All Forum Posts by: Joseph King

I find difficulty with finding buyers in the lower income properties and if I do they low ball the crap out of the sellers to the point where I don't even like to make them offers. What I do is I try to cater my offers to my strong buyers criteria so I don't waste time with dead end deals. Post cards work best and I also do jv deals as well. The profit is slit 50/50 but pennies do add up. Find your niche and perfect it.  

I use to live in Hopkinsville Ky. It borders Oak Grove . Oak Grove is special I think because connected to Oak  Grove and Clarksville is Fort Campbell Army Base. So you will get good renters because the army will pay them allowance to live off base. My suggestion is that you look up the army's BAH for E-5 and above with dependents and base your rent off of that.  I haven't invested in oak grove so I can't speak to much on fix and flips but when it comes to rentals I believe that's common sense. I hope this helps. 

Interesting, being a novice, Im definatly going to study your methods

If you can find legit buyers that will be consistent I would challenge that goal to 5 to 7 that month. 

@Chuck B. agreed it might not be much for just a fix & flip but the Fix & hold does because these houses are selling for  30k or less.

So Ill simply write how I would structure this wholesale deal using an assignment contract and double closing.

Assignment-  You found a good deal in which you believe you will make a big profit. Now on a 2 mil deal I would know for sure if have a buyer lined up. Hell most of the time even before I put it on contract I present it to my best buyer so I know I wouldnt be wasting the sellers time and if he likes it he goes to inspect it and makes me an offer. If it works out for me then I create the contract between the seller and I, then I  have my buyer look it over and immediately assign it over to him once he approves. So it would look something like this,   property is for sell at 100k and I have a buyer that has offered 115k after his inspection,   so I would then assign the contract between the seller and I over (after terms have been negotiated) to the buyer for 15k, he would then be responsible for the emd and closing. Simple. and risk free if done correctly and I get paid after closing 15k

Double close- So again I would still have a buyer lined up because I don't like wasting my sellers time. But with the double close you would be responsible for the EMD and depending on the clauses in the contract if the buyer (you ) defaults on the property you can loose that EMD. So at closing you would then close on the contract between you and the seller then shortly after you would then re sell the property to your end buyer for your profit . So it would look something like this, you find a good deal on a property for 100k your buyer wants it for 130k. You have the first contract signed between you and the seller for 100k and the EMD in escrow with the title agency and another contract between you and the end buyer for 130k. At closing you have to close on the contract between you and the seller fist, paying closing cost and taxes. Now you might say I don't have 100K+ to close, so you would use transactional funding to fund the close for a short period. After you close and own the property you would immediately re-sell to your end buyer for 130K so now you just made 30k minus closing cost and taxes and the fee's for transactional funding. so maybe 25k

If your partner doesn't know these methods DONT do the deal. Let me know if you have any questions.  

Hello BP Louisville community, as a wholesaler in Louisville I get a lot of properties that come to me from lower class markets for example the west end. Now I don't see a problem investing in these properties (as long as the profit makes sense)  because risk are everywhere but  a lot of my buyers stay clear from these areas. So I'm wondering why, yes crime is high but there are a lot of hidden gems  in these areas. Also if anyone is willing to work with these properties feel free to PM me and lets do business.  

Welcome to BP, I currently am a wholesaler in Louisville Ky and am working on getting my first buy and hold property. BP has a lot of tools to help you with your investing so make sure you use them. Feel free to connect with me and maybe one day we can do business.

What about the points.

So I've been a bird dog and it's just simply following up with the buyer via email or phone. But it's on the buyer to notify the bid dog that they closed on the deal.  @Jake Knight