All Forum Posts by: Clayton P.

Thanks for the reinforcement guys. I'm going to call the grandson and recommend he applies for a short-sale.

Hey folks,

I'll be super brief. I have a 75 year old woman across the country, who is dieing to sell her home in my market.. it's in Preforeclosure, & its a COMPLETE gut, total rehab. She owes roughly 100,000 with about 25000 equity. The person handling this on her behalf, her grandson, is willing to give me whatever I ask, just as long as I can avoid the foreclosure and save her credit. He told me to contact HUD to get the payoff amount and the figure she'd need to pay just to get current again.

How do I handle this? I was all pumped, walked the property inside and out, its in terrible shape but ARV is 130,000, needs at least 70,000 repairs. Then it dawned on me, wait how can I wholesale this to someone else if this thing isn't even close to free and clear?

I know its a thin margine, but I'm about to schedule an inspection on the foundation and underground tank sweep, which is $525.00. I won't do the inspection if theres no way to profit off this.. and obviously, being in the shape it's in, it's no candidate for a tenant-buyer, lease option situation.

Help! :)

Just wanted to say, both of you guys helped tremendously, Anthony you mocked me up a great template and emailed it to me same day, and Steph - I owe you one, you got me off to the races and I got both my spreadsheets completed! great. Thanks

Thanks for the input everybody.

I met with my attorney today that would take me to lunch with one of his largest clients doing 30+ deals a year right near my market. It all sounds well and good, it just seems against all the best parts of my judgement to tie something up under contract without having a list of buyers and preferably knowing their buy criteria.

I'm a phone call away from getting my LLC set up for when I find a deal, I just need my buyers and I'll feel secure enough to start rocking and rolling. Looks like buyer squeeze page website and bandit signs are in my near future lol.

I just came from my first meeting with the guy who will be my REI attorney - he's only charging transactionally, so every phone call, every random any-length-time sit down in his office, any email etc is free - he gets paid only at closing.

I'm new myself but I can say, definitely be clear and definitive when you have your consultation with someone you're considering on how they get paid from you, & make sure you're both on the same page & familiar with the kind of business you'll be doing.

PS - I just started my search with "Real estate attorney *my state* " in google, followed it to lawyers.com where the attorneys there pay a good deal of money to be listed, found the guy that sounded the best and scheduled a free consultation.

Anthony, if you had the time to spare, that'd be great.

Steph - I'm going to study that up real hard and apply it, thanks for the thorough info! You guys are solid.

Hey all!

I have ballpark estimates I use for what certain repairs to a property will cost, i.e. :

1 New window w/ trim: $220

Bay Window: 220 x 3

Exterior Door: $250

Framed Porch: $12/sq.foot

A/C: $1400/Unit

etc.

How do I go about creating a spreadsheet that lists the items, and as I'm walking the property with an iPad, I can input quantity values, i.e. Windows: _15_ & in the next cell, it spits out $3300?

(220 price per unit x 15 units) So when I finish walking the property, I have a cost amount for repair thats easier to keep track of?

I'm completely novice to Excel/Spreadsheeting, so as step-by-step as you knowledgeable folks can get would be appreciated!

Thanks in advance!

Clay

Yeah, that's true to a point, but look at it from my side too - if I was to blindly start tieing up properties to close in 60 days, and I didn't have a solid list of buyers to pitch the deal to, that, to me is an idiot move.

What I'm asking is, how to find these cash buyers and get their criteria on the properties THEY want to buy.... the beds, baths, dollar amounts, zip codes, everything, so I can tie up properties that match their needs... not start the other way around, tie up properties then scramble to find buyers.

Hello folks -

My biggest obstacle so far in starting my wholesaling venture hands down, has been finding cash buyers. I've had so-so success soliciting "We buy homes" ads on craigslist, but any idiot can put an ad up there. I went to a sheriff's auction as well yesterday on the prowl, and 1.5 hr later, after me being the only one present, I was told investors haven't been to my area's auctions in years.

So, right to the point - another suggestion I'm considering is, Squeeze page? Solicit the page using craigslist or whatever other method, business cards & signs, then say what to entice the buyer? What kind of "gift" do I offer in return for the email? & do I include a 2nd page after email capture where the buyer can be more detailed, have them leave those details over a voicemail or something?

What's your favorite way to capture buyer leads? This is making me start to pull my hair out

Thanks for the input Mike.

Maybe skipping the card idea is the hot ticket then. Just aim for some contact info.

If I can finagle another half day out of the salt mines, there's a sheriff's sale going on this Wednesday about 5 minutes from my job. I'll give it a shot then, hopefully I won't be the only one there!