All Forum Posts by: Kim Ford

Yes, I'm still teaching.  Getting ready to go back next week.

Hi! I'm a teacher and wholesaler in Columbia. I would strongly recommend a mentor from your local REIA. This helped me a great deal. I still work with one. Members are very willing to help you, share tips, and do deals with you. I got a great contract from my mentor that I use for my deals. Along with the podcasts I'd go to REIA and get a mentor.

I would say that your best bet is to attend your local REIA meeting. You will get plenty of info there, meet buyers, and find out how to find and market companies. REIA is invaluable.

Welcome!! I'm in Columbia!!

You may just want to wholesale the deal if you have very little capital and your goal is to buy investment property. If that's the route you take, make sure that you look at every detail of the property that will need repair including water heater, possible window replacement, etc. Find everything wrong with the house and make sure it's part of your repair estimate. Some repairs may wait if a buyer chooses to do so, but make sure it's noted. I would begin with wholesaling to build capital and learn the business. Yes, the first deal is scary.

My contract states that the buyer pays closing costs.

That's not normal. I'm a wholesaler and I do none of those things. I carefully do my comps and tend to underestimate them ( just closed a deal where I estimated ARV $80k and buyer sold for over $130k), I do try to overestimate repairs because you never know what you'll find once reno begins, and I don't try to get astronomical assignment fees because I want buyers to come back to me.

Thanks for the responses. I wasn't sure if I should have added Sheetrock replacement in my repair estimate. Of course, I'm still going to discuss it with the seller and any potential buyer and I suppose it will be up to buyer as to what he wants to do about the walls. In any case, they need more than just the right type of paint.

Hello everyone. This may be a no-brainer but I just wanted to double check with other investors. Have an owner who wants to sell his duplex. He inherited it from his father who bought it in the 1950s. House needs a lot of work but along with the other repairs, the house has plaster walls. My question is this: Am I right to tell the owner that a buyer will want to Sheetrock these walls? The house was under a property management that did a poor job of maintaining the place. The paint is peeling off of the walls in every room. What are your thoughts?

I agree with Stephen Anderson regarding fees. I charge between $3500 - $5000. I'll do $7000 for a JV deal. I don't look for $10,000. I've come across wholesalers who have done this and they get discouraged because buyers won't work with them. Many times a deal is only $3000 - $6000 max from my experience. I like to give the buyer a lot of room because he is the one purchasing the property and has to do the renovations, not me. Also, I want them to keep coming back.