All Forum Posts by: Reginald S.

I was told to work on building a buyer’s list first before I got a deal under contract. However my pitch alone never seemed to motivate anybody enough to want to give a complete stranger with no deal their contact information for future purposes. Then there was the other group telling me to go ahead and get a deal under contract “and the buyers would come out of the woodworks.” Well I tried both and it turns out that the latter was most definitely true. I got a deal under contract using a contract with a financing contingency that made it legal (at least in SC) for me to back out of a deal in the event that I was unable to secure the financing that I needed to purchase the deal. I still use that same contract today. I make this contingency perfectly clear to the seller at the time of signing and haven’t had anybody object to it yet. I, like Justin, simply refused to use the “ghost house” lie to build my list as I am a big believer in “you reap what you sew.” I put a small ad in the local classifieds and shore enough the calls just started rolling in right from the first day that they ran it. The ad read something like this, “3-bed, 1-bath, fixer-upper located in a 65K area, selling for $10,500. Call today!” The house was sold in about a week and I live in a town that is so small that a lot of people jokingly call it Mayberry. My buyer’s list has been steady growing ever since. Every time I market a new deal be it in my local paper, bandit signs, or the free online resources like CL, etc., my buyer’s list grows by at least two to three investors every time.

Hope this helps. Keep being honest & ethical and God bless.

Wow congratulations! Your extraordinary humble attitude of gratitude is nothing short of amazing. I am willing to bet that it is likewise a very significant part of your well deserved success. Thank you for sharing and God bless!

Congratulations Matt on getting off the sidelines and for not being afraid to fail your way to success. In response to your post I have to admit that I'm just as curious as everyone else as to why you are splitting the $2000 with the seller? That two thousand dollars is your assignment-fee. It is your paycheck for providing a great service for both the seller and your buyer. It doesn't matter if the overage/difference was $20,000 that cash belongs to you and only you. In actuality you are not selling the deal to your buyer, you are simply selling him/her the right to take your place in the deal. However if you have already told the seller that you would split your assignment fee with them, I would suggest that you be sure an honor that. Matt there are several ways that you can do this however I will only mention a couple of them here. You mentioned that you and the seller have already signed a Purchase & Sales agreement which means that you already have the property under contract. F.Y.I. make sure you included/paid a small earnest-money deposit/consideration to the seller ($10-$20 dollars will suffice). From here all that you need now is a one page Assignment-agreement (available here on this BP site as was mentioned) to be filled out and signed by you and your buyer only. Your $2000 assignment-fee will be recorded on this form (by you) along with various bits of other pertinent information about the deal. Also be sure to collect a significant earnest-money deposit from your buyer to deter him/her from backing out of the deal at the last minute and leaving you stuck with the bag. This deposit is non-refundable unless you yourself is the one that defaults on your end of the agreement. Finally take both your Purchase & Sales agreement (between you and the seller) and the Assignment-agreement (between you and your buyer) to your title-company or closing-attorney. Your title-company or closing-attorney will conduct a title-search on the property to make sure that the seller doesn’t have any liens against it. If the title comes back clean your title company or closing attorney will then schedule a closing date and that is when you all GET PAID. Now about that split. You can use a form called an ‘amendment of contract’ form (available for free online, just google it) to alter the original language in the Purchase & Sales agreement/contract. Secondly, if you and the seller are close, you can just keep everything as it is written in the original contract and just give the seller his/her cut ($1000) after you cash your $2000 assignment-fee check. Hope this helps and much success! P.S. If you would like to learn more about Wholesaling in detail, I highly recommend you try out a course called Wholesaling For Quick Cash by Steve Cook! I picked up the course about seven years ago and haven’t come across another course that could top it in both price (around $300 bucks) or content to date!

Wow John you are a wealth of information! If you ever do a "mobile home investment" ebook I promise to be your first customer! Absolute great information guy! Thank you much! Hey do you have any educational "mobile home investing" resources that you can recommend? 

Hello all I'm a property wholesaler in SC. that specializes in SFH. However I'm currently in the process of buying my first Mobile home and I don't have a clue as to how it should be done. I'm starting to see what people mean when they say that mobile home investing and conventional stick built home investing is definitely two horses of a different color.

My questions are:

1. Do I need to use a Purchase & Sales agreement? If not, where do I list the terms of the deal?

2. Do I need another form (assignment of contract) to assign the deal over to my end-buyer? Again If not, where do I list the terms of the deal?

3. How do I conduct a tile-search on a mobile home and where do I go to get it done? I was told the local DMV, is this true?

4. Roughly how much should I offer for a 2-bed, 2-bath, 1995 (66 x 14) FLEETWOOD mobile home that needs to be moved?

5. Condition: Roof leaks in a couple of places, floor around the commode in the master bath is week and sinking, Central HVAC system does not work, mold infestation as a result of the recent SC flood, and the house is full of junk as the seller was a hoarder. 

Any information would be greatly appreciated!

Thank you all in advance for all of your valuable time and expertise!

Oh Ok Wayne thanks!  

Hello all! I have a quick question that I need a fast answer for. If a seller and myself both agree on a price change regarding a property that I already have under contract, do I need to have them sign a completely new purchase agreement? Or can we somehow edit and make use of the original one? FYI: The seller lives out of state.

Thanks in advance guys for your valuable time, experience, and expertise! 

Wow very inspiring! Thank you for the detail. I found your story to be rather educational too. Kudos to you and your team Mike! 

Thanks to all that replied. I found all of your replies to be enlightening!

Hello all. Today I came across a Youtube video that was titled "How I lost $66,000 and you can too if you don't watch this video." The guy in the video said that he had sold a house via a double-close and is now being sued by a title insurance company that tracked him down two years after the sale. The issue was an existing lien that wasn't discovered during the title search. He said that two attorneys examined the case and confirmed that the title company did have a legitimate case against him. He stated that it was two ways he could have avoided the lawsuit; one was if he would have assigned the deal. The other was if he used a "special deed" instead of a 'General warranty deed.' He said that investors should be selling their deals via a "special deed" to protect themselves from such a lawsuit. Up until I saw this video I had never heard of anyone using a "special deed" for protection before. Does anyone know if what this guy is saying is true? If so, what is the process for deed conversion? Is it as simple as changing the language in our purchase agreement to say "special deed" as opposed to "warranty deed?"