All Forum Posts by: Joe Gee

Thanks for the tips guys. I was just on the phone getting a third bid and possibly a fourth right after.  

Hello BP, 

I am currently doing my first fix and flip and Im using sub contractors from other investors I work with. 

There's two contractors who gave me prices for the fix up of the outside.  I'll spare the details but the first crew whom I've worked with before and are proven, charged me $6,500 WITHOUT materials.  The other crew charged me $5,500 WITH materials but are sort of unproven.  I say unproven cause I haven't work with them, but I did get a good reference from them.  I intially told the first crew "ok" but haven't signed anything but they can't start until a week out anyway.  The 2nd crew can start in a couple days.  

What should I do?  Go back to the first crew and tell them about my lower bid and see if they can get somewhat close to it?  Or just take the lower bid.  I guess I don't want to possibly ruin my relationship with the first crew, and I really hope its not a "get what you pay for" scenario.  

Any help would be appreciated! 

Hello BP,

So I've been researching this topic on working with realtors on wholesale deals. If your the wholesaler, and a realtor (investor friendly) finds you a buyer, what do you pay them? Is it a flat fee commission, or commission based on the sales price?

I recently thought splitting the spread in half, but what do other investors/wholesalers do?

Thanks

Ok that sounds good. It would probably be alot easier if the end end buyer was closing with our title company. Then we can just do it all there, but he wants to close with his and his title company doesn't do double closes. I'll check what they would need though. Thanks

Hi Sharad,

I guess Im asking has anyone done a deal like this? Or does it sound possible with the situation? Normal double close wouldn't be an issue, except the wholesaler im wholesaling it to, has an End-Buyer who wants to close with his title company. How is the End-Buyer going to close with the other wholesaler if he doesn't have a contract with the seller? Since I do have a contract with the seller, the End-Buyer would have to close with Wholesaler $2, and then Wholesaler #2, would close with me (Wholesaler #1) and I in turn close with the Seller.

Writing this out, it sounds confusing, and I don't know if a title company will do this. Just getting someone's input to see if this possible.

Hello BP,

Putting this out there to see if anybody has experienced a deal like this one.

I have a contract with a seller for a price of $X. I'm wholesaling it to an End-Buyer for $Y. But that end buyer, is wholesaling it to another End-Buyer for $Z.

The problem is, the End Buyer for $Z wants to close with his title company. Me and the End-Buyer for $Y are closing with another title company that does double closes no problem. I'm not sure if the End Buyer for $Z's title company does double closes and this is where the problem comes in.

I was going to look into Transactional Funding. As you can see, this is complicated. The End-Buyer for $Y im wholesaling it to are experienced and told me to not worry they can make the deal happen.

Any suggesstions to go about this? Very much appreciated

Hello folks,

Has anybody used Pathway Financial to fund their RE deals? I found them on a Craigslist ad. They called me back quickly and now we are currently going through the process of getting approved. Just curious to know if anybody has used them, or heard of them.

Thanks

Great advice guys! My closing agent has an Attorney at his company and I can give the seller his info and the Title company info. Ill print out a contact form so they can give that to there attorney along with the contract. Yes I agree, 9 pages is way to long, but from what I hear in LA, we have to use the State Real Estate contract instead of one of our own. I need to get more clarification, but this is what more experienced Wholesalers told me.
Thanks again!

Hiring a Realtor to handle the contracts is actually a good idea. Didn't even think of that. Thanks for the advice!

It could be the fact that our Louisiana realtor contracts are 9 pages! And the Sellers get intimidated so they don't want to sign before having someone look at it.

Thanks for the reply,

But yea the first two had title issues so we had to back out. The last two were technically not deals because the seller's never signed the contracts, they just took them to their attorney's to review them and then called me back and said they were not signing because they could get more. They would've been deals though because I had buyers lined up! I now know the Attorney thing is going to be another obstacle. The last one really hurt because me and the seller had agreed on a price that would have been a smoking deal for me! UHHHH! haha

Thanks for the encouragement