All Forum Posts by: Max Vulcanus

I have been creating a virtual investing online software system for buying real estate for about a year and it is almost complete and I am just doing the finishing touches.

Question: Can any of you please give me some comments as to what else I can add, modify and etc to improve the system better for the general public?

Here is a general description of the online software system:

"It is an online hosted system like BiggerPockets. Once the real estate investor/buyer signs up online, he can create user accounts freely for his team members that will work for him. His team members can include title company, appraiser, inspector, rehab supervisor, prospective private lenders/hard money lenders, administrative assistant (to call utilities companies to turn on utilities for HUD home and to be there for water company folk when they turn on water) and closing attorney.

Of course, the real estate investor/buyer can certainly assign the role of administrative assistant, rehab supervisor and home inspector to himself in order to save money and do the work himself. Still the system treats those roles as performing separate functions and treat them accordingly accordingly.

Once set up, the system will take the real estate investosr and his team members through the buying process and closing. When it comes time for his real estate investor and team members to do their portion of the work, the system will send email and/or text message to cellphone to inform the person to log into the system to do work.

Different team members who play different role will see different web pages on the system. For instance, an appraiser on the team will only see the address of the house that the real estate investor assigns to him, the lockbox combination (if one is given) of the house, key in the appraised after repair value of the house, upload the appraisal report and save. Title Company will see address of the house, seller's contact information (in case parcel number is needed to do the title search) and upload the title search report, indicate if the title is clear to go or not, and preliminary title commitment and save".

Information that team member uploaded or keyed will be shared online with other team members on a per need to know basis only. Prospective private lenders/Hard money will be able to see what they need to see to make a go or no go decision on that particular house etc.

With the system, the real estate investor will be able to estimate repair costs, calculate the equity in the house based on acquisition cost, appraised after repair value.

He can also generate detailed repair list and upload photos that pair with each description of the required repair item. This will serve as part of the contract with contractor and ultimately be used as the 'punch list' to ensure all repairs are done.

IF he so chooses, he can assign someone (college kid?) to print the detailed required repair list and invite contractor bids and then key in the bids. Again, the person will only see what is necessary (detailed required repairt list, key in contact of contractors, their bids) and no more"

The advantage of the system is that it takes the real estate investor and his team members through the buying process and the rehabbing proces in a systematic and methodical fashion without the real estate investor having to coordinate all the work or forgetting something important as there are checklist to enforce those. It will give assurance to private lenders that the real estate investor has a system in place to make money for them and that prospective private lenders can participate in the process, see the repair list, repair photos, the appraised value, the equity, the title search result etc to make the go and no go decision all online!

Any comment is very much appreciated and it will help improve the system for the general public.

There is nothing wrong with for profit as long as one delivers good value. United States of America is built upon profits, among other things. Profits are then reinvested to create more products and services, improving people's lives.

Didn't you guys try to "profit" from doing wholesale? Or are you trying to work for free?

Didn't I say ANY good guru will do?

Best of luck!

that will work too and nothing compared to the interactive session offered by a good guru where u can post your Questions and get immediate answers.

There is the sloooow way and there is fast way. It all depends on your budget (if any).

Be sure to choose a good guru, if you choose the fast way.

And jawsette and E. Jacobs, I have ZERO intention of turning this into a gurus vs. self-taught debate. It is a matter of personal preference and personal choices.

This will be my last post on this particular thread. Best of luck!

These are all very good questions. You were trying to get a bunch of answers that require one or two day of course work. I highly recommend you take one wholesale course from one of the gurus. Any good one will do.

I am not trying to sell you anything. In fact, I don't even offer any course or seminar.

Best wishes.

In dealing with junkers (house needs work), If I were u, I will not even go see the house first. I will make an offer (contingent upon inspection) verbally and negotiate over phone. Then fax over the contract and have them sign. Have them fax back. Again, contract is contingent upon inspection and walkthrough.

Only when I know I have a potential deal and signed contract in hand will I go see the house.

This is as far as I can write, anything more than that will require a whole day of course work. I really mean it.

by different shades of beige, I meant darker beige for kitchen, lighter beige for dining room, and even lighter beige for living room and so on and so forth. Try it, you will see how the house becomes lively.

This is the artist in me speaking :)

You may also consider different sheen i.e.semi gloss for kitchen, flat for bedroom etc.

Again, this is the artist in me speaking.

typo: I meant "weird colors like purple"

Depends on you area. If it is Hawaii beach front properties, you can use orange, lime green i.e. tropical colors without any problems.

I see that you are in NC. I would use different shades of beige for kitchen and living, bedroom and living room. Talk to paint shop like Sherwin Williams or DuPont, they know how to produce different shades.

As far as carpet, I would use lighter shade of beige.

Once you use beige for the above, the colors for kitchen cabinet and countertop don't matter as much (because you can produce different effects when the background color is close to neutral and you don't pick weird colors like purpose for kitchen cabinet and countertops).

Not just the colors. Be sure to use highest grade paint such as Sherwin-Williams SuperPaint or one step above. The cost difference between low quality paint and high quality paint is not that much. But darn, it shows!

If you are rehabbing for rental, that is another story all together.

If I were you, I wouldn't even waste time going to the house first. I will just talk over the phone and see if there is any equity in the house. No equity. No need to talk any further especially for wholesale.

How much do they think the house is worth?
How much do they owe?
Are the behind on payment? In foreclosure?

Then, I will ask them about the condition of roof, electrical, plumbing, foundation, HVAC because these are the most expensive items to repair.

If foundation has problem, I will run as fast as I can (especially true in this soft market. In a heated market, might be worthwhile to repair foundation in there are $200,000 equity in it).

personally, I would avoid this deal. The divorce thing is a complicated process, emotions run high. Generally you may have to jump through hoops to get things done.

The number of one cause for houses going into foreclosure is DIVORCE because ex husband and wife can't agree on who to pay what and when to sell etc.

There are a lot of other deals out there..