All Forum Posts by: Tj Hines

It all depends on when your closing date is?? If you are closing on the property in one week, then I would say yes go ahead and get the contract over to your title company. If you are closing in 30 days then it's not necessary to get them the paperwork right away. You can give it to them when your 2 weeks away from closing. Most title companies takes about 5-10 days to run a title search unless you have a kick *** title company like me that can get the search done in 2 days.

Hope this helps!

The best way to know what you need to pay for that property in order for you to flip it for a profit will be your comps. What are properties in that particular neighborhood are selling for similar in square footage, beds and baths plus the current condition of the house. If you can't find comparables in the neighborhood go as far as 3/4 radius of a mile on out. Hook up with an investor friendly realtor in your area and build rapport with them. Then at that point they may be willing to help you out by running comps.

As far as wholesalers saying they would buy with or without a tenant is just a strategy we use to entice sellers to sell their property if they have bad tenants. Most landlords that sell their property end up selling because of horrible tenant situations.

Wholesalers sell their properties to rehabbers and landlords. Landlords are rehabbers! If the property is not in the greatest shape the landlord must get the house back into livable condition.

As far as selling the property to your end buyer whether it be a rehabber or landlord....once they close on the property they have the right to either keep them there or give them the boot. You let them make that decision, don't make it for them.

Hope this helps!

What you can do is sell the property as a turn-key rental with future appreciation on cap rate. If all the numbers work out good enough some savvy landlord will see the potential. The numbers must work though. You want to try and offer investors a 15-30% cap rate. If you can get the numbers to work that way for you shoot for it.

There is nothing to really consider when negotiating with owners of the property located in the same state you live in. Now if you were trying to buy a property out of the state from where you live in, there would be a lot to consider.

Considering the house is vacant and the owners live out of the state, I don't see any reason why you couldn't negotiate one hell of a price to create a nice enough spread where you can step in and profit.

Once the owners agree to your price send them an standard as-is contract. Get it signed, market the property, find your end buyer and assign the deal to him for a fee. This way you don't have to worry about paying any closing costs.

It all depends on what properties are selling for in that particular neighborhood similar to the one you are interested in purchasing. If you can't find comps in the neighborhood go no further than 3/4 of a mile out and see if you can find something similar in square footage, beds and baths. This should give you a clear idea of where you need to be at in price when you buy it and what you can get for it when you sell it.

Hope this helps!

Now I want you to keep this in mind too, your end buyer doesn't know your double closing on the property unless you disclose this to him, so he wouldn't think about the title being transferred correctly...... [b]ONLY if you disclose it to him. So yeah If this is a simple assignment as the original.

The reason I have my end buyer come in and sign first is so he can fund the whole transaction for me including the A-B. What a great thing it is to work with investor friendly title companies. Now if you are using an [u]unfriendly title company the likelihood of you being able to close the transaction with your end buyers funds is probably a no-no!

Now if this is a simple assignment as said in the original question, then there is only an A-B transaction with you being the assignor and your end buyer being the assignee. You get paid the difference without having to pay any closing costs. If the difference between your price with the seller and end buyer is 5k then walk away from the table with 5K net. If you double close then you will have to pay buyers closing costs on the A-B side and seller closing costs on the B-C side, which will probably will be about another $1,000 bucks or more.

Sellers closing costs usually costs about 2x as much as on the buyers side.

Hope this helps!

100 % of my deals have been all cash transactions.

I would definitely it has to do with what market your in, also the area you are farming makes the world of a difference and last but not least what aspect of real estate are you involved in will definitely have percentages off from cash transactions to financed transactions.

Me personally I'm a wholesaler, so the properties that I do come across are usually owned 90% of the time with no existing mortgage. Free and clear are the terms I love to hear.

Hey Brandon,

The easiest way to do this is find out who the investor friendly title companies are in your area. Once you locate the title company to your liking, show up in person and introduce yourself and let them know what you are all about and how you structure your deals. By doing this you build instant rapport with your title company. They will and should be able to run all title searches for you if you are closing the deal with them.

Now for the transaction your right the seller and the buyer will come in to sign paperwork. Be smart and have buyer come in fund the deal and sign paperwork before the seller gets there, so the seller doesn't have to wait to get their money.
Whatever the difference is between both prices is what you will get paid out of the deal.

Hey Kyle,

The REO game is truly a game. What your experiencing in California, we are experiencing down in Florida as well. There is a lack of inventory which is causing an increase in price because of high demand. REO game is not my style simple because investors drives the prices of homes up because the deal is in a multiple bid situation. I center my business around helping people. I target private sellers who may be in a distressed situation and I would educate them on all of the available options they have when looking to sell their home depending on what type of situation they may be in. In my niche I see less and less competition. To your success from "Mrflippahouse"