All Forum Posts by: Michael Williams

I have a CASH 4 Houses sign on my car and this contractor called me today about collaborating on a deal. He has a house that is free and clear in a sought after area in Northwest Atlanta. Realtor.com has it listed as $700k & Zillow has it listed as $698k. There is builder activity in the area. The 3 houses next to it are $1.6 million, $1.3 million, and $1.1 million. The one on other side is $985K and $1.2 million. The owner wants $700k and is willing to work out financing, but to get in the game he has to bring $60k to the table.

The contractor and I talked for quite some time and I found out that he has been in contracting for 30 plus years, so the experience is there. He says that he has built houses of this caliber from the ground up. We also talked about what changes he would make to make to bring it to $1.6 million. It will cost $400k to get it to appraise at $1.6 mil. So that is all in at $1.1 mill, which will bring a profit of $400k - $500k. Worst case scenario $300k.

The house is vacant at this time and he said that there is an arrangement with the HOA that will not interfere with the seller being creative. I am a wholesaler that will more than likely bring someone from my list in on this deal.

The main thing is the $60K “show me if you are serious” money. Is this a normal emoney deposit for this type of house? How should I structure this contract with the contractor and my investor if I bring a buyer from my list to him.

Should I form a partnership with the investor and then form a contract with the contractor who then in turn deals with the owner? Or should all three of us form the partnership and deal with the owner as one entity?

How would you structure it and what questions am I missing?

@Corey Frank I found this for you. I don't know how big the city of Gillete is but there were only 3 Notices of Foreclosures listed but this should get you pointed in the right direction. Hope this helps

http://www.gillettenewsrecord.com/classifieds/comm...

I have helped other investors sale hard to sell houses before because I am a digital marketer as well and I know the importance of copywriting and storytelling. Bear with me.  The problem my be in your ad copy. Try tweaking the ads to those online assets to read like a story and be very descriptive like a Harlequin romance novel. Most likely a woman is going to be the decision maker anyway so appeal to a woman. 

I know this sounds stupid but lots of people buy or rent on emotion and if you can tap into that emotion you can usually make the sell.  And before the attack from others on this thread starts do a little research about humans and emotion. 

Do this plus a YouTube video and watch your contact rate go up. I will write you a story for the house if you send me the details. And no this is not a ploy that will hit you later with a payment, I would like to prove my point. Let me know if you are interested. 

Do you guys have a foreclosure publication in your major news paper? I had a property in Memphis that went into foreclosure and all of the information was in the county foreclosure weekly online. The owners name was on there as well and I contacted the owner.

 I was thinking the same thing. The cost in Georgia is much lower than anywhere up north and it would just be a continuation of the trend of huge businesses establishing a presence here. 

I actually like being a landlord because I knew what I was getting into. The repairs can eat into your cashflow but I put my mind on the long term benefit of one day having it free and clear with much if not all of the repairs done. Plus I have a great tenant. 
I also think the best place to find people that love land lording is at the Local REIA. Make sure you approach the older investors.

I'm not as seasoned as the other people that have answered on this post but my question is, "How are you Marketing it"? What is your method of advertising? Who are the idea candidates for this area and where do they hang out in public or online?