All Forum Posts by: Michael Williams

 That was a thought as well, but I would have to partner with a more seasoned investor to make this happen I am still a newbie. Having a end buyer to at least look at this and give me more insight would be great. 

I have a friend that has been approved for a $200k home loan and he has expressed interest in joining me in building a real estate business. I am trying to figure out a way to leverage his pre-approval for a home loan with getting this property. I know that banks are not keen on working with deals like this. I am open to ways to leverage his position if there are any. 

 I really have given this way a lot of thought, and am leaning towards approaching him about this. 

 Hi Elizabeth

That is way I posed the question, I have not known this guy long but we have met and hit it off well. But I have been torn because I have the logic that if I bring a buyer that is giving him the price he wants for that property and I make a fee that will put me in position to compete with other wholesalers that bring Ernest money for the good deals it is a win win. But he may not see it that way.

I have a dilemma that I would love to get an opinion about. I have an acquaintance I met in the past several weeks that is a wholesaler in Atlanta. He has a house under contract in an area of Atlanta that is a hotbed of investor activity. I had my real estate agent friend, who is also a broker, that works for a huge RE Company pull comps for this house and discovered that it can go for 50k more than what he is asking for it. The wholesaler has the house grossly under priced but does not know this. The house only needs about 20k-30k rehab to make it worth the number that the comps say the ARV should be. Even if the house needed 60k of rehab it would still give the purchasing investor a $100k profit After Repairs and if retailed.

My dilemma: Is it unethical to charge a potential buyer a $10k birddog fee to introduce this deal to him or her. Of course if he does not purchase there would be no fee? I would have him to sign “a subject too” agreement stating that if he (the investor) purchases the house then he would pay me the fee for introducing the deal. Because he is not going to purchase unless he sees the potential anyway. Is this unethical or am I just taking advantage of what can be seen as a creative real estate strategy? Be brutally honest.

Hi Simon

So the potential investor would use his superior credit to refinance the difference between the $76,900 and the $97k ($80k plus $17k back payments) into a new loan and cash flow from there? Is this the scenario?

I have a motivated seller with a houses she is trying to get sold.

Here is the info He mother passed and the Father whats out of the house. Do not want any money. House in nice Middle income neighborhood. House is a 3/3 1664 sqft - houses in area averaging $120 per sqft. Zillow has it valued at $117,000 my Cody Sperber Analyzer according to the square footage and area factors has it at $127,000. 
There is a $80k mortgage on house and 1 years back payments (&17,000) because bank told them to stop paying while they put them in a program.
House vacant for 1 year
Built 1986
Roof 5 years old
Termite paperwork 2012
Bank Wells Fargo
She has kept the house up and says no work needed but I estimate $6,000 anyway for repairs
Rent average between $1106-$1200 in area
House in McDonough Ga. Which is a suburb of Atlanta Ga.
Value increased by $3,156 in last 30 days.

House expected to increase by 11% to $130,000 in 1 year

Option 1: Approach it as a cashflow investment for a buy and hold buyer.

Option 2: Wholesale for $80k plus $17k, $97k plus $6,000 repairs and $6k assignment fee. $109,000

What would you suggest?

Welcome to the site G.A. I am also new to the Atlanta area and a wholesaler for know. Atlanta is a unique market to me because of the influx of people from all over the world, the busiest airport in the country, and the new markets being creating on a monthly basis. I believe that the acquisition of the new Soccer team is perfect for Atlanta and will open up unimaginable opportunities for buy and hold. Lets exchange messages and network in the future.   

There are several paid programs for this, Listsource is one.  

Thanks for the Welcome Brian and I am already off to the races. I believe the market is going to get better over the years as we get closer to the start of the new soccer team. 

Hi Forum,

My name is Michael Williams and I recently relocated to Atlanta from Memphis TN. I have always been business orientated and ambitious. For the last 20 years I have worked on improving myself and my knowledge of business. I work for a fortune 50 company, which I have been with for 26 years, but have started several businesses during that time.  I am very much looking forward to learning something from each and everyone in this forum and in the real estate industry. Extremely determined.