All Forum Posts by: Robert Burns

I've done a lot of assignment of contract wholesale deals using a contract that includes an "inspection clause" that allows the buyer to cancel the agreement basically for any reason during the inspection period.  I'd like some feedback from the BP community on the fairness of this clause in that it gives the buyers a chance to cancel but locks in the seller. 

I am looking for feedback regarding my interest in adding note buying to my REI business strategies. I am currently focused on wholesaling and previously with lease options. As always, I appreciate the "voice of experience" here on BP's to help me decide what worth pursuing or not!

Thanks in advance!  Bob Burns

I've been very active in the wholesaling flooded homes in the greater Baton Rouge area.  We are providing a much needed service to folks who do not want to rebuild their damaged and simply want a fair deal so they can go on with their lives. 

I would appreciate your feedback on my current unusual real estate market that's both highly opportunistic and problematic. Overview: 2 1/2 months ago my entire real estate market area experienced major flooding that affected thousands of homes. Some estimates are 50 to 75% of some areas were flooded with some homes taking a few inches and many up to the roofs. My own house was flooded with 20 inches of water. Thankfully I've rebuilt and moved back in. However many, many people are wanting to walk away from their gutted and dried properties choosing to take the flood insurance money or the FEMA and just walk away from their properties. So there is a huge opportunity to buy homes at very low prices albeit they must be almost totally rehabbed. The problem is figuring out what they are worth now and will there be retail buyers for these properties once they are rehabbed. The old method of using comps seems a bit inaccurate in that the values for the properties will likely be different than before the flood. So please give me your feedback/suggestions on how to calculate offers that "make sense" and not just a big guess!

Will, Your post is right on! The challenge we are facing is that the normal starting point of an accurate ARV to calculate MAO is really in question. We don't know what these houses are really worth and what the demand will be after such a disaster.

Robert, Thank you for your strong words and encouragement

I live in S. Louisiana and we recently experienced massive flooring in the three parishes where I run my wholesaling business. My house was also flooded and now I am living with my son while my house is being gutted and cleaned for rehabbed. I'm asking for any experience and suggestions from any BP members who have knowledge of a situation like this and what can I do to adjust my REI business model to deal with this.

I didn't have flood insurance and hoping I get the FEMA grant that has been approved for the area.

This is a very difficult time and thousands of people like me are doing everything we can to survive and come out of this in one piece.  I pray constantly for God's help and guidance.

Any advice would be greatly appreciated!

Bob Burns

David, I agree it just seems like they have this inner circle and decide what to promote for the next 3 months to get newbies to sign up.  The other trick they use is to offer there downlines/subscribers to each other for a % of the signups!

I'm not saying anything is wrong with this.  As a matter of fact of thinking of getting into the "guru" business!

Is it just me, but doesn't it seem like the new "shiny object" is finding vacant houses?  All of the serial "gurus" are out with software and/or programs promoting wholesaling vacant houses.  It's kind of interesting watching the endless chain of the next best thing: preforclosures, foreclosures, lease options, subject 2, mls pocket listings, short sales, probates, auctions, etc, etc, etc!

I did buy subscription to Find Motivated Sellers Now and used it for a couple of months.  It did list a lot of properties that were supposed to be vacant.  I downloaded hundreds of addresses and mailed out letters provided in the software.  I did not receive any calls from the letters I mailed out and also got about 15% of them back as bad addresses.

It is a well constructed program but I was skeptical about how this program actually finds vacant houses.  In any case, I cancelled the subscription a couple of days ago. 

Also I found the training videos in the program to be short and not very helpful.

If you want to check it out, they did honor the my right to cancel and I'm glad I checked it out. Hope this helps!