All Forum Posts by: Matthew Harrison

kevin, about how much does a builder or contractor charge to come to a home and give estimates? Should it be free?

Are these fees or expenses related (percentage) to the price of the home? Or a flat/standard cost? 

I have read and understand the theory of using a buyers agent because the seller pays the cost. So why would you not? However, does this theory remain when the seller does not have a listing agent? I have  a coworker that wants out of his house.  My only "need" for a buyers agent would be to walk me through the steps of closing that I am just starting to get familiar with, and make sure the sale is done properly.  But then how will she get paid? Am I taking money out of my sellers hands? Out of my own hands? 

I am considering making a cash purchase on a low priced home in wayne county with no agents involved and a motivated seller.  I have started to research the steps of due diligence but am still fairly nervous.  I was hoping to get answers to some general questions for clarification.  Is a title company needed? or just very convenient? the same with title insurance, needed? or just generally accepted as the smart thing to do? at what point does the city perform a occupancy inspection? does doing the deal person to person with no agent somehow hide the transfer of ownership from them and they would need to be told, or will they notice a filing of certain paperwork and contact me? and lastly....is there a link or advice to where i can find a clear simple checklist of steps to closing your own deal? Thanks for reading...

Hello all, sorry in advance for the long post.

I am new to the idea of wholesaling, and the value of a motivated seller. My past experience was very straightforward, a conventional buy and hold that is doing well. However I think I just stumbled upon a motivated seller in my target market. I overheard a coworker talking about how he can't wait to get out of his house, so I struck up conversation. Turns out the house is paid off, and he is only making payments on some overdue property taxes, about 5k. He mentioned he is looking for 20k when he sells. What I have learned about creative financing has all been about dealing with or rescuing someone from mortgage payments they can't make anymore. In this case I can only think of a couple small incentives to use as bargaining chips for him to give me a better price on his property than the 20k. 1)we would not need agents so he would keep the 3 or 6% commision. And 2) if I payed off his backed taxes for him it would (I assume) save him a small % in interest owed. Is there anything obvious that I am overlooking that might help me "steal" this property at a great price? I'm sure it needs work and has yet to be looked over or affirmed as a wise investment, but from strictly a bargaining standpoint, is there any advice for dealing with this motivated seller?

 What type of rent are you bringing in? Did you have to find great deals on the homes to make the number work?

welcome. Very similar goals for me as well. Where in michigan have you been looking? I have 1 rental in redford

Rental is in redford. I look in livonia often, but not convinced their are any profits when compared to the cheaper homes in redford. Redford I know well. 

Thanks for all the feed back! All of those options are going to get some consideration. @Justin Thompson, I'de like to understand the LLC a little better. I get that it protects a person's other assets to have a property in an LLC, I think I understand in this senario how the LLC would give me some legal rights to the property that I would otherwise not have? And finally I would like to know what affect the LLC has on the mortgage or debt? Is the loan still in my partners name, separate from the ownership of the property?

Live in Livonia now, lived in Redford for many years and that's also where our rental is. I work in downtown detroit. You?