All Forum Posts by: Ronnie Sparrow

Dionne, as far as attorney goes I use Steve Newsome. He has prepared two private money loans for us and he is well known around the real estate investor circles. He speaks at all the investor clubs in town.

Thank all you guys for helping me out with this topic. Bigger Pockets is an awesome resource for us. I've learned soo much on this site just by sharing my experience and asking a question. Thanks to all who contributed.

Christina , that is an excellent question, I don't have the answer. Maybe someone on Bigger Pockets can answer this question. Title has been opened now for a week so,we are moving forward with closing. Maybe because I am not a realtor she can back put of the contract I am not sure.

Marlon, How would I go about filing for memorandum of contract? I believe I am ok on this deal but I would like to know for the future how I would go about filing. Where do I go for this ? Courthouse?

Thanks Joe, At this point all I have is a phone number from this guy and his phone number. My plan is to wait until this deal closes and then to try and find this guy and post his name online just like you mentioned. We have three investment clubs in town and I am going to make sure his name is put out there to as many investors as possible so that everyone can stay away from this guy. Thanks for you advice.

I have my first wholesale deal under contract now. My fee is $5,000. After marketing this property for about one week I now have a buyer. The problem is that one of the potential buyers actually called the seller and made an offer behind my back. This guy tried to,steal the deal from me. Fortunately the seller is staying with me because of the rapport I have built with her. Has anyone ever encountered this? And since this is my first wholesale deal is this going to be the norm or is this the exception to the rule? Your thoughts!

Rami, What I would do is get a free foundation inspection and then decide how to proceed. One option would be to just patch things and rent it out. Another option would be to get a structural engineer to come out and give you his evaluation. This evaluation may cost you $350.00 but his report will identify any foundation problems and if you need to fix them or not.

I am looking for a flyer or template that I can post my deals and blast them out to potential buyers. I've seen these on emails from other investors and I want to do the same. Do these templates come from email marketing companies or do I need to make my own?

Hey Eric, I've been printing yellow letters now for about a year. I've been using the HP 8600 without any problems. This printer has been working great for me. I do notice that once in awhile it gets out of line and I have to write and scan a new letter. But overall it's been pretty steady for me.

Hey Alex, great question! We have five rental properties now so we primarily buy and hold but we just completed our first flip. It's is under contract now and scheduled to close November 19th. We should profit about $33,000. This is net profit after closing and realtor commissions are paid. I thought we did pretty good for our first flip. How did the first deal go? Well the rehab was $58,000 the purchase price was $80,500 and we have it under contract for $190,000. We actually hired a mentor just for this flip for $2,500. He was there every step of the way. We hired him because it was our first flip and we did not want to screw it up. The only hiccup we had was a guy who gave us a bid for stump removals did the job without my approval. I just asked for a bid from him and two days later he called and said he was done with the job. As of this date he has not been paid. We purchased this property with private money and we did the rehab with money borrowed from my 401k.