All Forum Posts by: Louis Davis

@Joshua Rivera Welcome to Vegas. This isn't a big wholesale city because the spreads are tight as of now. Average wholesale fee in Vegas is going to be about $2-$7k if you structure it right. 

Good luck, 

Louis

@Andrew Hoelzel They are pretty good at keeping that info sealed out here. However, my title company provides me with that information should I need it. I am not into pre-foreclosures out here because they have a lot of other issues with them that need to be cleared up in order to get clear title, but the title company is a good place to start. 

Hope that helps, 

Louis

@Brian Magadan If you are wholesaling then the cash you have can be spent towards marketing. The purpose of wholesaling is to use the "end buyer's" cash not your own. 

#2 You are probably missing out on deals because of how focused you are on FINDING a deal with those types of spreads. Just locate a deal with some type of spread and see if a buyer will take it down. Build momentum so that when a deal with a large spread comes, you know how to handle it. 

@Joel Neidig I am actively flipping mobile homes in Vegas. If you try to buy one without the land, the trailer is useless unless you have the land to move the trailer on. 

@Nick Cikity If you are closing your deals through a title/escrow company then they will recommend an insurance company for you. 

Hope that helps, 

Louis

@Joel Neidig

The mobile home niche is good when you can get ahead of the curve. Right now owners here in Vegas understand what their mobiles are worth and are overpriced at the moment. Key thing when buying a mobile home is to make sure the land is being sold with it or else you are just buying the trailer and that's not worth a lot. 

Hope that helps, 

Louis

@Graham Gussack There are a lot of ways of marketing but because the wholesale world is so popular and there are limited ways to market, it gets very competitive and then becomes costly. The best way to get in front of deals is by building relationships. The number one thing to focus on is how long you plan on being in this business. If you plan on creating a business out of this than you have to treat it as such. By building business relationships, you get people to refer you properties and therefor, you won't have to look for them on a daily basis. But I will admit, it is very difficult to do on the wholesale side so you have to bring something of value to the table such as offering a portion of the proceeds from the deal for example. Reach out if you have questions. 

Louis

@Jade Vaughn

In order for the buyer to go around you, the buyer and owner would had to have had a conversation. If so, then the owner will want to cancel the current contract with you and the reason may be something like, "I found another buyer at a higher price." But you can counter this by placing a lis-pendens on the property which will mandate a payment to you prior to the close of escrow. This business is built on trust and disclosures. You disclose to the seller that you are not the direct buyer but you are associated with them and you explain to the buyer that you have the property under contract and are looking to assign for a fee. Keep in mind that you can't force a seller to sell or a buyer to buy so you can only protect yourself by placing a lis-pendens on the property should the seller change their minds after the agreement. 

Hope that helps

@Ryan Miller To piggy back off of what @Michael Wallimann is saying, Pahrump is more known for it's mobile homes as that is more of a low income area. Rentals would not be a good idea in that area because the demand to live in Pahrump is not strong and people will just move to Vegas since the rental price is roughly about the same. Mesquite is a small town and you won't have a ton of activity out there either. Unless you know of a specific reason to invest in these areas, I would suggest staying away so that you don't get a property that you can't do anything with. 

hop that helps, 

Louis 

@Ryan Keeslar Just talk to the wholesaler. Ask them if they have the deal locked up with the home owner directly or if they are daisy chaining the deal which means they got it from another wholesaler and that's why the names aren't matching. Fyi, it's the title company that protects you not the bank. If title verifies that the property has clean title and the name on the contract matches the owner name on the property then it's all good. Where you may be getting burned is that there might be a multiple wholesalers involved so you might be paying about 2-3 different wholesalers. 

Good luck, 

Louis