All Forum Posts by: Timothy Rogers

Kyle Holsey the bad economic force me into real estate full time. I was laid off from Benchmark mortgage company into 2007 after only 14 months on the job. I left Citi to go work for them. It was bad luck for everyone in mortgage doing that time. Mortgage companies were going under daily from 2007-2009. After not finding a job for 6 months, I decided to start wholesaling and earn $15k within a 6 month period. I was blessed my wife was working doing my unemployment time period. I do wish I had full time job at times when I go through my dry spells of wholesaling, but I don't miss corporate america. It is good to have a stable income if you are single and if you are married both spouses got to be on the same page before you dive into real estate full time. It will be tough at times, but success is not easy. So, I can't complain.

Thanks J Scott. I knew you and Jon could give great insight on this. My partner and I were taking our time on moving forward until we heard from contractors, inspectors, and rehabbers like you and Jon. Thanks again.

Thanks Jon and yes that is the street. I have read all 29 pages of the historical district criteria for the property and we could build new just have to have to same architectural design of the neighborhood.

Hello,

Looking into buying a 2 story 1944sqft home. It needs a total rehab. The home will be gutted. Home was built in 1915. The wholesaler told my partner and I it will need about $75K in rehab work. I had 2 contractors to tell us $80k in rehab. We are going to have an inspection done to see how bad the mechanicals are. I would like for an experience Rehabber to give me some advice on rehab cost. We are thinking cost could be more, but it could be less. The contractors are throwing numbers out without a breakdown on cost.

Here are the repairs:

Electricial= entire home rewired

Foundation= Pier and Beam

HVAC= need to be install

Plumbing= bring up to code

Sheetrock & Insulation= entire home

What would the cost be just for those items? and What is the typical rates for these items? I know cost varies from state to state. Any advice will be greatly appreciated.

Thanks,

Tim.

Tarek Wazzan yes, you can wholesale a wholesale deal. Personally, I don't do it. I will bring another wholesaler a buyer and wholesaler can give me a percentage of his profits.

I don't do it, because you will turn a wholesale deal that it is a good wholesale deal into not a deal just by adding your fees to it. Most wholesalers don't mind sharing their profits if you can help them sell it.

I have found that wholesalers that tell you to add your fees, usually have suck up all the potential profit. The reason the property is not selling, is due to the wholesaler being greedy.

Jeremias Martinez open means the title company will begin searching to see if there are any liens or deed issues such as heirs on a deed. Title company is assuring that there is a clear title on the property before closing.

You are probably not dealing with an investor friendly title company. Not all title company know how to work with investors.

I do a assignment of contract. My buyer always know what my fee will be when we fill out the assign contract.

Here is my process of wholesalin:g

1. put property under contract.

2. take contract to title company so they can open title.

3. assign contract to buyer for a fee and give copy of original contract with seller to buyer. Also, get some type of nonrefundable deposit($1000) from buyer so you won't get burn by buyer. This deposit will let you know if buyer is serious about buying. You would get the rest of your assignment fee at closing.

4. take assign contract and deposit to title company so new buyer and your fee will be on HUD1.

5. wait for closing to get your money.

That is how I do it.

Hope this has given you some clarity.

As a wholesaler, you should have buyers in mind to call before putting the property under contract. Also, you go an open title on the property. Do you have an option period on the contract? Did you pay the seller anything for an option period. For example, give seller $100 for 3 week option for marketing purposes. I know in Texas, if you go pass your option period then you are on the hook for purchase of property. Also, in Texas you can terminate contract within the 3 week period just by sending termination notice to seller and title company. You never want to terminate, because as wholesaler you are there to solve seller's issue by getting seller's house sold. You will get a bad rep as a wholesaler by being known as a person that can't close deals. So market your butt off to get the property sold. In the future have your buyers line up before you put property under contract.

I hope you find a buyer and I wish you the best.

I have always put in my contracts that property must have clear title before closing and title company does the rest. Title company will inform me and seller if there is an issue with title. No need for a letter.

Bryan Ingram Welcome to BP. I am a wholesaler and I use to used www.myhousedeals.com fews years back to find motivated sellers and the site had quite a few to call on. But, you are right about the site now. Mostly wholesale deals.