All Forum Posts by: Trevor Sambrano

Thanks everyone for your input, that was exactly what I was looking for! Amazing how when in a pinch and time is short, the answers come so quickly from the BP community. 

We have had our realtor prepare or final contract with our LLC as the purchaser on the top of the agreement, with my partner and I (each LLC "members") as the signers.

Thanks again!

HI all,

I'm in the process of submitting my first offer today, and my realtor is struggling. She has done great in helping my partner and I find the property so I don't want to drop her on the deal even through she is proving to be inexperienced in investor deals. 

She has sent 3 different contracts to us so far: 1. our names with the LLC as a "hyphenated" last name, 2. only our names. 3. LLC name, but us as buyers in the signature

I have explained I only want our LLC name on the offer as the buyer as to utilize it as it's own separate entity. She does not seem to get it or think its possible. We finally were able to convince her to write it only in our business name (but again, our names as buyers on the signature lines), however she does not know how to send it out to both of us to sign via the electric signing program.

At this point I don't see any reason why both of us need to sign. Can't just one of us sign on behalf of our LLC and be done with this?

Can anyone in the community who have experience putting offers with your LLC please advise.

Thanks!

@Jonathan C. Great call on calling the Bandit sign owners!

Fantastic information everyone! Thanks so much for your feedback, I am still amazed at how willing the biggerpockets community is to take the time to help new investors!

I am working diligently to find deals by driving for dollars, reaching out to wholesalers, building a website, etc. Today I decided to call several agents in the area and discuss what I was looking for as an investor, and that I was a cash buyer ready to purchase now should they bring me a deal. Further, I explained that if they brought me the deal, I would use them as the listing agent once the house was rehabbed and ready to list back on the market.

What I found however, was that most the agents I spoke with said they don't work with investors. Some also seemed quite bitter at the fact I was even in the business and wanted their help in assisting me to find a deal. What I can't figure out is why would an agent act this way toward a person (or small LLC in my case) who is willing to purchase a home they bring for cash, and realist for them to double dip. What is this tension I am missing between agents and investors???

Thank you all for taking the time to provide me with such valuable information!

Hi all,

My partner and I have been scouring the internet looking for any available deals in our area in Fort Worth Texas as a fix-n-flip. Unfortunately, we do not have access to the MLS as we just formed our LLC and are are newby's to the business. My partners wife is working on her Realtor's License, so MLS will arrive shortly! However, in the mean time we are working hard to find deals but are not having much success off of the widely used real estate websites. We are currently networking with Realtors, and driving for dollars, however I think it is time we reach out to some Wholesales in our area to assist in bringing us some deals.

Now comes the questions:

How would you suggest we find, screen, and build relations with a (or many) Wholesalers? What advice do you have in working with Wholesalers overall? How would you explain the negotiation process is with a Wholesaler (I know they typically are charging a "finders" type fee, but is their initial price usually negotiable or will they get offended and cut ties with us?)

These are just a few questions, but feel free to provide any and all advice you are willing to help me get started in working with Wholesalers as a flipper.

Also, I came across a "Wholesaling" type website specific to the DFW area in Texas (dfwinvestors(dot)net). I am not sure what to think about it, I'm sure the numbers are not entirely correct, but my own due diligence can make them more accurate; but a good website for deals???

Lastly if there are any Wholesalers in the Fort Worth Texas area that would be willing to reach out to me and learn more about my company goals feel free to send me a PM.

Thanks!

Thanks everyone for your input! You have really assisted in my decision on this one. 

Mike, thanks for the sound advice. One question, when you mention closing costs to buy are you saying I will need to pay closing a costs to him, as well as have the additional closing costs assisted with the flip? He has agreed to put deed in my name at no costs which was appealing because I thought I was avoiding closing costs on my end. Are you suggesting that I will still end up paying those fees when I go I sell, sort of a double closing?

I am in the process of completing my first investment deal. I have discussed owner finance with the seller and so far he is willing to do that with no money down and I can assume his current loan terms. He has owned the property since 2005 (he moved that same year due to new employment), never pulled equity, and currently owes approximately 133k with a rate of 3.6 fixed. My realtor pulled the comps and came back saying market value was $165k-$169k. The home is in very good shape, and I don't think it needs much more than carpet in a couple rooms, and some fresh paint - I'm expecting no more than $2000 in rehab and minor touch ups. The home is a 3-2, in a good neighborhood and location, and has rented the last several years without any problems.

I know the property will rent within the first couple of months on the market and will cash flow approx $500/mo (not including operating costs). I am starting a business in real estate investing on the side of my day job, and would like to use this property to help kick off my business.

My question is, would you suggest I buy through owner finance and hold the property, and then pull money out of equity to give me working capital to build my business – AND if so, is that even possible with owner finance? If it is not possible to pull equity from owner finance, do you suggest I get a loan and purchase that way and eat the closing costs? Or do you suggest I flip the house quickly and use the profits to build?