All Forum Posts by: Nate S.

I gutted the bad drywall, the insulation is still questionable. 

I've just been busy lately. I believe all the evidence points to the washer being the source of the problem, I think the water lines were good but I think the washer leaked water. It has some mold on the cement where the washer was. I think that is why my mom started to go to the laundry mat. 

It's Nebraska so it rains pretty hard here, so I would've witness a water leaking coming in when it rained. I sprayed the drywall with kill mold spary/clorax on the dry wall before ripping it out, don't want to breathe it in. Thing is I have the water turned off for the moment.  

I was thinking of using cement drywall, at lowes they showed me green anti moisture wall for it? So paint it with anti-moisture primer? I was thinking of using a baseboard and wall covering. Can I just remove the drywall and slap some anti moisture paint on it? I'll take a picture of insulation to see if its still good or not. 

I just sold off the old washer/dryer, then found some mold on the bottom of the dry wall. I'm going to be cutting out the dry wall but don't want this to be repeated either. I'm going to be renting this house in the near future, thinking of some ways how I could make this laundry room nice but also moisture protection. What should I put around the walls? concrete drywall? I don't know. 

@John Thedford Fraud is a strong word but it's only when someone is a victim of actual theft of their money. If that was the case wholesaling, it would've been shut down a decade ago. It is a loop pole in the RE industry, brokers are losing money because of it and they know it. All it is to get around without getting a license which could lead to unethical behavior. Even in my RE class we talked about legal practices can be unethical. End of the day, it is legal. 

I'll take my house for a great example, my mother passed away. The mortgage on the house is $48k, needs around $20k-40k in fixing and with ARV could sell for $95-120k. If I had a mindset like my family just telling me to sell, get rid of it. Why would I go through a RE agent/broker when I can go through a wholesaler saving me a commission of $5k or more. I get my $50k, to pay off the mortgage, and I walk away happy. Really all the agent does is slap it on the MLS, can write a offer at their other job sitting on their a$$ and make their commission. 

The seller(motivated seller) agreed to the price the property they want to get rid of, wholesaler puts in under contract then assigns it to a cash buyer(investor). Really the seller is happy when they get their check, getting rid of the house, wholesaler is happy getting a assignment fee, and fixer/flipper is happy when knowing he going to make $50k in profit selling the property AFV. 

 I can understand the hate is when wholesaler not disclosing what their actually doing of flipping the contract to the cash buyers. Problem if the wholesaler discloses about his "cash buyer partners" during negotiation this will only confuse the hell out of a motivated seller. All they really care about is selling the damn thing. So why bother even telling seller, and if contract he locked up expires wholesaler walks away.  

@John Thedford

Well I'm glad this hate and stigma on wholesalers is being addressed on the table. I wanted to get investors PoV on wholesalers because they have this stigma on being newbies getting into the RE market, but it can be said same for RE Agents. Let's be clear, some deals are not made best for placing it on the MLS or a property full retail which is not meant for wholesalers.

    I'm trying to do my first wholesale deal but want to bring a sound deal to a investor, like as if I'm going to flip this property myself if I had the cash. I want a assignment fee for putting in my time to look for this hidden gem. That's how I see it, I'm saving you time and money, getting a investor the best price.

 I don't like the idea either of "fast cash" because a deal may take 2-6 weeks and it is more false advertisement. As for my yard signs goes its says "Nate Buys Houses, Any condition or price"

 I do plan to disclosure statement to the seller to jot down what is wrong with the property. Then I'll have a look myself, going down the check list new gutters, sidings, etc. I could be straight up with the homeowner, I would be contracting it out to my "partners" or "cash buyers" or they can list it on a MLS like normal and have to pay 7% commission. It's their choice. 

 There is professional wholesalers but they have the money to do pump out for marketing. Thus, a other reason why I'm getting my RE license to have more options on the table. To me wholesaling is trying get houses at the best price like at wholesale price like @JD Martin On facebook, on a wholesaler page people are posting their assignment fee checks all the time. 

   I just recently saw wholesaler locked in a property to sell in my own hometown that I just saw recently trying to be sold by a Real Estate Agent.  I'm sure it was a RE Agent knew the listing was up and offered to buy the property, now selling it to cash buyers. 

I read alot of stuff online, including on this forum bagging on wholesalers because their making money flipping contracts. Honestly I see wholesalers saving time and money for investors, more like marketing agents for real estate, trying to get investors the best deals which time to me is the most valuable asset. I don't understand why all the hate on wholesalers? 

The house I inherited is teaching me alot I didn't know about fixing a house, knowing little bit more what investors look for. While I'm doing wholesaling even though I've haven't done a deal yet but working on getting my RE license at the same time(yes, I'm aware you have to disclose). 

Honestly, all I did was go to my local title company in town because wholesaling brings them business. They're very aware what wholesaling is, if they don't know what it is walk away. The highest assignment fee they did was $10k and he gave me all the documents I need and went step by step in the process on the contracts regarding wholesaling process. I just started but also working on my RE license as well, I like keeping my options open for sellers. 

I accidentally double posted but could I get a reply at least for this situation?

My only property is 20-30 minutes from Omaha, which is where all the jobs/tourism takes place like the Berkshire Hathaway event for example brought alot of tourist but that's once a year. So a condo would be more suitable for a Airbnb, than a actual house? I basically have to run it like a mini hotel. I would want to actually do both. With Airbnb, what about utilities? the cost could sky rocket in a single night stay. Then having the issues of damage to the property or gets hurt? I want to get more of a insight later down the road because I want to buy a duplex, keep one unit open for like Airbnb and 3 other units for actual rent.

My mom passed away last year late august, decomposed in the house for 2 weeks. I was stationed in Italy till January since then the air circulated through out the house basically spreading bio almost everywhere. My insurance agent told me it was not covered, yet I had bio clean up company called my adjustor and it was covered 100%. At the current moment, house has been gutted, washed down for any remaining bio hazard. HVAC cleaned the vents. Still needs asbestos removed flooring in the kitchen. Now because cost of bio hazard clean up is higher than expected for adjustor. Now telling me to take it out of the bill of bio clean up crew gave to my adjustor for asbestos and reconstruction. The bio clean up told me, no all contractors are done separately under the same claim. I asked about loss of use, telling me I can still use the house having sub flooring. That insurance was in my moms name, not anyone else. Yet Im the damn executor of estate, and paying for the deductable. Im like what the hell? Im living with my grandparents, I cant even live in my own home yet Im paying on it. I need some serious advice on handling this insurance claim. Just seems now the adjustor is fighting putting out the cost is what needed to bring my house back to living condition. If this was car be like just taken off the damaged parts, but still drive it without being fixed. I want to make I get what is owed to me especially when my mom paid for insurance.