All Forum Posts by: Travis Newton

Does this happen often, deals falling through? I've just started wholesaling, week #5 for me, and I've had 2 deals (only deals I've had thus far) fall through. 1st deal didnt complete because the home owner wanted 30k for a 67k ARV home, but the home had a 12k lien on it. So the best we could do so all parties involved would be happy is approx 15k for the home. The seller backed out when I brought him the contract.

2nd deal, the home was a complete gut job, in a so-so neighborhood, home was worth approx 51k ARV, but with all the work that needed to be done we could only offer a small amount. The seller said he wanted 12k for the home, and when I asked him how his a 12k amount, he basically told me he paid such and such amount for the house and wont take less than 12k for it.

Does this happen often? Its extremely frustrating, especially since I'm trying to land my 1st deal. Needless to say this pissed me off so much (2nd deal falling through) I went and put out another 70 bandit signs lol.

But seriously is this just how it is, people say yes, then change their minds at the last second and say no?

Carrying the note? I'm going to be 100% honest with you, I have no idea what exactly that entails. If the home is free and clear there wouldn't be a note on it, right? Or that's what I tought.

Jaremy,

Yes I found the deal, and no the partner brought up paying me the assignment fee he basically stated whatever my assignment fee for this deal is he'll pay it.

The motivation for the seller: His brother owned the house, moved back to Mexico, and is tired of paying the taxes on the house as it needs a complete overhaul. There's no mortgage or lien on the house, he just doesnt want to pay the taxes on it anymore since its vacant.

I see you're in Houston, so am I any advice on working this market.

Curt,

Thanks for the advice I'll keep on trucking and hopefully will land my 1st standard deal soon.

Is there a tact way to have a realator pull cash buyers through their MLS? Should I pay the individual for this report, or would they pull it on the hope that I may do business with them? If its for the hope that I'll do business with them, where exactly do they fall in the wholesaling process. From my understanding the formula for wholesaling is. Seller + Wholeslaer + Buyer = Deal...where exactly does the realator come in?

Thanks!!!

Ok, quick question. I've been wholesaling for about 3 weeks now and plan on putting my 1st house under contract, however, there's a slight twist in all of this. Background: The house that the seller wants to sell is in horrible shape in a somewhat sketchy neighborhood. This house needs help out the wazoo. Well my partner on the deal wants to "buy" the house out right and pay me my assignment fee up front. When I say "buy" he wants to put a lien on the house for the amount of repairs that needs to be done, then my partner and the seller will agree upon a dollar amount that my partner will pay the seller when the house is sold.

I’ve never heard of a transaction being done like this, but I am a newbie. And in my opinion it seems I’m more of a bird dogger in this case and not a wholesaler. When I talk with my partner on this I’m just going to ask him what he feels comfortable paying me as an assignment fee and go from there.

Any advice or thoughts?

Thanks!

Do you guys have any thoughts on using Real Estate agents in regards to wholesaling. One course I took says do not use them, another one says to use them.

Any thoughts?

Thanks!

By checking the property records I would assume I would have to go to the county clerks office for this information?

I came across a few hard money lenders in my area and I was wondering how would I go about utilizing them to build my buyers list since they deal directly with the investor. Is there a particular tact way I should go about calling them to see if they'd give out their customers info that invest in my target areas? Or should I just be bold and ask them directly if they'd be willing to give out that info?

Thanks

Curt thanks for the heads up. The wholesaling course I took, didnt get into wholesaling REO's at all, so I'm going to have to do some research before I jump into it. I may just have to stick to wholesaling homes of motivated sellers and then do REO's once I know the ends and outs of that process....looking at the links Josh provided there's quite a bit of info out there.

Josh - thanks for the links
All - thanks for letting me know that there's info regarding REO's on this site. I'll definitely get all the info I can handle on this.

Thanks!