All Forum Posts by: Mark Robinson

@Art Maydan the $100 is listed as a contingency period in the Texas Real Estate Contract.  I can send you a copy if you like.   

Just to catch everyone up.... the showing for today was canceled due to the folks in the house having movers come.  It was re-scheduled for Tuesday.  I went and visited the wholesaling company and discussed the process and it is a silent bid.... a sheet of paper you turn in and wait for the results..... it may be like @Chris Youssi said and they are greedy or like @Nyalls Carlton stated and its just so competitive.   I have taken in what everyone has stated including @Anthony Dooley and @Greg H. and have figured out my numbers and will look at the property on Tuesday and if I can do a 45 minute assessment I may put a offer in and if not I will at least stay and watch the show.... LOL.....  

I will keep working and blogging and networking my way to a deal.  Thanks everyone!!!!!

Mark Robinson

Wow @Greg H. that is amazing that you have never purchased from a wholesaler.... I have been looking for weeks with a good realtor and getting instant email updates on any property changes in my market area.  I just have not been able to find any that make good money logic.  

I have put some feelers out there with some other folks and started networking.  I am sure it will all pay off in the near future.  

I appreciate your posting and you sharing your knowledge.  

Mark Robinson

Thanks @Anthony Dooley - that is a really good point.  Make the deal make sense for me and my goals and put in an offer that would work for me.  I ran a few scenarios via the BRRRR calculator and have an idea.  I have been emailing with one of the companies wholesalers and this is not his deal but he is going to meet me so I better understand his companies procedures.... sure he gets something out of the deal but at minimum we can start a relationship.  I get postings from him and his company every day but I have a area that works for me and I am sticking in that area for now.  Thanks again Anthony for your input.  I will let everyone know what I find out.   

Hello BP Team - going to my first walk thru of a house that is being wholesaled today. The wholesaler states its 129k for the house, all big ticket items are good, and the ARV is 200k. DOM for the area is single digits.

No repair list but the comps they pulled looked good and match the comps I pulled off the internet.  

The wholesaler states its a silent auction - there is a 45 minutes inspection window and then everyone puts in their best offer and the highest gets it.

Anyone seen this tacit?  Do folks bid under the price the wholesaler states (IE 129k)?

Any suggestions for me?  The walk thru is in 2 hours.

Mark Robinson - Texas 

Of course Art..... we look at everything.... not just the money... who is the buyer?  are they married?  Have kids?   Where to they work?  What do they do for a living?  Why are they buying?  Relocating, upgrading, downsizing... How long did they stay in the house looking around?  Where do they currently live....  I will tell you a secret... I ask all kinds of questions when there is time... one of them came up in a deal a month ago and we had multiple offers and it just so happened I knew one of the folks looking at my house.  He did not know it was my house because it had been a rental for.... well.... 27 years.    His offer was lower than the rest but I knew him and wanted to discuss it with him.  We had like 10 offers and I knew he was recently divorced, had custody of his 2 kids, and had a great job at the city... he goes to my church.  

He told me my realtor has had me put in offers on 4 or 5 houses I like to see what shakes out.  I said what?  He said the most I can loose is the $100 due to the due diligence time.    I was boiling and then I thought... his realtor is right.   So I ask - how does my house stack up?  He said well its number 3 on my list of what I want.... I said then you want mind me going with another offer.  He said no, I have one picked out I like better for $15k less.  Good luck, good luck.

If I did not ask about the folks and the jobs and the kids - I would not know.  Does not cost you anything to have your realtor ask.  Remember they want you to sell your property and they want it to go the distance too.  Oh... you can also have the realtor ask - how is there credit? there job? is this contingent on the sale of another property..... you can also ask for non-refundable deposit with an accepted offer.  Most of the time its $100 where I am from _ Rowlett, Texas.  But we asked for a $500 on this deal.  we had 3 of the folks agree and chose from them.  It worked out.   Good luck Art.  

No loopholes.  Sometimes buyers are putting down offers on multiple houses to be the first to see the property.  My Realtor always reviews the buyers with me so we pick a strong contender... especially if multiple offers are offered.  Sounds like yours would have been a multiple offer deal.... It sucks when someone backs out but it happens.  Make sure to vet them well and pick someone likely to go the distance - even if its not the highest offer.    If it sold that fast the first time then it should sell quickly again.  Good luck!

Hey everyone.... I searched many posts and browsed around and I could not find anything posted recently that discusses  "Texas and setting up a business entity in a good manner"  and how to find a mentor to help walk me through the process.

A little about me: I am not knew to real estate or real estate deals.  I have had 6 or so rental properties.  Each one I moved in, fixed it up and bought another home and rented the freshly rehabbed unit out.  This has been over many, many years.... I have had several homes completely depreciate out.  LOL   I have drove my family crazy over the years and now they don't want to move into a house that is in need of repairs... so we build a new home and I promised them no more for at least 8 years but we agreed we can still buy, fix, flip, or hold and rent... just not live in the properties.  

We have never had a business entity - just sole proprietorship.  We have just sold 2 homes in this booming market and am now ready to write a business plan, decided on entity, network with folks and work toward a true business.  I work full time but have extra time and family help.  

Where do I start?  I have listed this post as Dallas Texas so maybe it will attract some folks that are local as well as folks outside of the area so I can get a true understanding of where to point my compass. 

Thanks ahead of time.