All Forum Posts by: Kenneth Germann
Kenneth Germann has started 11 posts and replied 43 times.
Post: This is an awesome tool for getting comps and generating reports for your buyers
- Posts 45
- Votes 16
coffeeclozers.com is a great tool for getting comps and generating reports for your buyers.
Post: Protecting Your Buyers in a JV partnership
- Posts 45
- Votes 16
You have wholesaler A with the contract. Wholesaler B with a JV agreement with Wholesaler A. Wholesaler B assigns me the contract. I double close on the deal. In a double close, the seller and the wholesalers in the A to B to C side of the transaction shouldn't have access to who my buyers is. They should only have access to the A to B to C information in the close. In that transaction, I am the buyer. The title company should only provide the statement to that side of the transaction to the seller, and 2 wholesalers. I would close with my buyer. That side of the transaction is between me and my buyer. The title company would give the statement to me and my buyer. You need to make sure that the buyer signs before me the seller does on the C to D transaction. This was my original question :)
Post: Protecting Your Buyers in a JV partnership
- Posts 45
- Votes 16
I am working to help wholesalers sell their properties. I had a situation where the wholesaler cut me out once they found out who my buyers are. It was suggested that I do an assignment vs jv partnership agreement. My question is: If I have the wholesaler that has the contract assign it to me when I have an offer for a property from one of my buyers, Can the wholesaler A find out who the buyer is when it goes to close? I I am looking for ways to protect my unique position in having solid buyers and not get cut out of the partnership. My buyers buy at up to 80%.
Quote from @Kevin Sobilo:
Quote from @Kenneth Germann:
Quote from @Kevin Sobilo:
@Kenneth Germann, the old IT saying is "garbage in, garbage out".
If you only give an address, how can an ARV be generated. The finished product might be A, B, or C class. Based on address in most markets, there won't be detailed assessment info with even square footage, bedrooms, bathrooms, etc available. Comps might be available to find some info on, but again the details of the property condition etc will be difficult or impossible to compare.
It sounds like what you want is Zillow's zestimate, which is usually in the ballpark but for some of those reasons above not entirely reliable and they have most of that data already brought in for them to use.
Zestimates are garbage. With the advent of AI, it shouldn't be hard to calculate comps. I was in IT for 42 years :)
Perhaps in 5 or 10 years that might be the case, but I don't see it at this moment or the immediate future and am not aware of any products yet.
Zillow has the resources and the need. So, if zestimates are garbage to you, you have made my point. If it was doable, they would be doing it because it would be easier for them to do with so much of the data already.
BTW, been doing software development for ~30 years.
Quote from @Kevin Sobilo:
@Kenneth Germann, the old IT saying is "garbage in, garbage out".
If you only give an address, how can an ARV be generated. The finished product might be A, B, or C class. Based on address in most markets, there won't be detailed assessment info with even square footage, bedrooms, bathrooms, etc available. Comps might be available to find some info on, but again the details of the property condition etc will be difficult or impossible to compare.
It sounds like what you want is Zillow's zestimate, which is usually in the ballpark but for some of those reasons above not entirely reliable and they have most of that data already brought in for them to use.
Zestimates are garbage. With the advent of AI, it shouldn't be hard to calculate comps. I was in IT for 42 years :)
Quote from @Abdul King:
Whats up BP, I want to make an offer on a few REOs with my realtor but I don't have enough money in my bank account to cover the proof of funds. Is there a website that I can go to to get one or I should just contact a HML to provide me a POF?
Google "Double Close". They have a way to get a POF letter for any amount you want.
Does anyone know of an API I can use that I can push an address to and it will come back with the estimated ARV value of a property? I want to automated this process for my business.
I want a show of hands of how many investors would like to learn how to use the MLS to go after on market properties? A lot of people charge thousands of dollars for this information. I want to help people just starting out as wholesalers to have a path to generate leads for properties where time and partnering with realtors is your only cost.
Reply to this message if you are interested.
Post: I am looking for an investor friendly title company in Nevada
- Posts 45
- Votes 16
Quote from @Bradley Buxton:
Try First Centennial Title. They have a knowledgeable team.
www.firstcentennial.com
The key for me selecting a title company is can they do the title search in 7 days or less. Ideally, I want to be able close on a property in 14 days.
Post: Cash flow is king. I had this idea that I am going to be doing when I do flips.
- Posts 45
- Votes 16
Quote from @Chris Seveney:
Quote from @Kenneth Germann:
You could setup a kitchen and bathroom remodeling business in the area you are doing flips for additional cash flow to your business. You are already doing kitchen and bathroom remodeling in your flips. You could offer this as a service to the communities you are in to generate extra cash flow. There are services that will send you kitchen and bathroom rehab leads...
I would counter this argument with a business owner should focus on their core business and not chase squirrels. Who is your sales person, who is doing the estimates, what percentage of estimates will lead to nothing. How much more money can you make vs. the effort.