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All Forum Posts by: Michele Rok

Michele Rok has started 7 posts and replied 33 times.

Post: Mentoring and purchase contract

Michele RokPosted
  • Investor
  • Columbus, OH
  • Posts 37
  • Votes 0

Awe! Thank you so much for your warm thoughts. I am doing everything I can to move forward. I have gotten great advice from so many and I am very grateful to everyone. I will keep you all posted when I make my first deal. The sky is the limit.

Post: Mentoring and purchase contract

Michele RokPosted
  • Investor
  • Columbus, OH
  • Posts 37
  • Votes 0

thank you steve i would love to meet you all. Is J Luis a place in Worthington? Steve my direct personal number is 614-902-7479 please add me to your list of gathering when you all meet. I can not promise everytime to be there but I surely would like to me everyone. Plus if i can get back with you on the numbers to add into the contract. I so appreciate everything everyone on biggerpockets has done to help me succeed in this business.  

Post: Mentoring and purchase contract

Michele RokPosted
  • Investor
  • Columbus, OH
  • Posts 37
  • Votes 0

thank Brian I will check it out. Thank you for the direction to solve my problem.

Post: Mentoring and purchase contract

Michele RokPosted
  • Investor
  • Columbus, OH
  • Posts 37
  • Votes 0

I am not sure if this is allowed, if it is not please delete. I am looking for a mentor in the Columbus Ohio area who has experience in Wholesaling from closing on REO's, closing with private lenders, foreclosures etc. I literally just started wholesaling at the end of July 2015 and have already sent out letters to my targeted sellers. Plus, I have contacted buyers and asked what they were looking for and how much they were looking to make on an average. Also, I asked what type of properties were they interested in and in what area. Now, someone came to me and is looking to sell their property. For Sale By Owner, but I stepped in and offered to help him out of his situation. I already have a buyer lined up with cash to offer but the deal has to be right. I checked out Columbus Board of Realtors to get a purchase contract and other forms needed to close, but once again it costs. I don't have the money to buy all the necessary documents to close from seller to me and me to buyer. If someone could please direct me on a solution to this problem I would be so grateful. I am out there doing it, sending my letters, making my spreadsheets for now tracking my leads, appts, contracts, letters etc. Thanks to Ben Grise, I thank you for walking me through the streamline process to make my business grow. That was an awesome podcast #92 with Brandon a lot of valuable information you all shared. I am looking into that process of streamlining my business so I can devote more of my time finding more leads etc. I have an awesome title company here locally that will handle my closings and my research on them paid off. But I need a purchase agreement for Ohio to give to my seller and then from me to buyer. I need a mentor to guide me on where the clauses go to make property assessable to inspect before close and to assess repairs and also in the event my partner/buyer can not provide financing or able to bring the cash, that I have an exist clause that lets me out of the contract. If there are other clauses I need to ensure my interest please share. And also, when I get the property and I build rapport with seller, signed contracts or needed forms to get controlling interest, then send the forms to title company and begin closing on the seller side to me and then bring in my buyer with cash funds to place into escrow at my title company. I feel like I am missing so many steps like running the costs associated with this deal, and the repair costs and how to calculate that all in to make the deal profitable. Can someone please help me solve these issues. This is my very first deal wholesaling and I am in Ohio and I do not have a realtor licenses but trying to close this deal ethically and professionally where everyone is happy. I am trying to build my company on integrity, being ethical in all my transactions, I want to be known for solving problems for the seller, and providing my buyers what they want and to grow. Sorry for the book I wrote here, its just I want to make sure I am doing everything correctly, because of this being my first deal. Could a wholesale investor in Ohio provide me with a sample purchase contract and other forms to give to my seller because I do not have the Ohio standard forms without charging money that I don't have. I am determined not to let this deal go, Please help. I need a local mentor with experience in closing REOs, pre foreclosures, and for sale by owner. I need the right paperwork to give to the seller and any other forms necessary in closing this deal. Thanks for your patience with me.

Post: selling my strong leads without purchase

Michele RokPosted
  • Investor
  • Columbus, OH
  • Posts 37
  • Votes 0

thank you Kurt. I just read somewhere to put the exit clause without recourse. Just as you mentioned. Ok. I will see what happens from here but I will keep advertising and get my name out there.

Post: selling my strong leads without purchase

Michele RokPosted
  • Investor
  • Columbus, OH
  • Posts 37
  • Votes 0

Someone mentioned you could do this type of transaction or I could obtain a purchase agreement and sell my interest. Either sell my leads to gain quick cash or gain title and sell my interest. Selling my leads do not require a license. I live in Ohio and I am not trying to break any regulations. But right now I am running this wholesale business on my own by myself. So trying to cut cost keep overhead real low. I guess i could call the ohio board of real estate (if this is not correct please direct me to the right place to find out or if you already know please share)

Post: selling my strong leads without purchase

Michele RokPosted
  • Investor
  • Columbus, OH
  • Posts 37
  • Votes 0

When I gather strong leads without purchase, is it wrong to charge $750 for the lead before it is listed? Living in Ohio do I need a license to sell my source? If I am allowed to perform this deal what is the specific information I give to buyer for the lead? What information si I give to buyer before he buys. My guess is the numbers, the sqft, # of bedrooms and baths. Whether there is a buyers premium. How much information do I give to the buyer so he can make an informed decision before buying? Obviously I dont reveal my source until he buys right?

Post: Closed on a 48 Unit Multifamily - First Syndication

Michele RokPosted
  • Investor
  • Columbus, OH
  • Posts 37
  • Votes 0

John, the 1031 like kind exchange you are only taxed on gains. So trading it up for a big and better profitable deal. Is that right? 

Nice story and very inspirational. well done and nice pics. With just some paint, new floor and fixtures plus appliances and cabinetry makes a real nice appeal to the buyer. I know you feel so proud of yourself. Its a great feeling. 

Post: Getting Busted in Ohio for Wholesaling and Praticing RE without a License

Michele RokPosted
  • Investor
  • Columbus, OH
  • Posts 37
  • Votes 0

is there any way around this? Just if I control the paper and sell to a buyer I have to have my license? Why?