All Forum Posts by: Sam Craven

Use the TREC contract, disclose to all parties you are wholesaling and that will keep you out of trouble.

Send the contracts to Patten law firm, texas american title and they will take care of you.  (im in no way affiliated with them) but they are good.

@Ola Dantis thanks for the note!

@Martin Rubio our clients range from people buying their first deal ever to hedge funds buying 100 properties a month. 

The trade off you get for working with a wholesaler is you don't have to do your marketing and meet with a homeowner to source a deal.

Great fun being on the podcast!

Our dealflow is a bit better than 12mo but that's ok!  Loved sharing our story and hope you guys can learn from it!

I'm a fan of wholesaling in houston.

Actually my favorite one was the person that put our phone number on back pages as a cheap hooker so we kept getting texts and calls from lonely gentlemen.  That was such a good move i wasn't even made lol

my favorites are when people write us a letter back, on our letter and mail it in lol.

People call angry all the time.  They were angry people before they got your letter, angry enough to call you, they are going to be angry after they call you.

I bet they call target and yell at them for the circular they send out too.

We are sending 80,000 mailers a month.  We get some funny calls.  Sometimes they have fun and try to screw with us, sometimes they threaten our life.  Just part of it.

 We are a larger operation now, but when i was getting started i paid $35k to a guru after mortgaging my house lol.  Not saying everyone should do that at all, but the right check placed with the right coach can accelerate the learning.

I know im going to get yelled at for saying this on BP but i think the best mentors are the one you have to pay for. 

I spend over $100k a year on mentoring for me and my business partner from a few different people and am extremely grateful for how it has transformed our business.  The most successful people know their time away from their life is worth money and worth more than an employee coming in and just trying to help.

Not saying this dude wouldn't help you, but if you are writing a check and him receiving a check the interests are far more aligned.

 Profits from one flip if you continue to do more business will be rolled into the next project.

Hey Cosmo,

I would say this is just an OK deal.  Its not a home run, but its not a crap deal either.  I wouldn't worry too much about the taxes that you pay.  on a per deal basis.  This is why getting an entity set up is so important.  You will roll those profits into the next deal and your taxable amount could be reduced IF the money is working for you.  

Maybe a mindset shift is necessary as well.  Every year i have to write a fat tax check, its because i have an even fatter bank account.  i work hard to reduce my taxable income as much as possible but at the same time i love writing fat tax checks!

I think your commission number is low and closing cost number is high.

Maybe for a first deal (im assuming here) this may not be the best deal.  FInd one that is closer to 75% of all in cost and requires a smaller rehab.  Big jobs eat money and create more opportunity to take a loss on the project.

Good luck!