All Forum Posts by: Verlin McClendon

Let me just start by saying the tagline for this post is a little misleading... obviously people still do this business... So I have, what I think is a pretty SOLID deal under contract and have approached some buyers about the deal and the all say the same thing... "I'm not buying in that area". From everything that I've seen and read about investing a SOLID deal is a SOLID deal regardless of location.... I want to lay in out and see what you guys thing.. WHAT AM I MISSING

DISCLAIMER: This is not a solicitation for a buyer just more advice(for the admin)

the house is a 3/1 on a slab... Its currently occupied and the tenant is on housing(so the rent is all but certain) and pays $750/mnth. there are no repairs needed cosmetic or structural... Granted the house is in a C to C+ neighborhood but it is the nicest house on the block. Tenant pays all utilities.. appraises for 68k sales price is 65k(no repairs needed).. Tenant is to remain in home after the sale..

So that's it.. Someone tell me what I'm not seeing..

Be Blessed

Hello,

quick question: I'm looking to purchase my FIRST investment property and cannot be more terrified!!!! I was curious as to what document I would need to get the seller to sign for the purchase??? Should I see if the seller would be willing to do an owner finance an if so what document would protect my interest in the property... the property is currently zoned for commercial use.. would I need to have it re-send to allow for multi family dwelling... these are just a few of my questions... thanks all and I'll see you at the top!!!

By the way I'm located in east Texas... if that changes anything.. 

hello all, 

I have a question that I'm hoping someone can help me with. I am looking into potentially wholesaling a property. The sellers biggest concern is for the homes existing tenant. The seller says that the renter is elderly and disabled and they want to make sure she is interested just kicked out of the house. I feel the sellers pain but at the end of the day the end buyer would own the property and can do what they want to do. I know several buyers that don't really care to have an existing tenant remain in the property after they take ownership... The seller states that the tenant has lived there for some time and theyve never had problems with damages or collecting rents.. to me it eould make sense to leave the tenant as the repairs needed would be minimized and there would be no cost to Maret for potential renterz..I don't really have any control over that but I don't want to lose the deal either... how should i proceed??  Thanks all... be blessed

just curious, How much more difficult t and what are the steps to doing a wholesale deal on an apartment complex? I sent out some direct mail pieces and received a call from a guy stating that he had sold the SR that was on the letter but had an apartment complex he was looking to sell. I'd never done a deal like this so thought it might be about the sameas a house. SSo i got the address from the seller and went to do a drive by of the complex. I also did some marketing to see what kind of buyers I could attract.. the buys that called all wanted the same thing... financials foe the building okay no problem I thought so I asked the seller for the info. He said sure as soon as we contracted on a deal??? Why would anyone contract a deal this size without the whole picture? Why wouldI sign a contract with him if the end buyer's don't know if it will work for them? So the seller does a complete 180 and demands that I take down the advertise because I don't own the property and this that and the other. Not sure where it went wrong but it appears to have gone terribly wrong. In addition I gave the seller contact info for a buyer that had contacted me without anyway to secure my piece of the deal. When the seller called he he. Was asking 550k... i had inquiries at 590k.. what should I have done??? 

Thanks @ Tom.  There's nothing that I can think about as being more excited and nervous about getting involved in... can you share some insight on the east Texas market as far as if there is property moving by wholesalers or not? No trade secrets (LOL)  just seeing what the pulse of the market is.

Hello All,

I am am in the beginning stages of launching a wholesale business in my area. I'm quickly finding out that there is so much to learn and it can all be very overwhelming. I am however very excited for the oppurtunities that await. Tips and tricks are welcome but sometimes the lessons that teach us the most are the ones that we learn the hard way.Thanks for taking the time to read this. I'll see you out there!