.  Could you break it down a little bit on how you would structure the deal without a prolonged transaction? Thanks!

My plan was to wholesale the deal.  But I realize quickly every lead that comes through A are pretty good leads but, not necessarily whole deals.  I will take your advice @K. Marie Poe and try to see how I can first cash out the seller! Once I figure this portion out this should make closing the deal easier. Thanks a lot for your advice!!

@ K. Marie Poe I love the note idea!  Thanks!  Could there be a way to structure this deal were I am not tied down multiple years?

I actually put the vacant land under contract for 25,500.  My sell price to my buyers I started off at $35,500.  I had one buyer express interest but he does not have all $35,000 to pay for it in cash but he said he could pay $20,000 for it cash.  So without going back to the seller and asking her to drop the sell price, I first wanted turn this into a creative financing deal of some sort like you would an actual property.

I currently have another vacant land under contract for $35,500.  ( I am trying to wholesale the land).  I received an offer from a buyer to purchase the land.  He says he has good credit but his debt to income ratio is to high.  (He owns Rental Properties).  He said he can put $20,000 down on the property. 

It sounds a lot like I could do seller finance or lease option on the land.  But I am not sure how I would structure this with vacant land.  Also the owner owns the vacant land outright!

Has anyone on BP structured a creative finance deal on vacant land?

@Seth Williams - Could you add any thoughts on how you would structure a deal like this?  I know on the podcast you said you have not gotten into wholesaling vacant land, but have you ever structured a creative finance deal as the seller?

Great Thread!  I have started my direct mailing campaign a month ago.  I send out a 100/week and my response rate is 8%.  Keeping it simple is my motto!  You also have to be very consistent and follow up!