All Forum Posts by: Samuel Qandah

Yes, you should add your fee on top but make sure you have a marketing clause in your P&S Agreement with the seller allowing you to promote it. If you don't add your fee to the price investor will negotiate based on how much you are making on it.

2) I requested for her contract for it to have 10 days of an inspection period. She agrees that would be fine. Is this good?

Yes, that's okay.

3) What are some things I should watch for in her contract?

Make sure you have "and/or assigns" language and a marketing clause in it.

4) Once I have the contract do I just shoot an email to all the investors to let them know or one at a time to see if they're interested first? I also have pictures from the viewings and repair estimate costs. Do I include all this in the emails or only in the emails of interested investors?

Before sending details make sure your email template has all the info the investor will need to analyze the deal. I wouldn't send an email blast because most of the time they go to the junk folder or other wholesalers get them and daisy chain your deal without permission.

DO NOT GIVE REHAB ESTIMATE - That's not your job. Let them analyze the deal and run their rehab estimates because it would vary drastically per investor depending on their exit strategy.

5) If an investor is ready to go, what next? Do I send my assignment contract to them and then send that to the realtor once completed by both parties?

If they are ready to go, after receiving the POF you will send the assignment agreement with a copy of the executed purchase agreement to the end buyer for signature. When you get it signed you will forward that to the title company - NOT THE REALTOR.

Remember you are acting as a principal in the transaction and assigning your right as a buyer to a new buyer.

6) If I can get an investor wanting to purchase asap, how do I have them pay the EMD?

Your assignment agreement should specify the amount of EMD you require and the timeframe for it to be deposited. I require $5k Min (only refundable if we can't deliver the title clean and insurable) and 24hr to deposit after signing the assignment agreement.

Hey David, I appreciate your response with this! I'm new into getting into wholesaling, is a P&S a typical form/ is that different from a contract you would put in with the seller that you would then do an assignment to buyer for, or is that done in addition to a contract?

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Jacksonville, Florida

Would love to be able to make to the next one!! Keep me posted for upcoming events

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Oakland, California

I saw a recent BP blog post about best rent to price ratio cities with Detroit as the top spot, thoughts on that particular market?

What are some of the best cities to invest in now with properties not requiring significant improvements that can provide decent positive cash flow, but not in terrible neighborhoods?

Is Detroit too low of a neighborhood grade to have a comfortable return?

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So if I'm understanding this correctly, your 100k that you took out in a cash out refi was able to recoup most of your OOP and repair cost, leaving you with the original mortgage plus refi payments?

I did not realize you could take out a refi for any amount, I'm guessing this would have a lesser interest rate that if you would have taken a HELOC or equity loan?

Why not just have done a refi at 75% of LTV?

Great job and insightful

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Does this mean the investor can only work with this agent on a particular purchase, or that this is in general and can never work with any other agents for future purchases, ones in other areas, ect.?

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Columbus, Ohio

I am a current home owner of a personal lived in condo, which is the extent of my real estate reach.

I want to get into real estate investing, but have several important key questions:

1) Should I start a LLC/ S-Corp and put all investment properties it that? Any starting advice on which route to take and some beginner/ fundamental info on this topic?

2) Can I put less than 20% (3%, 4..5..6..7%, ect.) down for an investment property that I do not plan to live in? How about ways in which I'm not using much of my own cash, HELOC?

3) Is it possible to acquire a property and get it to a point of occupancy fully remote or at least almost fully remote (I'm aware this would require in the least networking with local agents, finding a good PM company)?

Any and all knowledge and experience anyone can share would be extremely helpful and appreciated!

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This is a great question and helpful post, following this thread. Thank you!

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All Forum Posts by: Samuel Qandah

Samuel Qandah has started 7 posts and replied 17 times.

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