All Forum Posts by: Stephen Gilmore

Ok great! Thanks for your reply Ned.

Hello everyone, I am looking a tax sale lot that is next to a house. I have already spoken with the person that owns the house and they want to buy the lot through me. I have done this before with success but this one is a little different. Before if the person backed out on me I could still sell the lot to someone else. The one I'm looking at now is situated to where I believe that only that person with the house next to it would want it. I do not believe they would back out on me but if they did I would probably be stuck with it. So I would like to come up with some kind of contract stating that I agree to sell to them and they agree to buy from me etc. However, if I was to do that I would need something in the contract for me to back out of the situation if I was not awarded the property. Has anyone done this before or know if a simple contract I could get written up with an out for me without saying, "I will sale this lot to you as long as I am able to purchase it first"? I wouldn't say it like that of course but don't want to give away that it's something they can go do themselves too. I am not sure how to word it to where I protect myself and also not give away that I do not actually own the lot yet. Thanks for reading and any thoughts would be most appreciated.

Hello everyone, Been doing some research on duplexes and the path I want to take with them. I can't quite decide on something. I know there are variables on what an answer would be but wanted to hear what you all thought. Is a 4/4 duplex or 6/4 duplex a better investment? So many different situations that determine this answer. Location Type of tenants Cost to build/renovate I'm more leaning towards building some new currently which is where the question comes from. I cannot decide whether it would be a greater investment for me to build multiple 4/2 duplexes with lower building costs, or multiple 6/4 duplexes that I could rent for more. Let me know what you think. Thanks again!

Thanks guys. That's what I'll do.

Hey everyone. I'm trying to figure out what the best way to find out if a neighbor would be interested in a property next to them. I do not own the property but have the option to buy it. However, it's not something I personally want. Got to thinking that maybe the person next to it might. It would not be a large profit deal but still a profit. Anyway, all this said I'm a little hesitate to ask them if they are interested or might be interested without me actually owning the property. What would you guys do in this situation? I could send out letters... or just ask them? Thanks! Stephen

I might have the possibility of buying a treed lot for cheap between two houses. Looking at the neighborhood I believe that one of the two owners would want the lot. However, I do not want to buy it unless I know one of them would. What's the best way to find out if they would even be interested in it? Would mailers to the two houses be best? If I receive a reply then try to acquire the property? Thanks for any input you may have. Stephen

Hey Mike, "Find a chunk of 4 plexes in town and see what bank is financing them. " Where do you go to research what banks are financing properties? Thanks, Stephen

Hey everyone, I am working on getting everything together and have come to the question of should I having a licensed realtor on the team. I can see benefit from having one but I'm not sure how they would benefit directly. I am starting out as a wholesaler and I believe that estimating ARV correctly is a large part of becoming successful in that field. So, I can see how they could give me correct values and comps in the area when a lead would arise. That's about as far as I can see at the moment. I was not planning on using one in the finding process or the selling process. So, my question is how do they benefit and decide to be part of my team? I doubt they would help just to give me values each time. I have also been told that I can send them leads that I could neither wholesale or flip. Even then though there is no for sure benefit for them. All that said any advice you give in the subject will be greatly appreciated. Stephen

So true. Thanks for the advice everyone. Stephen

Hey Nick, Thanks for the reply. Yes, I have checked godaddy and all of the other formats are available for the name but wanted the ".com" for when people search the name. I had a feeling that's the way it would be buying one. If I were to try and see what it would cost me, do you know where or how I would get a hold of the owner in order to give him an offer? Stephen