All Forum Posts by: Shequann Burrwell

look on this site in the resources tab and look for file place. click then look for the contracts section. from there you will see a contract wholesale purchase agreement that is the contract you want. that is the contract you use to get a property under contract. to assign you will need a second contract to. look for assignment of contract (wholesale) in the same section you found the previous one. you will use this to assign the original contract to your investor. check your state laws for any clauses that you may need to put in there and make sure you understand it enough to be able to walk any seller threw anything they don't understand.

a question was unanswered last night as i listened to the most recent pod cast on my nightly drive. the bank resell rules and how to get around them. i believe i know the answer. just buy the property under a LLC then when its time to sell it sell the LLC that way the title never changes name. are there any other ways to get around a bank 60 day resell clause?

@Donald Baptiste you can get generic forms in the resources section under file place. just change what you need to according to your state. you can also just post in the forums here im sure there is a real estate lawyer somewhere n there that can suggest some great clauses or additions you should put in your contract. just make sure you understand it before you try to use it or explain it to a buyer.

If your wholesaling it those numbers don't matter just arv and repair costs. But if you must know a title company or a closing lawyer can tell you. The buyer pays the rest just make sure your numbers are on point if a buyers useing hard money they usually cover holding costs

you also want to check out local taxes and selling points like how good the local schools are and local crime rate or a shopping mall near by. all things that make a buy and hold property easier rent sometimes. good thing to know if any liens or anything like that are on the property. some back story on why the property is in its current condition wouldn't hurt either. a good way to turn a no deal in to a deal is to go back to the seller and negotiate the price. just say based on feedback from other investors the price is to high when compared to the rehab cost and the final arv if we can get a lower price we can make it work. get some pics and a few more contractor estimates to accompany before so at least you know how low you have to ask for if your rehab costs are on the high side.

I need help with a out of state wholesale deal that I found kind of by accident. its a craigslist find. I use a app to pull leads from craigslist based on certain key words people place in the ad. I just got off the phone with a seller that I had to say this was the easiest call I ever answered. I explained what I do and how I do it and they understood everything. I made them a fair offer below what they wanted and they accepted with no issues at all. they asked I send over the contract so I did.

here is the issue i don't have any contacts in the area to help me make the deal. usually when I find a deal out of state i have a someone help me make the deal and we split the wholesale fee down the middle. I can do most of the due diligence on the property from here except repair costs. now there are pictures on zillow on the property and looks mike a new kitchen and appliances is needed and some sheet rock and new insulation in some of the rooms. other then that I don't know what the property needs. the owner hasn't been to the property in over a year. his daughter was the last tenant in the property so I dont expect it to be to bad as long as no one has broken into it that is.

is anyone willing to help me wholesale this property or at least take some more accurate pictures of the property for me? finding a buyer should not be hard nor should finding comps or the rest of the meat and potatoes of the deal.

different on the county level law wise or state level. I work in 6 diffrent states soon to be 7 texas included if I can get this idea up and running with a few well placed partnerships the deal flow for flipp, hold and wholesale will increase ten-fold.

Oh OK I see do the rules vary by state?

In my area or is this just a general number?

True but either way it makes for a great deal at 50% or either the 10k or the 40k. This open up a whole new pool of properties that you can purchase very cheap for buy and hold, rehab or wholesale. The profit potential is enormous.