All Forum Posts by: Timothy Rogers

You get a check from the potential buyer and take it to the title company. Title company will hold deposit and if buyer flakes out then you will receive deposit.

I have assigned all of my wholesale deals.  I didn't care if the seller or end buyer saw what I was earning. They knew I was not a greedy wholesaler. It didn't make sense for me to take most of the profit when the end buyer is taking on most of the risk. I left plenty of meat on the bone for the end buyer.  I know in Texas you are not going to get too many $15k or $20k assign fees. If Texas wholesalers are, they are just taking advantage of newbie investors. In my opinion.

Hi Jamiie Wooley,

I am giving 12%  with no points to my private lender. He is not family, but I felt like 12% was fair and I don't have to pay until property has been sold. Just treat your Father like any other private lender. You are there to earn money for you and your Father. Just don't take your Father for granted just because he is family. You will be fine  approaching it strictly from a business standpoint.

Tim.

Hi Chad, Welcome to Dallas. I see you have the same plan as I do on building capital and passive income. We should talk and bounce ideas off each other. DFW is a hot market right now.

Hi Timothy C.,

I signed up for realquest, but I cancellled after 1 month of using it. I did not like the fact that I was paying $225 per month (nationwide) and was still limited to certain features on the site. I had to pay if I wanted to get mls pictures for comps or use other features. It was not as benefiticial to me as I thought. You would think $225 per month would give you access to the whole site, but it didn't. I did like that you could get a ton of information on property, but it was not worth the price for me in my opinion.

Thanks,

Tim.

I give $50 to $100 to the seller right up front for a 21 day marketing period. The seller keeps the money. I tell them this is for giving me the opportunity to sell their home. Also, I tell the seller I have a list buyers that would be interested in their property. If I can't sell the property in those 21 days then I just lose out on $50 to $100. It is just part of doing business.

If you tell people exactly what you do then you won't have that problem of being call a dishonest person.

Welcome LaKeisha to BP and soak up all the great information BP provides.

It all depends on your approach. Are you just there to get a contract? or Are you there to solve the seller's house problem? If you are there to solve the seller' house problem then you could spend a hour or more. They seller will see you are sincere and the seller becomes comfortable with you. Next thing you know you have built a rapport where the seller has put his or her trust in you.

If you are just about getting a contract then the seller will see your BS and you will be out of the door less than 10mins.

Just be honest with seller and try to solve their house problem the best way you can. I spent a hour and half with a seller one time and end up getting a contract on another property the seller had just because I took the time to listen to his house problem.

Caleb Thurston there is the purchase contract between you and the seller. When you assignment the purchase contract to the end buyer. The end buyer is taking over the purchase contract that you have established with seller. You will have an assignment of contract between you and the end buyer. I can email you an assignment contract. Once the end buyer has agreed to take the deal and has signed the assignment of contract. Then you will take the assignment of contract to the title company. This is letting the title company know the end buyer is the buyer now. Now, you just wait to be paid at closing. So, you are dealing with paperwork 2 times. The Purchase contract and Assignment of Contract.

Caleb Thurston most title companies are own by an attorney.