All Forum Posts by: Raven Henderson

Hi Everyone! Yes, Memphis is definitely a great place to invest at this time! There are many emerging areas perfect for rentals, fix & flips and also airbnb opportunities. Property owners are not having trouble selling either. I just listed one the other day and the same day, we had 4 offers. Now is absolutely the time to explore the Memphis market! Good luck to you all! 

Hi @Sean Dezoysa ! Are you a wholesaler? 

@Stephen Harden Door hangers, bandit signs in relatives/friends yards in those areas, signs in the yards of the properties that we purchase in those areas and direct mail. 

I'm in Memphis and I don't pay for them often because they are always removed within a week here. I ask my friends and family that live in certain areas if I can place them in their yards. 

You're welcome! Go get your deal done! @Gregory Jerome

Yes, on or before you contract the property. @Gregory Jerome

@Gregory Jerome Gregory, if your end buyer is buying the house ask for proof of funds to make sure he/she can close the deal. If you have proof that the funds are available, they will more than likely be able to close so your chances of having to actually having to pay should be slim to none. Do you have a relationship with the buyer because if you do, he/she should make you feel confident that this deal will close if they want it. In addition, you can write in the contract that the deal is subject to partners approval and/or inspection if you haven't seen the property. 

No, thats typically the amount that is offered. Earnest money is essentially a "good faith" deposit demonstrating to the seller that you have great intentions to buy the property. Depending on the wording of your contract, you may or may not get your money back if your deal does not close. Are you wholesaling the property to an end buyer? 

I always include $1,000 earnest money on my contracts.  

Wholesalers play a significant role in my business as a representative of a large cash buyer [Memphis Invest]. They are the eyes and ears to the market and bring promising leads/deals. They use my contracts so that I know the verbiage is correct and based on how well they negotiate determines their assignment fee. I inform them of how much I can actually pay for the property and they go from there. Ultimately, it is up to me to do my own due diligence as far as the ARV and rehab estimates go so that I can guarantee that I'm buying at the right price. As long as I maintain a relationship with them, I know that I will be able to make offers on each and every property they have available. In addition, I only work with wholesalers who have experience and actually understand the wholesale process so that I know they are competent enough to actually close deals and not waste time.