All Forum Posts by: Michael Mcghee

Hi Patrick,

I am not here to defend wholesalers as I am one and I have a large portfolio of my own properties. I wholesale, buy, flip, rent, retail sales and many other things involving real estate. I have a couple of questions concerning your post. How did the company get in touch with your client? Did the client reach out to them first? Another thing the company put the property on Craigslist and not the mls, which leads me to believe the company wanted to see if they can sell it without paying a commission maybe. The issue with the back taxes should not be an issue at all. Why was there even a discussion about back taxes when clearly if they went with the transaction taxes would be paid and prorated unless a quit claim was discussed. Like I said earlier I am a wholesaler and I have never posted a house on Craigslist or Zillow, why? Because with my few repeat buyers I deal with, if it don't sell to one of them for an agreed upon price we both can live with then I must not have a deal. I will not beat a deal over and over. That brings me up to another point, I was once a mortgage broker and I cant begin to tell you how many deals I lost or came close to losing when the customers went looking at spec homes in a new construction community. In your defense the wholesaler should have called you back and at least let you know their intentions about the price and if you wanted a commission and work that out however you guys seem fit. Also one problem is that your buyer had already engaged the seller which is an issue because if he seemed eager to them prior to your call, why would they need you. Your buyer should have been more consistent from the beginning and called you before contacting them period.

Please excuse the lengthy reply, I normally just sit on the sidelines.

@Douglas Skipworth I would love that list of commercial agents. 

Thanks a lot, this will definitely help me out. I will check both of them out to see if the paid version gives me some advantage. 

I want to see a group of properties on a map at once and maybe drive them in the most efficient manner possible. Are there any apps any of you guys are using that would take care of this problem for me? What are some of the best ones?

@Sabrina Brown if you took a hit on the Chelsea Hill property it appears the other 2 properties will be stronger. Sometimes we have to purge a bad investment to make the whole portfolio perform as expected. That appears to be the problem property so deal with that one immediately and get back to investing. Also any property is susceptible to get vandalized so it comes with the territory.

@Chris Clothier thanks for being thorough in regards to this post. Also the resale price was not exorbitantly higher when the tk company resold to buyer. My previous posts clearly states that this has turned into a finger pointing fiasco instead of giving advice. 

This post has become more and more about a bad deal instead of a solution. However until I know the specifics I will reserve judgment. As a previous mortgage broker I always got a higher value on refinances than purchases. When purchasing a property the marketability comes into play with what someone will offer. Since everyone's watching and reading why not post the addresses and lets see what we have here?

Are these properties on one loan or multiple? Is it a small bank or large lender? Send addresses and I will let you know what I can do. With everyone on here I'm sure a deal can be worked out soon. I have end buyers and if they are turnkey with good work that will save an investor time. 

Mike McGhee

I have a property I'm buying from a group of heirs. The  owner has been deceased for 5 years and they may owe Tenncare. Have anybody encountered an issue where someone did owe Tenncare? Will Tenncare negotiate? How long after death will Tenncare lien be valid? 

Thanks guys