All Forum Posts by: James NA

OK I'm trying to do wholesaling in Atlanta. After searching and searching and searching I was recently told that foreclosure notices(nod, lis pendens) do not have to be filed at the courthouse. I actually did find the system that posted lis pendens but there weren't that many filed. Now I KNOW that there are a ton of foreclosures happening in ATL...... I know this. Obviously I need to go in a different direction. I have been doing flyers on mailboxes but that is expensive and time consuming. I've also tried bandit signs but there are literally thousands of them already out there. What would you suggest to someone in my situation. Lists?? If so where would I get it from?? Please help.

Do you NEED a purchase and sale agreement or can it be done with a simple "intent to purchase" letter or a written offer???? A purchase and sale agreement contains all types of clauses and issues that my seller and I have not determined. I need help to know whether or not we need to determine everything right now or if I can simply tie up the property now and work out all the details afterwards.....PLEASE HELP.

What forms are used??? Will a simple "intent to purchase" form coupled with earnest money be enough to "tie up" a property or do you HAVE to have a purchase and sale agreement in order to temporarily get it off the market??

Ok. Thanks for the advice but...... what type of contract should I be getting him to sign in order to get the house off the market for the time being?? Is there a name for said form?? Would it be just a general purchase and sale agreement and if so is it ok for me to state TBD on the things that have not been worked out yet??

My partner and I(both newbies) got a lead from one of our fliers. Its for a house in a pretty good neighborhood with lots of houses being renovated. It was a call from a woman saying that she was interested in selling her house but she told me that she had to talk to her ex husband first and that she would have him call me. So when I talk to him he tells me that the house has been empty for almost 2 years. From the call I got the impression that the house was kind of forgotten by them. His overalll tone was disinterested as far as keeping the house was concerned. I tried to get him to get me an asking price but he asked me what I was offering for it. I told I would have to go by and check it out a little more before I could make a first offer. I went by to look at it and its a definite fixer upper. 2/1 replaced roof but has interior ceiling damage. Zillow appraises it at $139k. The tax assessor appraises it at 101k. So to be safe we used $115k as an ARV to structure a wholesale deal around. So with this deal we decided that we should use $30k as a starting point for negotiations. We planned and strategized what we would do WHEN he said no. We were only hoping to pitch $30k to open him up and get him talking about what he needed and what would be the lowest amount that he could take. The way we planned it our Max Allowable Offer would be around $80k....So I talked to him today and pitched him the $30k offer... and he did the most unpredictable thing that he could have done... HE SAID YES. Now as newbs we are kind of faced with a problem, a good problem but a problem nonetheless. We were not prepared at all for him to accept our lowball offer. We don't know whether or not he's gonna change his mind(although he gave us no indication that he would) or whether he has full authorization to set a price for the house to be sold. It just seems to good to be true. If we did a double closing we could make a ton from this deal but we had decided to start with assignments because they were easier. We're gonna do due diligence, full title search, appraisal, inspection yadda yadda yadda and if everything is everything we DO NOT want to lose this deal. Any advice would be greatly appreciated.

Newbie investor here. My partner and I put out fliers last week. We got a call 2 days ago from a woman wanting to sell her house. I got all of the stats on the house but when I asked for an asking price she said that she would have her ex husband call me back. I went immediately and checked it out. 3 bed 2 bath fixer upper, good neighborhood. They said that they replaced the roof but that the house needed ceiling work. I talked to the ex hubby today and when I asked him the asking price he asked me for an offer. I told him that I would have to do further, more thorough inspections in order to make an offer. Did I miss a potential opportunity?? I told him I would give him a call back but now I'm sitting here searching for criteria to base my offer on. Should I get an inspections first?? An appraisal?? Even if I want to put it under contract and wholesale it... what should I do?? Should I make an offer or hold off???

Hello. My name is James. I live in the East Atlanta area and I'm trying to break into REI via subject-to and lease options. If you need a bird-dog or someone to do legwork I would gladly serve as your apprentice.

Hello Tami. I believe that you and I are in the same boat. I have lived in ATL for about 8 years now and I am just now starting out in REI via Bird-Dogging/Assignment Contracts. My name is James and I currently live in East Atlanta. Good luck. Hope that we can help each other along the way.