All Forum Posts by: Laportia Paulk

I'm wondering what aspects of her character and the transaction she performed poorly. What did she do and/or not do rather to describe your comment. The reason I ask is that I'm a licensed Agent in Alabama and I've recently moved to Va. Looking to get my license here as well but would like to focus on helping and working with investors. I'd love to know what things Investor's buy and hold, fix and flip etc look for in Agents and the value that a good agent can provide. 

@Chris Jordan I'm in the same boat as you are. I'm 26 working full-time right now and have a strong interest in Real Estate Investing. I've been to a few seminars, a couple of the real estate investors meetings, and joined here to gain more knowledge on the investing side even got my real estate license - before I knew I really didn't need one for investing but it has served me well for information. If you'd like we could link up. As newbies in the area I think, and since i'm not an expert I dont know, but it could be nice to have somebody else to learn things with.

Thanks @Dawn Vought I will definitely look them up and have a conversation with them. I think that's the last piece of my "process in a nutshell" puzzle!

@Ryan Watson I most definitely will. I've been reading and there are many investors complaining about wholesalers not knowing the craft - I truly want to learn and be good and definitely not get a bad rep to start with.

I'm not in Birmingham but it would be nice to have the names of those attorneys and/or title companies. If there are companies that will do it in Birmingham there MUST be some in Huntsville, I thought it was illegal for some reason but that reassures me that it cannot be.

Thanks, it just means I have to continue my research. @Demetrius Morros are you a wholesaler in Birmingham?

I'm working wholesale. I haven't started on any deals as of yet because I have been unable to locate a title company that allows assignment of title. I understand most of it or how it's supposed to work anyway but I can't figure out the assignment of contract. How do I get the wholesale to the closing table without any of my own money?

AND the second part of this is in a double closing from what I understand I'd have to have the money to purchase the home first then turn right around and get the the buyer of the wholesale to basically buy it from me - is this correct does this make me the "holder" of the title for even just a few minutes.

Thanks I sure will.I have a week to put it together. May be back with more questions. Thanks for everything!!

Net listings are illegal here. As long as I purchase the homes at that point before I make an earning from them and/or let the client know what the net is. But I see where ur going and the market wil def let her know he true value. So I'll pull some comps and show them to her. Hopefully as an accountant she can put the numbers togeter herself and figure she's too high. Then I'll offer the package deal and explain how it'll be less of a headache and stilll some revenue for her and if that fails then we'll list them all and revisit the offer depending on whether or not they sale. For the price in the areas she's wanting investors aren't gonna want to spend the money. They make good rentals and good section 8 rentals but I think with u all's help we have devised a pretty good plan.

Thanks. I just need to find a title company and possibly a mortgage person to help me so in the case the purchase comes I'll know how t handle it.

You know what I had the same thought. And so far in my real estate career I've done the sales comparison approach but either way she is in fact asking for too much on all the properties to include hers as well. I'm trying to get a firm grasp on how to do the income approach for the valuation of properties. Any takers? so far I've found that I need to divide net income over cap rate or something like that. Still researching. Just got wind of all of this just this morning. I've scheduled a meeting with her for not this sunday but the one after

Sorry about that! I'm so eager.....

But I like your idea - buying the total package. I guess I can do it that way with the exception of the one she's currently living in. She wants to have cash for that one so that she can buy another which is #8.

So She said she'd do ALL 8 for 550,000. Keep in mind I'm a newbie (no investment properties at current) and that sounds like the largest number in the history of the world. (this is me in my own way - because of course I'm a bit afraid) BUT like I said above property #8 she want cash out of to put towards another home and doesn't want to owner finance it.

Is a 30 year note too long for owner financing?? and I could in fact use my commission as down payment an idea I hadn't even thought of - I so have to get used to putting on both hats at the same time.

I do get the basis of your scenario though. So do you think I should go to a title company to help me smooth out the edges and what do you think they'll charge for that?

OK. So that's alot of information. for number 1 the current price is 55,000. She has not listed prices for the others nor does she know what she wants for them so basically I'm researching "fair" prices that would appeal to her to offer as well as terms.

I know for a fact there are at least three I'm not interested in at all. which is # 8, 7, & 5. Mostly because they would cost too much based off rent amount, & tax appraisal value and I don't want to get in over my head. This would be my first investment but I want to sound veteran.

The other 5 I haven't decided yet. As a realtor the three I can help her sell on the realtor end. Whichever ones I don't get myself I want to market to other investors at the investor meeting this month.

My main issue here is deciding on terms that would be beneficial to the both of us. #2 is a duplex with both sides rented, one for money and the other for services (he's the handy man)

I know it's a bunch of info and she just pushed out meeting back (thank god) so now I have more time to research!