All Forum Posts by: Matthew Watkins

When negotiating price I always go in with my top offer-repairs in mind. I always try to get a price from the seller first. You never know, they might be thinking a lower price than you. I also always bring a contract with me with the purchase price spot empty. In my opinion this is probably the best way to close a deal.

Thanks for the responses. This is all what I suspected. My worries come from my in-laws who have been in this business for awhile. They wont touch a house with foundation problems. Anyone else have experiences to share?

Welcome to BP @Scott Flenner & thank you for serving our country! I agree with the previous posts. Find someone to partner up with that is already in the business. This site is a great start in the right direction. Soak up as much information as you can. Good luck!

We only put $10.00 up for EMD. So far we haven't had anyone question it at all. I've found that if someone is really motivated they don't question much of anything. I also haven't had to back out of a deal yet but I do have clauses in my contract that would allow me to do so if I needed to. Hope this helps. Good luck!

Anyone that has flipped a house with foundation problems, what is your experience? Did you have any trouble selling the property after repairs? Did you get what you expected to? Did it take longer than expected to sell?

If you have dealt with this issue, please let us know how it turned out for you.

Thanks for the response David. One of the properties I just put under contract recently has some foundation issues. The current home owners have an estimate from a reputable company with a transferrable warranty being offered. My in-laws have been in this business for quite some time but wont touch a house with foundation issues. They think it will present problems selling so i'm just curious what others in the business have experienced. Good to hear that if the repairs are done properly it shouldn't be a problem selling. Fortunately this one does have a decent backyard. Thanks again.

@David Robertson i'm just curious how this deal turned out for you? Did you have any trouble selling after the foundation repairs? Did you get what you thought you were going to or less? Did it take longer than expected to sell? Thanks.

@Todd Desper you can start as soon as you start finding properties that are good deals. You don't need an agent for this at all but it does help when finding your ARV(After Repair Value). The contracts you need are a sales and purchase contract(between you and the seller) and an assignment contract(between you and your buyer). You can find both in the fileplace here on BP. I suggest you search "wholesaling" here on BP and read up a bit more on the basics. If you have any other questions I'm more than happy to help in any way I can. Good luck!

@Engelo Rumora i'm not sure if every REIA has this or not but our local REIA in Cincinnati has a buy/sell/trade time where members can pitch any deals they have to everyone. Also, if you just show up and talk to people pretty much everyone who is in attendance is looking for a deal. If you have a true deal it sells pretty easy.

Welcome to Bigger Pockets @Sylvia Nelson. If you haven't already checked out Cincinnati REIA I'd recommend checking it out @Cincinnati REIA. It's a pretty awesome organization. Good luck!