All Forum Posts by: Rick Wright

Thank you for all your responses. I have decided to pass it my wife, she is going to go the more traditional route and list the short sale on the MLS.

I recently received a call from a motivated seller. They are trying to avoid foreclosure on a home they no longer live in. The most recent comps are 135-150K, they owe 112k and by the sound of the phone conversation its going to take around 30k to get to retail condition. With those numbers I definitely can not do anything with the property. My wife spoke to their bank, they are open to a short sale but i'm not sure where to go from here. Does my wife have to list it on the MLS in order to do a short sale or do I need to get it under contract myself and try to get the bank to approve it?

I just closed on my first wholesale deal last Friday. I received a deposit of 2k and walked out of closing with 4K. I want to roll my profits into marketing to find more deals. I have been sending out some letters and have gotten some calls but no leads, its mainly people calling to yell at me to get them off my list. If you only had 4K to invest what would you do?

Advertise like crazy! Direct Mail, Bandit Signs, tell your friends, tell strangers, tell anyone who will listen that you buy houses for cash. You have to let people know what your business is, by any means necessary. Grant Cardone says it best "I cant sale a secret"

I have recently got my first deal under contract and just got an offer from a rehabber. The offer has a 3 day due diligence and $1000 ernest money to be held by his closing attorney. Do i need to get the the money made out to my company as a nonrefundable deposit? I believe the other wholesalers are asking for a $2000 deposit. Do I need to have him sign my contract ILO the buyers contract he has sent over? 

I recently got a really good lead from talking to my CPA while doing my tax returns. She had another client who owns a vacant house they needs to sale. They have owned the home since it was brand new in 1960's. The house is in very good shape other then cosmetic updates. I have been a contractor for 20 years and the repairs should cost between 30k - 40k depending on the final scope. The ARV is 145k another investor made an offer of 87K but was unable to close on the deal after several months, they have since tried to renegotiate on a lease purchase. I made a cash offer in the mid 60's which is significantly less then the other offer but informed them that the CMA's for as-is homes in the area are selling for the number i gave. I offered to help in any way regardless of their decision because i sincerely want to help. I thought i was going to be thrown out of their house but I the response was better then i could have imaged it looks like i may be getting the deal. Any feed back would be greatly appreciated.

Micah id love to attend your Tuesday meeting. I have been in the Construction Industry for 20 years with a concentration on Estimating the past 12 years. I have purchased and rehabbed 2 forecloses as an owner occupant for myself and rehabbed several homes in Atlanta before the sub prime collapse. I am looking to take the next step and start a business as an investor. Id like to meet a good group of people to network and learn from.

Thanks,

Rick