All Forum Posts by: Ron Singh

This guy is going to buy the property no matter how many people tell him its a bad idea. Don't touch that polished turd! There ought to be a ridiculous number of flooded homes for sale in TX, I wouldn't pay $3000 for the privilege of buying one! Especially without a lawyer.

Send me the $3000 if its burning a hole in your pocket!

Number 1: I am not a guy. I am a woman, yes you read it right. Thanks for assuming.

Number 2: if I had already made up my mind I would not have posted this question. I am open to opposing opinions/suggestion with sound reasoning than someone just telling me not to do period.

There's a lot of semi-overwrought hand-wringing going on here. Let's break this down a bit:

1. Wholesaling is not illegal in Texas. There are good wholesalers and bad ones. I buy from good ones all the time. Unfortunately, there are far more bad ones than good ones.

2. I have no idea what role a lawyer would serve in this process. You're getting advice from a bunch of people in the northeast, where it's common to use attorneys to close transactions. We don't do that in Texas. You don't need a lawyer, you just need to understand how to read a contract. Most wholesalers use the standard TREC contract, which you need to get very familiar with if you're going to be a real estate investor, and then an assignment form. Read the terms in the assignment form and understand them. Usually, you're paying a nonrefundable deposit, and you're paying all closing costs - you're typically assuming even seller-side closing costs, except for prorated taxes.

3. The folks commenting that there are going to be plenty of flooded houses for sale in Houston are absolutely right. And it's going to cost more than you think to reno it because supply of materials and labor is low and demand is high. And it may take a while to sell because the market will be completely messed up for a while. So don't get deal fever to get your first deal. In DFW right now, I have to make a decision in minutes on properties my favorite wholesalers send me, because otherwise, they're gone. But in Houston, you will have plenty of flooded houses available.

4. But even if you do move forward with it, the main risk is that you lose your $3000. Now that's not nothing - I wouldn't light my cigars with it or anything - but if losing $3K would kill your ability to become an investor, you don't have enough cash reserves to invest anyway.

Good luck. Feel free to DM me if you have questions about the TREC contract, assignment form, etc.

good points @Michael Hayworth, are you still doing brrrr in fort worth area ? do you have any recommedations for a good wholesalers, if so please dm me. it's hard to find .

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Originally posted by @Mike Stahlman:

Hello, we are buying a house from a wholesaler double close. This is the first time for us to do this from a wholesaler. They want a fast close 16 days. We're cash buyers and I have evaluated the house. Everything looks good. This is our third deal. Others were through realtor. I want to know what I need to do to protect us. I think we should order a title search. Anything else? I'm ok with no inspections and they said the house passed the city inspections for occupancy. Thanks for any advice.

hey Mike, hope it went well for you, do you mind sharing if you ran into any major issue after the purchase 2 yrs ago ? also how was your experience with your Wholesaler ? would you recommend them ?

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hi @Max Biggar,

how did it go with your wholesale buying experience ? any experience you like to share ?

was it too much to go through via buying fro. Wholesalers ? are they all same or if you experienced any good one, please share.

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Interested to hear from folks who were successful finding the great deals :

- most of the wholesalers/auction need all cash, and even if you get a property most probably have to do eviction, which I don't like. any one got suggestions on better approach ?

- any one got experience in finding a deal out of state ? what channel worked for you ? I mean if I am in California and interested in finding a house in Texas, what do you suggest the best option to manage finding a good deal, I can fly there but want to make sure I don't waste the trip.

- how do you shop for cheap contractors ? I tried picking contractors outside home depot for small/medim size work, but how do you guys shop considering you want things gets fixed asap.

- I keep hearing about the seminars like " rich dad poor dad " they ask for yearly money etc to enroll, is that worth ?do they grab all good deals ahead of time ?

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hi @Cameron tope, thanks for your response, I agree. do you suggest any online site or county auction etc ? just wondering on the good starting point, and how to you define local wholesalers ?

I am assuming you are not talking about local realtors. do you mean rich dad or something like that

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I have been searching in zillow, redfin, and other sites about buying a single FM or duplex /triplex etc property which can give cashflow it's hard to find yet.

please suggest where to look for them ? one approach is buy low but have to find foreclosures or proof with major work needed, I prefer minor or less work which can be rented soon.

help me how to find, mostly looking in north tx, sf bay area but other suggestions are welcome too.

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great, how did you find it. I am looking for similar deal in same area or neat by.

please suggest how to find a cash cow

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Ok, thanks. So judgement amount has nothing to do with starting bid, i went to couple sheriff sale and i looked to me that the opening bid were pretty close to the judgement amount. could be coincidence.

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@Chris MartinThanks for your response.

Here in Iowa they publish it over the website for example for one property in past sale

Approx. Judgment *:

$3,271,023.03

but it was actually sold for a lot less , here is the status after sale : So not sure if the approx judgement is the opening bid but how come it was sold for lees than the judgement amount ?

Status	Date	Amount	Name
Scheduled	4/30/2015	$0.00
PARTIALLY SATISFIED	4/30/2015	$1,000,000.00	CSFBM 2007-C2 WHITE BIRCH PLAZA LLC, A DELAWARE LIMITED LIABILITY COMPANY, AS ASSIGNEE

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Hello i have question on how do i know what would be starting bid at the sheriff sale ?

I checked with the owner about the pay off amount prior to auction date and he found it was 208k. But after auction the property was sold for 160k. Do you know how it works ? Is there anyway I can predict or find out the starting g bid ahead of time ?

also i have another question on how can i practice title search by my own, i have access to land records online in my county but i need someone else's opinion to decide what i see is looks good to move ahead. if anyone of you can help me with may be 1-2 properties title search would be great help.

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All Forum Posts by: Ron Singh

Ron Singh has started 56 posts and replied 234 times.

Post: Buying from a wholesaler without lawyer

Post: First time buying from Wholesaler

Post: Process of buying from a wholesaler

Post: finding needle in the hay

Post: best way to find the positive cash flow property

Post: best way to find the positive cash flow property

Post: Duplex Sacramento Bank Repo

Post: Sheriff sale question - bid

Post: Sheriff sale question - bid

Post: Sheriff sale question - bid