All Forum Posts by: Sam Williams

I'm wholesaling part time. Still very new. I'm considering just setting aside 40% from the sales proceeds then paying taxes quarterly from them. I am also concerned that it's going to impact the taxes from my day job. Anybody out there know of a clean way to manage this? Thanks! Sam Williams

I'm considering a 1984 double wide "modular home" in a 55+ community in Valrico, fl. The unit is in great shape but the A/C just died and the seller doesn't want to fool with it. Lot rent is $433. The seller is asking $25k and seems firm. Does that sound like a fair price? I'm still new to this...

I saw a potential wholesale property that's listed with a realtor.  It's been listed for 99 days.  The owner said the realtor is a personal friend and this friend said that if he gets a buyer that's fine she'll handle the closing and take a 2% commission.  I'm uncomfortable with this.  What are the risks here?  He said he'd look into terminating the contract with her.  I like being exclusive.  I don't want the rug yanked out from under me.

Thanks,

Sam Williams

I met a sweet little 87 year old woman today in her apartment. She owns a beat up house in Largo, FL. Somehow she owes Wells Fargo $96K (HELOC?) but the tax office says it's worth $53K. It probably needs $30K in repair. The neighborhood is not too bad although it does have some rough spots pretty close by. She's living on a few hundred dollars a month. I'd like to help her and she wants to work with me but I wanted to see if my ideas would hold water with you guys.

Would you go to Wells Fargo and explain that they'll probably never get their money then offer to pay them $26,500?  $53,000?  Or walk away because a short sale is a lot of work?

I do wholesales not buy and holdls.

Thanks,

Sam Williams

Thanks Doug. The neighborhood is good with a lot if well kept older homes. The price may be the key.

I got a 90 year old house under a wholesale contract in st. Petersburg, FL. It's a cool looking 2 story Key West style house. The problem is that it needs considerable work. When I put it out on Craigslist / Zillow at $59,000 (comps say $102K) there was a lot of interest and people went to look at it but that was the end. Not even a counter offer. I had to cancel the contract. That was painful. Now the owner has offered to drop the price $5,000. The more I think about it the more I think it should be a tear down but I'm too new to take on such a large project. I thought about owner financing and maybe trying to sell it but I think it may be to scary for anybody to deal with and then I'd be on the hook. Does anybody know of a simple, creative way through this mess. I really want to help this lady. Thanks, Sam Williams

I'm ashamed to ask this but how guarded are you with lock box combinations. I have people interested in a house that I can't be there for a walkthrough. Should I give out the combination or ask them to wait until I'm available? Thanks!

Oh absolutely!  I thought that went without saying.  We did an even split and I had no problem doing so.  I feel like I should pay somebody that is willing to take the time to teach me something.

Recently I got my first real chance to wholesale a house.The seller was asking a reasonable price and the property was a burden for her.  Since it was my first I wanted guaranteed success.  I could not fail.  To complicate things it looked like the sale would have to happen while I was in vacation!  My solution was to partner with a Pro.

Matt Larsen (Pinellas Beautification Project LLC) is a member of Bigger Pockets, works in my area and has completed a lot of "deals" over the last few years. When I approached him with the opportunity he was eager to help. He agreed to mentor me and walk me through the entire process. Matt met me at the property and engaged in the talks with the seller. He was professional, confident and encouraging to both the seller and myself.

The next week while I was vacationing with my family Matt orchestrated and completed the closing.  He kept me posted through texts.

When I got home we met at a restaurant and he very patiently went through every document line by line and answered every single question.  He never once said that my questions were ridiculous... :)  It was a pleasure to partner with a professional like Matt Larsen.  I understand far more now than I did before.  I'm so glad he was willing to work with me on this.  I think I saved a lot of time, money and possibly even some pain.

 If you are new to this I would highly recommend partnering with somebody with experience.

It shows over 60 people in my area but when I select next page nothing happens on a PC or other devices. That's why I was thinking I had to upgrade my access.