All Forum Posts by: Merrick Loveland

In Raleigh:

-Kathie Russell

-Roper and Taylor

-Larry Maitin

-McCullers & Whitaker

All of them can help you close state wide.

Just curious if anyone is using this and wouldn't mind sharing their real life experiences?

I've built out essentially all of the systems that are included with this, but as the pitch videos state, it's cumbersome and requires me to subscribe to several services, some of which just aren't integrated in to Zapier very well... So, is this really a one-stop-shop so to speak, from skip-tracing, to marketing to the seller, to completed deal flow?

No, not likely.  He should have been a little more upfront with you about what he was doing, but if he has any kind of out in the contract it's his right to exercise it.  Re: any kind of due diligence or inspection period, or any other wording that allows him to back out. 

In the future, don't accept any less than $500 Earnest Money (preferably more), and do not execute the contract until it is delivered to the title company or closing attorney.  Unless you knowing work with a wholesaler again and you understand their intent is to find an end buyer, just make sure you do not sign an exclusive agreement (like a purchase contract) with them.  Maybe just do a flex option agreement instead.

Good Luck.
  

@Will Kaufmann I would say they're posting ghost ads to build their buyers list. For me personally, Craigslist is where deals usually go to die. If I'm posting a property on Craigslist it's because I've exhausted all other disposition resources. That being said, you're more likely to find someone to pay more there, so it really depends on the goal. For my wholesale side it's to move properties quickly.

My understanding is that while they do put some of their deals under contract, a lot of what they do is low risk co-marketing of deals they find on the MLS. So, their margins aren't always great, maybe that's why they're starting with Craigslist because they have to maximize profits.

Bottom line is always do your own due diligence, no matter where the property comes from.

I have spoken with New Western reps in no less than five different markets, including Denver and Raleigh - Durham, and evaluated hundreds of deals from them in these markets, and I've never seen any that were actual deals or that even match the numbers they were projecting. That being said, the local Raleigh disposition guy, Kerrel, seems to be the best of the bunch, so I have hope. Also, keep in mind they close on the property in their name first and require you pay closing costs for that transaction as well as your own. So, whatever the price you will need to add 2-3k to cover the closing costs for their transaction.

@Ryan Groff houses that are selling in the 450-500k range near downtown are not spec homes, they're mostly custom builds. Some builders may be building similar units but I would still group then as custom homes. Those build numbers are fairly accurate.

To answer your original question we'd be between 100k - 130k Max per lot.

I may be able to help, shoot me a private message.

There are several places you can pull lists, it just depends on what you're looking to target.  For absentee owners, cash buyers, & high equity you can pull from Listsource.com or Realquest (basically the same company one is pay as you go the other is subscription based).  Foreclosuresdaily.com is a good source (they also provide probate info).  Things like vacant and closed lists and code violations from your local inspections department.  Delinquent Taxes can be pulled from Durham County's website data files.  You can also grab probate info yourself from the county, but you'll have to physically go to the courthouse and go through each file to pull address & executor/admin info.

There are a lot of new data feed sources popping up lately, but I don't have any experience with them.  REWW is supposed to be pretty good.

Hope that helps.

I'm more of a wholesaler than a rehabber (but I've done my share), so take whatever I say with a grain of salt.  But, I'd say it really depends on the area.  $33 per sqft for an 860sqft condo seems a little steep to me, but if it's selling for $225+ per sqft range that's a different story.

What are the numbers on the deal?

All the Best,

  Merrick

One of the easiest ways is to go to your different local Real Estate investment club meetings.  Even check out TREIA and some others in the Raleigh-Durham area.  I know @Adam Schneider could help you.

My experience has been the only private money guys that will consider being 2nd are those that are funding a very small portion of the costs (like 10-15K for rehab costs), but most are going to want to be in first position.  If you're looking for rentals, there are several that will fund your purchase as a bridge loan so you can still pick up properties quickly, then you'd refinance with a bank.

Best of Luck!