All Forum Posts by: Chris Piper

Whenever I am selling a property, I let everyone know what my price is, and let them know that they have to pay closing costs. Try to make it known up-front so a deal doesn't fall through of a couple thousand dollars. If you have no other buyers and are running out of time and might lose the deal over the closing costs, then if you can afford to absorb the closing costs yourself, I would suggest doing so. Only if you absolutely have to of course.

Hey guys, we just got our first wholesale property under contract, and we have a shorter than usual amount of time to wholesale it. I am going to put a bandit sign in the yard of the property we have under contract. I'm just wondering what it should say to get the best results. Let me know what you guys think. Thanks,

I was thinking of 2 options:

Option #1

4 Bed 1 Bath 1,600sf.

30 Cents on the Dollar

Must Sell Now

(XXX)XXX-XXXX

OR

Option #2

4 Bed 1 Bath 1,600

$20,000 Cash

MUST SELL NOW!

(XXX)XXX-XXXX

Brittany, you might want to consider using a private investor or hard money to acquire a flip. That way you aren't putting your personal property at risk in case something should happen. Also, most private/hard money lenders will use the property you are buying as the collateral on the loan, and you can usually roll the rehab costs etc. into the loan. Just a thought for you.

@Sandy Uhlmann , I just uploaded the Standard Purchase & Sales Agreement for you and anyone else who needs it.

@Brandon Krieg , you make a good point. This is just a general copy for anyone to use. Each state typically does have their own version. Anyone who is planning to use this, may want to consult with an attorney or at the very least, with their real estate agent to make sure that it will work for your area. If it doesn't, you or your lawyer/agent just need to tweak it a little bit to make sure that everything follows your state's specific guidelines.

Michaael, you may want to look into Freedomsoft by Preston Ely as well. I'm using the iFlip along with the Freedomsoft. They both are really great products individually, but they are amazing when used together.

You are better off using hard money, private money, or transactional funding(depending on what you are doing). NEVER personally guarantee a property yourself. You never know what can happen in the real estate business, and it is definitely not worth risking everything you own to make a deal happen.

I can't speak from personal experience because I would never be a landlord, but I have friends who are or have been landlords. Here is what I know from their experiences:

PROS

Getting other people to pay off mortgages on your properties

Monthly positive cash flow

CONS

Renters not paying on time

Repairs

Taxes

Evictions

Renters trashing your properties

Kenneth, we buy and sell houses all over the U.S. If you want me to add you to our buyer's list, please go to out michianabargain houses website in my signature, and put in your name, email, and phone number. Then, we will email you whenever a new property is added.

@Pedro Plencher , I just emailed you the contract. If you still want a copy @David Hart , message me or email me.

I live in a city that does not allow bandit signs. I would recommend doing what I am going to be doing. Put them up anytime after 5pm on Friday(when the city and county offices close usually), then pick them back up Sunday night. No one should bother you or take down your signs.