All Forum Posts by: Mark Gingrass

I have a question.
I came across a property that is for sale. It dropped in price to $17,500.

2 bed 1 bath house currently rented and the renter wants to say. Rent is $350 / month.

Now, lets say i'm interested in this house. I do not have the cash for it up front. At most, I can pull maybe 5K out of credit cards.

Where would I get the cash to pay for something like this QUICK. These wholesale deals tend to be gone so fast.

Don't most wholesale deals require cash on hand?
Should I just go to a bank and get prequalified for a loan first, then when good deals come up, i'll be ready for it?

Any suggestions?

My license is being transferred to a broker as I type.

1. What are some of the best ways to integrate investor/real estate agent.

Some things I was thinking:

Advertise to real estate investors to use me to list at investor discounts.

Find good houses on the MLS and call my list of investors about it and take in the commision upon sale.

2. Can I do this:
I make many many offers on houses well below FMV and get one that is assignable. I assign it to an investor, and now I get the assignment fee as well as the commission right?

I'm excited to get started. I jumped in so fast that its hard to learn it all so quickly.

3. Can I get a house under contract/assignmetn and put it on the MLS to try and sell it, event though I don't own it yet?

I read the topic "Beginning in Wholesale list of questions:" and it was great.

I have a few more questions.

I went out and looked at some vacant properties and wrote their address's down. I then looked up the owners.

What types of questions should I ask them? Should I tell them, "I'm a local investor and i'm interested in your property? If your interested, can we schedule a time to look at the house and possibly make a deal?"

These houses are the crappy looking rehabs. ha ha. Mind you I do not have much experience in pricing the rehab costs.

Do you find more deals through pre-forclosures, or through rehab houses?

Thanks for any responses.

Well put Ryan. Thanks for all the advice.

Is it customary to ask what the contract price is on a wholesale propety.

This property was offered for 12K and I offered 7K for it. They said no but they would take 8K...So my partner backed out and I told them I could still do 8K contingent on financing. They said that they do not allow finance contingencies. Then they went ahead and talked about closing costs etc and I got out of them that they had only purchased the house for 5K and that it needs to be closed by the 14th of October.

Mind you, this is a company that has lots of houses under contract.

Do you think it would be ok to come back to this offer and offer them maybe 6K? Or eve 5K?

Or maybe even go to the owner of the house around the 14th of October and offer them 5K if it doesn't sell with this company?

Thanks for all your help.

Mark

Would using your name as a website be a good idea.

For example. www.MarkGingrass.com
or do you think you should sell a name like www.OKCityHouses.com

On one hand, people might see the name and recognize me as a realtor/investor in town.

On the other hand, using something like OKCityHouses.com might be easier for people to remember.

I will also be a realtor soon. I passed the exam just waiting on background check.

What is your take on this type of promoting?

I'm looking at this property that has a cracked foundation across the floor.
This crack goes along the entire 800 sqr ft house.

Does anyone know the costs of repairing this crack? and prventing further cracks?

If i try to sell this house to another investor, would the crack be a problem if the investor was just going to rent this house out?

The crack can easily be fixed and carpet laid or flooring.

I looked at a house yesterday that I really though had some potential for a flip.

What I want to know is this:

Should I fill out my own contract with my stipulations?

What I want to do is get a general contractor in the house with me and inspect the whole house and see what he would charge. Then do that to a few other contractors and take the lowest price.

Now in my contract I should be able to state that it is contingent on the repair costs being less than x dollars.

I would also want it contingent on financing.

Does this sound like a reasonable approach?

I basically want 4 or 5 days to inpsect and get this all done.

This house is for sale for 12K. I did a quick visual and dont' know if the elctric or plumbing works.

zillow shows comps of 37K in that neighborhood. I highly doubt the house would need more than 12K in repairs.

What do you think I should do. I really want to get my feet wet and learn this stuff but it seems that unless I go out and do it, i wont' learn.

A friend of mine is 70% disabled and is a vetran.

Rumor has it that you do not have to pay property taxes if you are labled as such.

Has anyone else ever heard of this?

Where should I go to find out more information on this?

Thanks.

I set up an S-Corp for 50 bucks.