All Forum Posts by: Kevin Barrett

What forms of compensation are acceptable for wholesale deals? It's my understanding that FHA loans won't allow re-sale for a certain amount of time so is there other forms of financing available besides hard money loans and cash? If I could pull some buyers money together what is the preferred way of doing this? I was planning on creating an operating agreement, but wasn't quite sure what type of entity to form. Sorry in advance for the beginner questions.

Thanks,
Newbie (hopefully not for too much longer!)

Getting started as well on the wholesaling front. Also, stuck on the contract piece. Would it be possible for someone to attach the pertinent contracts (for assigning and a double closing) with some brief info on each? Thanks in advance.

Yes, "tagged for a short sale" just meant that the Y/N field on the MLS listing said it was a short sale. I wasn't aware that one could just go to the Assessor's Office and ask about a property status on back taxes. Thanks for this piece of information and a quick reply Bill!

While searching through expired listings I found a property that was tagged as a short sale. It expired in November of last year. I looked at the docs on the Registry of Deeds and I can see that the last doc is a "Instrument of Taking" form for $7000+ of taxes from 2009. The assessor's card still has the names of the owners who have owned it for the past 30 years.

Questions:
How do I know when this property will move to a foreclosure besides talking to the owner?

How would I proceed in researching this home to see if it's a good deal and even worth pursuing?

Let me know if you need more info. Thanks in advance!

Thanks guys. Appreciate the insight!

Bill Gulley I will need to research net listings further. If I buy the property and flip to a wholesaler and I do not have list it as an agent would this still be considered a net listing? I would disclose myself as an agent, but would not collect a commission/fee. Thanks!

I am planning on executing a direct mail campaign to wholesale properties. On the yellow letter I planned on putting my personal website with a landing page for wholesale prospects to go to. My personal website was designed to market myself as a real estate agent so I was wondering if putting a tab for Wholesaling would clash. Also, I thought it might not be a bad idea because it would be a form of disclosure that I am an agent. Should I not mix the two? Should I just include my name and ph # on the direct mail piece? Any other conflicts relating to agents and wholesalers please point out. Feel free to visit my website by navigating to it from my profile on BP.

Justin C. As a realtor and investor in MA I know firsthand that good investments in the north shore area near Boston can sometimes be tougher to find. I would still keep an open mind for other parts of the state (i.e. central, western Mass) as I have found that good buys on multi-families are more prevalent. I would definitely recommend creating a business plan for buying an investment property. I would include everything from an Annual Property Operating Data report, list of all "team" members (i.e Property Managers), an exit strategy etc. Organization is key to success in real estate!

Justin - How are you marketing the unit? Did you post several pictures? Several factors have to be weighed and I think spending time showing the property should be considered too. Futhermore, you could speak to prospects via telephone and give them as much information needed for them to decide if they would like to see it in person. Sounds like you have it priced accurately, but I'd say if the ideal tenant comes along you could discount it on the spot. Good luck!

I am employed by the villa. I have been researching international land/properties to buy and it appears that there is more leniency and room for negotiating the terms and conditions of a deal. Anguilla's prices have risen some in past years, but there is still a fair amount of land available and the crime is extremely low compared to other tropical islands (i.e. Belize) so that is why if you're investing from afar at least you don't have to worry much in that regard. Anguilla frequently has celebrities visit because it's a secluded island yet has some of the most spectacular beaches in the world. The owner has seen everyone from Michael Jordan, Derek Jeter, Keith Richards, and Ashton Kutcher in person. But if the BP Summit was held in Anguilla then Joshua Dorkin would be another celebrity sighting you could add to the list!

On a side note: How do I tag names in the posts? I don't believe adding an '@' symbol worked.