All Forum Posts by: Saad Khan

Jay Hinrichs that's awesome I'm jealous

Mindy Jensen This is happening so much nowadays. Some of these people are going through great lengths to appear as the escrow officer or title officer. They are making similar custom email domains that match the escrow/title persons with 1 or 2 letters off. We have had to change our process and now we call to confirm with the escrow/title company their wiring instructions every time we send out any amount of money. It has created more work but it definitely saves you the headache of getting scammed and never seeing that money again!

Manolo D. I completely agree. You're a hard worker and I wish nothing but the best for you.

Cody L. Touché, you're absolutely right.

@Manolo D. I completely understand. You have a strategy that may not work with our business model. We're just deal providers Manolo. We're not representing you. If you don't like the deal or any of the deals then you may choose to work the avenues that get you the best returns. We have a large network of investors that do make a lot of money on these deals. You can look up 761 Valparaiso Claremont - our CMA came out to $925k. It closed on March 14th for $995k. You may know certain areas better and the deal may not be for you. It does not mean it's not a deal for somebody. We're not representing you- we're simply putting the deal in front of you to decide if it works for you. I appreciate you looking at our deals. It's understandable that they may not fit your criteria and strategy. Regardless, I hope you have a stella 2017! :)

The above comment is strictly opinion based. I strongly disagree with the statement. You may not know what you're doing but you're learning. The only way you learn is by doing, making mistakes and correcting those mistakes. Doing it better! Direct mail definitely works. As long as you know how to target and scrape your list of people you're sending the mail to. Of course, that is my opinion which is backed by deals that I have done. I bought 5 deals last year off of direct mailers- one of which was a finalized divorce. The seller was happy that I gave him exactly what he wanted to net from the transaction ($90k) he didn't have to do multiple showings and dealt only with me. Keep at it man! Step up that marketing and take more action. If it's not working then revisit every 60-90 days to see what you can change. Good luck to ya!

@Alejandro Flores I've done a few of these. In Texas and California. Like John said you have to ask them if it's in a mobile home park or not? If it is, does it come with the land/lot or do you have to pay rent for the space?

If the land/lot does not come with the mobile home then it's going to be worth significantly less. Typically the space rent is too high. Especially if you're wholesaling- the mobile home itself is not $80k. 

If the land/lot comes with it- then it might make sense as a deal if you can get some comps to prove the end value. 

*In my opinion. It's harder to wholesale the mobile homes where the lot/space is rented. Most of those mobile home park managements have certain restrictions, one being that it has to be owner occupied and can't be used as a rental. That restriction alone will cut out most investors that would buy this wholesale deal. Some parks also have a 55+ age restriction (Senior Community) - that also makes it harder to wholesale to an investor.

Good luck to you! I hope you get the deal closed successfully.

@Manolo D. Thank you for posting this. The only people that are not licensed in our offices are the Office Coordinators and Agent/Broker's Assistant. We also do not assign 3 people to one investor- that would be highly inefficient as there are too many cash investors in our market nowadays, making everything go over list and into multiple offer situations. However, sometimes people don't mesh well together and this is a people business so in that case you may be assigned to someone else. As for the deal, I'm glad you did your due diligence to determine that it wasn't the deal for you. Our network has a lot of different type of investors- not every deal that you receive will fit your criteria perfectly but there will be some that will. We put the deals in front of you and you decide if it's something that will make you the return you're looking for. You have to judge and dissect each deal individually. This deal is not ideal for you and that's understandable but that doesn't mean that we won't have something for you in the future. We're just another source of deals for you. If you do not wish to be receiving any more deals from us, please let us know and we will stop sending you properties and stop contacting you. We only want to do business with people that want to do business with us. I hope we can work together in the future and get some deals done. If not, I wish you well and best of luck.

Jeffery Waicak Question is if you're a broker/agent or not? If you are licensed as a broker/agent there are many rules and ethical behaviors you have to abide by. They're pretty standard across most states. The WAY you pay people that bring you deals while you're a licensed broker/agent does have restrictions and rules (legally speaking) especially when compensation is involved. This is to protect the sellers and buyers that you would be representing as their agent. The transaction has to be at arms-length so there is no conflict of interest. If you're not a licensed broker/agent and you are not representing a buyer or seller - assuming you are just an investor looking for deals - there are legal ways to pay a bird dog. Best way is to do an assignment of contract if possible. Have an assignment agreement signed between you and the bird dog that spells out the details. Refer to a local real estate attorney to check the legality of marketing and compensating bird dogs. *Some investors pay a consultation fee or a referral fee to bird dogs which are shown as a line item on the settlement statement. Be wary and careful of laws within your state when or if you do this. Line items on the settlement statement and what they're named as, how and to who they're paid and for what services have to be for legitimate services rendered. If you market to bird dogs for paying them for their leg work and bringing you deals then have a definite and legal way to pay them. Ask an attorney if how you plan on paying the bird dog is 100% legal. As for marketing to bird dogs- having those bird dogs bring you deals- then paying them for that service is not illegal but there are restrictions and laws that you have to abide by when you are marketing to and compensating them. You may not know who you're gonna meet on Craigslist and you don't have a strong gauge on their ethical standards, It's always better to work with a licensed agent and a real estate attorney that you can rely on. Good luck in your real estate ventures!

Chris Sullens Yes if you can get the wholesaler to do a vesting change or assign it to you it may work. Most banks have controls/indicators that throw up red flags. This will trigger a red flag for them. Keep me posted on the deal I would love to hear how you resolve this. Protect your downside and move forward. This is all a non stop, on going, never ending learning experience. That is why I love real estate. Good luck and I look forward to hearing from you on how it plays out!