All Forum Posts by: Louis Davis

 @Carlos Gonzalez When doing any kind of investing out of state the main thing to have are connections and contacts. Unless you plan on visiting Florida often, this will have to be people you trust. Also, understand that nobody does anything for free. They may not ask but you will find that people will work harder and more efficient if they know they are part of the deal. You are going to need: 

Project manager
General Contractor
Agent for running comps and selling the property

With at least those 3 people plugged in, you should be able to not only find an investment property in Florida, but now you will be set up to have it resold at the right price. 

Hope this helps, 

Louis

@Patrick McCall
The contracts and closing process is simple but important. As far as the contract, you just have to make sure that it is "assignable." If you use the official North Carolina Real Estate contract, it will probably say somewhere in the contract that is is not assignable. One option that I took advantage of was having my real estate write me my own 2-3 page contract that is easily understood and accepted at all title companies. 

To get you and the seller paid for the deal, you simply assign your rights of the contract to the end buyer. You can do this by using an Assignment Contract. Again, you can have a real estate attorney write this up for you as well. It is typically a 1 page contract that shows how much you have you contract price at and how much you are marking up the deal for profit. Be aware that the seller will know how much you are making on the deal in the final closing statement when done this way so disclosure is always key. Don't lie and say you are the one buying and you're not. Inform the seller that you are providing a service to them free of charge to them and that your fees are charged to the buyer. 

Rambled on but hope that helps.

Louis

@Craig Cruz 

People have made money driving for dollars but the key to that question is has anyone made money driving for dollars in Las Vegas. I have done a lot of wholesale deals and flips out here and never drove around specifically to look for properties. In this market, you have to have connections. Vegas is dominated by agents, brokers and realtors which means they get to those types of properties before the wholesalers. You may get 1 every 3 months but I wouldn't suggest it in this market. 

Good luck, 

Louis 

@Joel Coffman

@Derek Harris is correct. You can post the numbers to your deal on here to get advice on which direction you should go. If you are looking for someone to run comps and double check your work, you are looking for more of a mentor than advice. 

Good luck, 

Louis

@Tenisha Walker I wholesale off of the MLS but I never do a QC deed for any of the deals because I need to make sure title is clear for the end buyer. You can always talk to the agent and let them know you have engaged in negotiations with the seller and want to be sure that title is clear. If the agent is hard to reach, you can contact a title/escrow company and have them run a title report on the property to make sure that it has clear title. In my experience, most people want to do a QC deed because there is something on the title that will impede the sale from going through. Just make sure you do your due-diligence and have your buyer ready.

Good luck, 

Louis

@Tracie Newsome

As of right now the numbers in Vegas are tight for wholesalers. But if you build the right relationships and have proven buyers, you are able to get a couple of wholesale deals a month in this market. 

@Safiya Stewart When you plug the address in the county records the owners name should come up. If it's under and LLC you can always access the secretary of state website and find out who owns the LLC. If it's under a trust, you will need help from the title/escrow company to pull that info.

Hope that helps, 

Louis

@Jumaani Cooper Don't let things like contracts stop you from taking action. To answer your question, the traditional wholesale deal will have an assignable purchase contract between you and the seller with an agreed price. Then you will have an assignment contract for you and your buyer which will have your fee and the total price. You then send both contracts into the escrow/title company for execution. 

As far as clauses, the main thing you want to focus on is due-diligence period and close of escrow. Make sure to give yourself enough time to find a buyer. 

@Cody Boatright

Congratulations brotha! Always keep in mind you are only successful as your last deal. Keep grinding 

@Brett Storsved Solar panels can be good and bad. You will still receive a power bill from the power company in Phoenix because the home is still connected to the grid. However, the bill will be minimal and in some cases you may have a credit due to not using the power companies power. However, you have the option to purchase or lease the panels depending on the company you go through and the financing you choose. If you are looking to sell your home within the next few years, solar panels would not be the way to go. The process of transferring the panels over to the new owner is a pain and it will make it more difficult to sell your home. The best advice I can give is to speak to as many solar panel companies as possible because they each have different options on how to finance the panels. They all mainly use the same installer so it's more about which company can bests answer your questions and make you feel the most comfortable. 

Hope that helps