All Forum Posts by: Michael Merritt

Hey @Ahmad Azad, just PM'd you.

I'm a maybe, have some schedule conflicts that I'm trying to work around. Sorry I can't be more definitive. 

I'm currently using TLOxp and loving it, data is great. But what's the next best skip tracing service that has unlimited monthly searches for a flat rate?

@Account Closed - My advice is to wholesale as close to home as possible but in an area where there is 'some' desperation so deals will be easier to come by and you'll have more opportunity out of the gate. OR pair up with someone who actually is doing deals in SB and surrounding counties and offer your services to them. Meaning you'll take over sending their mail, going on appointments, doing marketing, doing whatever free's up more time for them. Having a mentor or partner will expedite your learning curve dramatically so you waste less time making mistakes.

I'm in a similar situation where I live in SF but wholesale in the central valley because SF deals are tough to find. But there are plenty of vacant homes in the central valley. The tricky part is the further you get away from home the harder it is to control your business unless you setup systems and have dependable boots on the ground or know someone there you can trust. Also it takes time to setup new connections in new cities, so be thinking about the future when you choose your market. Is this where I want to be driving, investing my time, energy and money, do I plan on moving here after school to continue ramping up my business? 

I'd post on meetup groups, craigslist, etc looking to partner up with someone for awhile and show you the ropes. Or if you have the cash you could hire a mentor, but the main point is just to take massive action and keep failing forward and it'll happen.

Good luck man!

@Percy N. - Because I have no idea what I'm doing. :) 

I'll have to read up on subject-to. How would an example deal go?

I have a motivated seller that I want to buy their property for 90k which is what they owe, he wants more but not sure how much. The house needs 20k in work and will resale for 145k with 2 months on the market, maybe a bit longer this time of year. The house is in decent condition, it was a hoarders house and mostly just needs a lot of cleaning, paint and landscaping and an electrical box.

The margins aren't wide enough for me to offer him any more than 90k but I was thinking of suggesting a creative solution such as the following. Also, I have done a few traditional wholesale deals but never a rehab or creative financing deal, so I'd love some opinions here. 

Mr. Seller, what if you offer seller financing to me, I take over the mortgage payment while I rehab your house. No down payment and no interest on payments. I list it with an agent and whatever profits there are between total cost of everything (90k+repairs+monthly payments) and the final sale price I give you 20%. If I don't sell, I can now get a traditional loan on the house and buy it myself (for 90k?).

This would save me from spending any fees on hard money (about 7k). Motivate him to sell it to me for a price I want and get me into a first easy looking flip. 

What things do I need to be aware of to write something like this up? How do I protect my investment into the rehab as far as owning title, etc? 

I'm looking to partner with someone who is good at skip tracing people. Bonus if you have a dialer and know you're good at this. 

I'll provide Names and addresses of my return mail, you locate the person and find out if they are considering selling their property. If so, put them in podio and we'll set the appointment, go visit the property, negotiate the price and put the property under contract and get it sold.

Open to negotiating whatever commission you think is fair. Email me at [email protected]

My wife and I have been wanting to move to Davidson or Hunstersville, NC (north of Charlotte). We have some cash and are considering buying a property off a wholesaler and house hacking it as our first property. Putting all our stuff in the garage while we spend the next couple years doing this to avoid capital gains. We're both from California and most familiar with those markets and homes. We don't yet know the Charlotte market but are trusting a friend that does. We're looking at either a 3/2 or duplex if we can find one. My question is when looking at investment properties in these areas, are there certain things to watch out that will most affect our investment? Building materials, year built, codes, zoning or regulations? Flood zones, etc. What things come to mind on your checklist when buying properties in these areas? Also trying to understand the scope of what repairs we should take on as our first flip. We don't yet have kids and my wife is ambitious and doesn't work much, so we have that going for us.

@JuanAntonio Ceballos, Also doing deals. 

Thanks @Account Closed!