All Forum Posts by: Stefhon Walker

I'm suppose to take over a landlord position on a home from my father, but the people who live there don't really know how to use a computer. I live 1 1/2 hours from them and i'm suppose to collect rent every 2 weeks. I was told my uncle would collect it for him, because he lived nearby. I'm planning on them having me mail the rent instead, but I wanted to know if there's a better way.

I'm new to REI and wanted to get started by Wholesaling as I have no credit to speak of. I've felt a bit deterred to get started however by a couple of people on this forum (You might know who i'm talking about.) While it makes me feel bitter about what they have said, I feel they have made good points. I'm thinking of getting my provisional license over the next few months (just waiting on my financial aid, I was going to Community College already.), but I still want to get started wholesaling.

Is it illegal here, and do I NEED a license for it. I know it's done here, and people have no problems doing so, but i'm want to make sure, i'm not causing an issues legally.

I've got all the info I can learn and i'm ready to get started, but I just want make sure i'm doing it right.

Thank You.

@Account Closed Thanks a lot for the information!

I don't know anything about liens and other problems a title could have. What's a good source of info for learning about title issues and how to deal with them should something arise?

I would appreciate the help!

Thank You @Derrick Adams I will check him out!

I'm looking for a title co. or closing attorney in Charlotte. I'm new and so i'm gathering all my cards together for when I find my first deal.

@Kevin Wang, Thank you for all the help. There was a lot of things I was uncertain about, and you clarified a lot of them.

@Roland Paicely, Your right I feel that a lot of these question could have been answered by going with the flow, I just need to get in the water first! 

@Kevin Wang, Ok. Let's start from the top and see if I got it.

1. I receive a potential deal through direct marketing phone call or driving for dollars.

2. I call back, and discuss over the phone a raw offer, and about the contract, and about seeing the home with a contractor. They agree.

3. We see the home, and come up with a repair estimate, and then I calculate a more accurate offer.

4.* The seller is ok with new offer, and signs the contract and during the period stated in the contract I can tour the property with the buyer (of course with the seller knowing before hand when the tour takes place.)

5. I contact and email the buyer the ARV, Contractors quote of the repair estimate, Asking price (my offer which is the Seller's Asking Price + My Assignment Fee), and non-refundable deposit and a image of the contract he will sign (Should I email both contracts or just the one between me and buyer? Also should I mention the )

6. The buyer may or may not tour the property*, and if he/she agrees to the offer, and contract, they sign it, and hand me the deposit and the contract states they must close within a certain frame of time.

7. Now having both contracts, I go to a title company, and hand over both contracts and the earnest money, and have them search for the title (Do I pay for all of this?) I contact the buyer about what title company I gave the contracts to and leave the rest to him/her and the seller (Do I give the buyer the sellers contact info? Of course letting them know I found an associate who will purchase the property)

Lastly if the buyer takes over, how do I know when they are closing so that I can collect my fee from the title company? Will the buyer give me the details, or Is this set by the title company? (I just thought about that possibility.)

I really appreciate all the help so far!

@Matt K., that was really helpful. What your saying is from the phone calls I receive from marketing, I get info on what they know needs repairs. I come up with a quick rough estimate based on comps and info given over the phone. I call back with the rough offer and if they accept, we schedule to have a look at the property with or with out a contractor, when the true estimate of repairs is known, I'll be able to calculate a more accurate offer to comeback with. If the seller agrees with the offer and signs the contract, I then contact/find a buyer and discuss the info such as ARV, Asking Price, Repair Estimate, What those repairs are, the contract and non refundable deposit. I communicate with seller about seeing the house once more with buyer/associate. He takes a look and agrees, and signs the assignment contract that says he must close within 30 days and hands over the deposit.

Now that I have both contracts what do I do?

@Kevin Wang, Thanks the response. I'm a little confused, are you saying that I should communicate with seller, associate, and contractor to see the property on one one day at separate times, or all at once? How should I let them know the contract? Are you saying I just while, speaking with them over the phone or in person, let them know what the contract is about and does, and that a contractor and I will be looking at the home on X date, and if they agree do just that? Lastly once the cash buyer/associate signs it it's out of my hands? So the buyer sets up everything with the title company? Do I just send the document and earnest money over to said title company without paying anything (other than earnest fee)? It's mainly the last leg of the race that confuses me