All Forum Posts by: Michael Williams

Hi Nicholas I have a 2 business partners that will be able to give you the best options for a deal like this, answer all of your questions, or one of them may be interested in Buying them and sharing invested interest in the deal with you indefinitely. If interested in hearing their professional opinions on this DM me and I will run this by both of them.  

Hi again Isabella. I apologize, maybe I confused you by the way I responded. You don't pay for a membership to a title company. I was suggesting that you join a local Real Estate Investment Group, this is what costs between $100-$200 per year. At the Investment group, you will come in contact with LOCAL investors that are wholesalers like you, Fix and Flip investors, Moneylenders, contractors..ect. People from all businesses that deal in the Real Estate investing world attend these meetings. 

Once you establish rapport with these people they may be able to introduce you to a Title Company. Title companies do NOT charge memberships. Sorry for the misunderstanding.

You may also run across the super debate about finding a FREE mentor vs a Paid mentor in these forums.  In my personal opinion, a mentor is very important. So you can decide how YOU want to approach it after some due diligence. Don't get so stuck on doing everything right that you will go into the study with no action mode. Learn while taking ACTION. You got this.  

It's O.K. to contact a Title company first to introduce yourself, establish rapport, and let them know that you are serious about the business and you want them to handle your business. It doesn't have to be a long introduction. It would be great to drop the name of someone that referred you to them. If there is a Real Estate Investment Group where you live I suggest joining. The ones I joined in Atlanta and Memphis ranged anywhere from $100-$200 for a 12-month membership. 

Once you get a property under contract establishing rapport will be easier because they are usually good at helping you to help them make money. Let me know which way you approach them? Good Luck.  

I have a Subject To (Subject To The Existing Financing) deal under contract that has all of the elements of a deal that will bring a monthly Cashflow of $400-$500 per month to an investor. The PITI is very low, the house has increased in value greatly, the interest rate is already decent (4.3%), the comps are solid, construction is in the area, The payoff is half what the house is worth now, it has a 2-year-old roof, it has 1 acre land, and it needs about $10k work. The divorced couple must have $21k upfront and my fee is very negotiable.

Sent it to a list of 100 investors, what am I missing? Here are the numbers. 

3/2 Ranch
I acre lot
Pay off $77k
Owner wants 21k
My fee- $7k (Negotiable)
PITI - $568
Interst - 4.3%
Estimated Repairs $10k
Varified Comp - $142K (or Higher)
Rent - $1000 -$1200
New Roof
Rural area
North of Memphis

Information from SubTo buyers would be appreciated. 

I have a 3 bedroom 2 baths 1,192 sq. Ft. home with 1 Acre in Munford TN. Contract For Sale. This contract is $105,000. Total estimated repairs are $5,000

The Verified ARV is $131,000

Non- Refundable Earnest Money Deposit is $500. The first to post Earnest money to the Title Company gets the contract. Contact me for Title Company Info. Cash Buyers Only 

I’ve provided a verified RPR home report and a YouTube video.

Property report: contact me at [email protected] for the full report.

I have a 4 bedroom 2 baths 1,752 sq. Ft. home in Aberdeen MS. Contract For Sale. This contract is $17,000. Total estimated repairs are $35,000

The Verified ARV is $87,000 

Non- Refundable Earnest Money Deposit is $500. The first to post Earnest money to the Title Company gets the contract. Contact me for Title Company Info. Cash Buyers Only – NO JV on this one.

I’ve provided a verified RPR home report and a YouTube video. 

Property report: contact me at [email protected] for the full report.  

YouTube Video: PT1:

PT2: https://youtu.be/HobqxW8VmRA

I have a 3 bedroom 2 baths, Full Laundry Room 1,196 sq. Ft. home in Monford TN. with a one-vehicle carport, plus utility closet - Contract For Sale. The payoff is $77,200.47 – Seller is getting $21,000 - my fee is $7,000. Total without estimated repairs $105,200.47

Estimated repairs are about $5,000 or less, Video mistakenly says Ten Thousand.

Please contact me for more information. There is a $1,000 Non-Refundable Ernest Money deposit to Saddle Creek Title Company, Memphis TN. The first to post Ernest money to the Title Company gets the contract. Cash Buyers Only – NO JV on this one. 

I've provided a verified ARV home report (RPR) and a YouTube video.
ARV -$130,000

Great Comps

Property report:

HERE

Youtube Video: House Video

Need help putting a deal together.
This is the breakdown: This is a second house I’m getting under contract from this client. I’ve already finished the first which she is getting $17,000. Here is the breakdown for the second.

This client owes $20k to the mortgage company. She is paying $761 per month with a 9% interest rate. How would you approach it to make it work? How much could I pay her to make this work?

The ARV is $121,000 Verified by my Realtor
She owes $20,000 more on the mortgage (I’ve seen the mortgage statement & will get verification as I sit with her when she calls them).
She is paying $761 per month
The average rent in the area is between $900-$988 (Rent-o-Meter)
I think the repairs can be done for between $35-$40k (will get a quote from a contractor later) 
My wholesale fee is $10,000 (Negotiable to make it work)
She is moving in with her daughter whose house I am also going to get under contract. They are moving from three houses to one. The first house was her dad's and was free and clear. 
She originally asked for $60k - Not going to happen
She is open to lower price
I’ve established a great rapport

The third house has an ARV of $130k (Verified) she owes $78k pays $590.62 per month with 4.3% interest. Haven't viewed house for estimated repairs yet. 

I would love to hear from seasoned rehabbers and buy and hold investors for the second one or a scenario that includes the second and third together. 

I also have another 3 house deal for a later post. 

How would you approach this?

What states are you looking to invest in? I'm a wholesaler in Memphis TN. and my wife is a realtor, so we can accomplish more. 

My wife and I were in FedEx Office taking care of some Real Estate business when a customer noticed my "This Guy Buys Houses" Hoodie and asked if I did renovations. After a brief conversation, I discovered that she was planning to be moving soon but was worried about the house next door bringing down the price.  This house is the worst house in a nice Historic district. The house has been vacant for years. She said the owner comes by the house every 3-4 months to check on it. 

She gave us her address and said it the scariest house on the block. So we finished our business and went over to the property immediately. YES...it was the scariest house on the block. My wife is a realtor so she pulled the house up on RPR. The house was Quit Claimed to the family member. Is this the same as a remainderman where the home can only be sold or gifted to another family member? 

Hoping to get some info from someone that has dealt with this same situation or an estate planner that also understands real estate investing that can give a best-case worst-case scenario. This way I will know how I can approach this owner about this property.   The first goal is to wholesale it to one of my buyers if price is right or partner with an experienced rehabber to get top dollar. Again, if the price is right.