All Forum Posts by: Will Clark

@Brandon McBride I started wholesaling in Nashville, which you can’t hardly buy land for less than 100k. I’ve recently moved into parts of Alabama like Huntsville, Birmingham, Tuscaloosa. In Bham and Tuscaloosa, the rental market is strong but house prices are down. Definitely some fixer uppers for less than 50k, and even nice houses below 75k.

@Austin Lee the best option is to get with the Title company (or companies) you will be using. My Title Company in Nashville prefers that I use one of their contracts for wholesaling instead of the official 14 page long generic contract. My contract is two pages long and works much better with sellers and the Title Company.

@Freddy Pettiford Refinancing after some light renovations (BRRR) might be a good option here, just make sure that the original structured deal isn't negative cash flow. Don't want to depend fully on a re-fi in case something happens to the market. Also make sure in the contract there's an early pay off clause (which she might not agree to if she wants long term cash flow).

@Efrain Diaz Here’s a creative solution for you. If you are flipping too, or at least whole-tailing, when you’re doing renovations, put a sticker “we buy houses” or whatever your bandit signs would have said, on the garbage can you’re using for the flip. Since it’s your property, that shouldn’t be an issue.

You could also put a sticker on your car (tacky, I know), but when you’re driving for dollars or out in the city, it could definitely attract some calls.

Final and best option (assuming you just wholesale): When you’re assigning over a deal to a flipper, offer you take a smaller assignment fee if they would be willing to put your “We buy houses” stickers on their equipment while flipping (like the garbage cans).

@Ben Feder yeah, I sell houses to investors with very little renovations needed all the time. Everything has a price that makes sense. Now, if you’re paying market price in today’s market, even fixeruppers can be a little dangerous. All about getting that good deal and finding the motivated sellers!

@James Wise usually, that’s correct. Your average person isn’t going to basically give away their home. However, when dealing with pre-foreclosures that don’t have enough equity for an outright purchase, “sub 2s” are sometimes the only option for that person to avoid the foreclosure. I know this from personal experience.

When I was 10, my fathers house got foreclosed on. He was only a few years away from paying it off. We lived in a small rural town and no investors did anything about it. So, we were forced into homelessness. His credit was so bad after the foreclosure that it was impossible to rent anywhere except a slumlord apartment. The bank took his house and gave him no money for it.

If an investor had come and taken our house, his credit would’ve been okay, and likely the investor would’ve given us a few thousand dollars to get started on rent.

So, in conclusion, “sub 2s” are really the last resort and only hope for the very distressed homeowner.

@Jaden Adams Don’t drop out. College is not taking away your time. I have about 50 hours a week of school and football, and I still have time to run a wholesaling business. You’ll find time for what’s important to you homie!

@Jennifer Rysdam I’m having the same issue as a wholesaler trying to lock up MF for my investors. I’ve found that even mom and pop owners are wanting too much. I’ve just started focusing on small MF (2-4u). Those are still tough, but more manageable than large MF.

So I have been wholesaling in the Nashville / Middle TN area for about 4 months now, and everything is going well. I have done traditional cash sales and one "subject to" deal. However, I am getting more interested in seller financed deals and things are still murky to me on how to wholesale them, especially when there is already a mortgage in place. Is it as simple as negotiating a seller financed situation that makes sense (EX. Seller agrees to $600 a month for 20 years, but I know market rent is 1200), and then assigning all of my rights in the contract to another investor?     

What happens when there is already a current mortgage on the property? Would it be the same process except the seller still has to pay the mortgage every month after we pay them? 

I'm about to pull some from them. Been using them for skip tracing only but gonna give some of their lists a try. I'll post back in here in a month or two and let you know if its legit or not. Feel like it is because their skip tracing data is really good.

@Christopher Edwards