All Forum Posts by: Zachary Curry

Wholesaling is a way for people to act as a realtor without a license. It is legal as you are technically buying the house first and reselling. If you are doing the group work and are part of a flip team then yes you are able to compensated upon the sale of the home. After speaking with a potential seller, research the comps both active as these will be your competition at resale and the sold comps indicating the range of what you should pay for the home. Have a predetermined, educated range to provide an offer and then have a list of costs a typical 3 bedroom 2 bath home to replace the popcorn ceiling with new drywall is $6k, a new bathroom mid range is $6k, a stainless steel appliance package is $2k so as you walk through the home you are tallying your flip costs and determine where in that range you should offer. When working with sellers highlight the positives, great neighborhood, its great they have a block home, great schools, then demonstrate the areas of improvement and include them in the offer process. Make sure you don't just throw numbers at people they will feel as though you aren't considering their needs. Never be afraid to ask the seller, what are they looking for, then ask why? Someone will never argue their own information and if you are able to say this is my offer/ what your home is worth (key work is) BECAUSE then explain your offer people will listen and take you seriously. Be the authority, after all you do this for a profession. Your going to do great!

That is correct, PayPal means you are paying your pal you never met. I agree with the ACH autopay which you can instruct online with offline payments. @jim Adrian

@Jim Adrianundefined

Orlando is such a great market. A fellow Realtor that could answer a lot of questions and is great to work with is Daniel Wilson at email me and I will send you his information.

Remember a phone call costs nothing!

It is in her best interest that after the taxes are paid the second is paid off in full, but at the end of the day you just need to pay over the amount she owes to benefit her. As you have already taken the time to understand her situation sit down with her and create a strategy for her to pay down her debt and show how by paying off the second faster will make her more money sooner.

Meaning... If she was to make 1.5 payments per month her amortization period would be diminished allowing less payments to go to interest and larger payments to principle. It depends on the terms of her loan, what she could afford, and if she would incur a pre-payment penalty. If you were to refinance there would most likely be additional costs BUT to truly evaluate the solution you must discover which one would cost more.

Short answer: Make payments larger than her debt... After that it depends and I would recommend a financial planner to asses her situation or even her bank could assist her further.

In your scenario I would work with the sellers and provide an offer with a consideration or earnest money of $10 to make it legal. Why only $10 because the sellers understand your value and if they want to work with you this will be a non-starter. Construct a contract with confidence, get the contract signed then go to your partners and wholesale. When the investors buy, a double close will occur and you just made money. Remember 1% of something is more than 100% of nothing.

It is still an investment, you are just fortunate enough to have the VA, and let me say thank you for your service! When calculating cash-flow if there are rehab costs then yes calculate those, but other than monthly costs that is all you require to calculate cash flow.

A good tool to utilize is excel, you can evaluate a cash flow in minutes.

Monthly payment is =PMT(intrate,term,principle) it would look like

=PMT(5%/12,180,100000) This is $100,000 at 5% term of 15 years.

Then place your estimated occupancy rate, insurance, taxes, an allotment for improvements down the road into a pivot table to automatically subtract.

IF there are down payments or rehab costs then create a separate pivot table to recoup your initial costs within 5 years and provide yourself a reasonable interest amount while paying yourself back. Say a standard bank rate at the time. This will ensure the property is able to cash flow from day one and you will recoup your money.

I can email you a spread sheet if you would like, just contact me and let me know. Hopefully I answered your question.

This is tough, a lot of wholesaling comes from working with sellers directly... Knocking on doors, putting signs out, direct mailers and follow up. Cold calling is an option but as many people have moved away from landlines and obtained cell phones a little harder. BUT When there is a will there is a way. Direct mailers are still successful. To mitigate your costs instead of mailing from overseas contact a Every Door Direct Mailer company, you will pay less postage and have a company print the flyers you designed. Start will smaller areas, as it will costs less. Also your location could be a positive as you are able to market to international buyers wanting to either invest, move, or enjoy a second home in the US. Safe travels and good luck!

Love cash, like checks, but times are changing. Any time you involve a third party fees apply. Cost of convenience. Depending on how many units you have creating your own website through Wix.com (very user friendly and I've used others like GoDaddy) costs about $300 to utilize payment options but you are able to streamline maintenance requests and have tenants pay rent. You are able to process payments in your own terminal and setup automatic bill pay. OR Yes you can use paypal directly without an interface but it is easier for your tenants to have the site and have their own accounts. Additionally you can post new updates, and your own rentals available, and have potential sellers send you offers to buy their home. While your SEO will not be top performance comparative to HotPads, Zillow, Etc it is very useful. I have a couple websites and once you complete them it is very little maintenance and they have become very useful. Start with a free account and play with Wix before you commit to paying the full amount. It is not for everybody.

No one ever scored a point by watching from the sidelines. By law if you make an offer in writing the REALTOR must present to the sellers. Write up an offer with earnest money with an amount you are comfortable. Also as time goes on the owner has additional costs to carry the home, sometimes waiting isn't the best idea.

Make an offer. This is a long term holding as the units are already occupied the real opportunity is in creating additional storage and diversifying with potentially adding a rental truck facility, and selling moving supplies. If you would like to negotiate let me know. Thank you in advance.