All Forum Posts by: Nigel Witherspoon

Take massive action every single day! That is all.

Once I dove deeper into the legal jargan of the paragraph, I figured that out a few minutes after I posted this. Can't take it down for misrepresentation. @Peter Sanchez

The following form or purport of a release shall, to all intents and purposes, be valid and effectual to carry from one person to another or others the fee simple of any land or real estate if it shall be executed in the presence of and be subscribed by two or more credible witnesses:

"The State of South Carolina.

"Know all men by these presents that I, A B, of __________, in the State aforesaid, in consideration of the sum of ___ dollars, to me in hand paid by C D of __________ County, State of __________, the receipt of which is hereby acknowledged, have granted, bargained, sold and released and by these presents do grant, bargain, sell and release unto the said C D all that (here describe the premises), together with all and singular the rights, members, hereditaments and appurtenances to said premises belonging or in any wise incident or appertaining; to have and to hold all and singular the premises before mentioned unto said C D, his heirs and assigns, forever. And I do hereby bind myself, my heirs, executors, and administrators, to warrant and forever defend all and singular said premises unto said C D, his heirs and assigns, against myself and my heirs and against every person whomsoever lawfully claiming or to claim the same, or any part thereof.

"Witness my hand and seal this ___ day of __________ in the year of our Lord __________ and in the ___ year of the independence of the United States of America. "__________ [L.S.]"

This is directly from the South Carolina legislature, just in case anyone who is a wholesaler in South Carolina has an issue with people telling them wholesaling is illegal.

@Jaysen Medhurst The mortgage contract says that he has to live there. His mortgage is 130 back in 2015. And comps are going for 145-165.

I'm currently talking with a homeowner who is going through divorce with his wife/roommate. He seems motivated to sell his home for the cost of the mortgage loan and from speaking with him, he is up to date on all of his payments. However, I asked if he wants to stay in the home after he sells the house. He told me that his contract requires him to live at that address (mortgage was acquired in 2015). What kind of wholesale strategy would I use for this situation?

I've been reading the forums, listening to the podcasts, watching the YouTube videos, reading the books, talking with MANY investors, etc. about wholesaling. I am currently under contract for my first wholesale deal (YAY!).

However, I keep reading how people are not being transparent with the seller and the buyer about the process they're doing. For me, personally, this bother's me because building a business on non-transparent procedures (not telling the buyer your fee until closing, not telling the seller your process, knowingly lying about what you'll do with the property, etc) doesn't seem like it always works out for anyone. I am about transparency because in this day and age, you can find out about anything online.

The one thing I do want to touch on is about is using wholesaling to replace current income and using the funds to invest in long-term strategies (buy & hold, fix n flip, etc). Have any of you went wholesaling full-time and then used the money to invest in LTS? And how long did it take you before going into wholesaling full-time?

I have a seller who want's to sell the land for 20K or above. When I ran the real comps (not the one you are seeing from Zillow), the land is appraised at 10,500 from 2017. The homes (as pictured below) are going for 250K and above (this counts for an actual CMA that I ran as well). The goal is to sell the contract to an infill developer who would then build on the land. The street that the land is in is VERY old and undeveloped as these homes have been sitting in families for generations. The crime rate is very low and this generalized area is a wealthier side of where I invest. The street hasn't been developed YET, but I'm wondering if putting a brand new home in the area would spark the development of renovations for the surrounding homes on the street.

Based on his wanting price for 20K (not including the assignment fee), the high homes comps, and the cost of building a new home there, would this be a bad deal to get into? Especially since the homes comps are very high.

@Benjamin Ervin With your attention to detail and growing your portfolio, I can see it happening.

This home looks amazing! Great work! Next time, I'll be seeing you on HGTV! 

While doing my cold calls today, I ran across an elderly woman who is 92 years old. Recently (within 2 years), her husband passed away while living at the property. She still lives there to this day and my gut is telling me that this is one of those situations where that is her "forever home" and not to do it. But, then another part (the business side) of myself is telling me it won't hurt to find out if she is interested in buying another home. So, I'm really stuck at crossroads between this decision. What would you do in a situation like this? Does age really matter when it comes to wholesaling? I'm looking at it from different angles.