All Forum Posts by: Albert Paul

Ok, yes it is "deed in lieu". The ARV is $ 170k. The house is in great condition. The area is great and the property has potential to be a fix and flip or buy and hold. The number is conservative and I believe the $100k-$110k is cash.

Hope this clears up my question a bit any advice is helpful, thanks again!

Hey Brett, I know your not picking and I appreciate your straightforwardness, hopefully my colleague has the answers to clarify the question so that we can get some helpful info. Again I appreciate it @Brett K!

A colleague of mine has a deal he is trying to structure but has no idea which or how to structure it. Scenario:

Property worth $170k

Existing mortgage $130k

Repairs about $2000 to update

Foreclosure "in lieu of"

Buyer willing to commit between $100k-$110k

Is this deal even worth it for him to do and if so, is this a candidate for a wrap transaction or "subject to" or is that the same thing and how does he structure such a deal?

He didn't say how much the mortgage payments are but everything is current.

I kind of want to know myself for future reference, so if anyone can help shine some light on this topic it would be greatly appreciated!

A colleague of mine has a deal he is trying to structure but has no idea which or how to structure it. Scenario:

Property worth $170k

Existing mortgage $130k

Repairs about $2000 to update

Foreclosure "in lieu of"

Buyer willing to commit between $100k-$110k

Is this deal even worth it for him to do and if so, is this a candidate for a wrap transaction or "subject to" or is that the same thing and how does he structure such a deal?

He didn't say how much the mortgage payments are but everything is current.

I kind of want to know myself for future reference, so if anyone can help shine some light on this topic it would be greatly appreciated!

Hey Brandon, try posting an ad on Craigslist for cash buyers in the area. Make it appealing, make it eye catching, i'm from the city and I know buyers and wholesalers that are there, so it is possible, because I have land in the uptown area, that i'm getting letters for offering to buy for cash, also look for the "we buy houses" bandit signs.

No problem Rene and I wish you the best in you endeavours and much success!

Hey Rene, glad I could help. If you are direct to seller, then let the agent find the buyer, so they can earn that full commission you're giving away, if it's the other way around, then it's business as usual for you! Also ask the agent, what number will it take to get the deal done if you have a cash buyer that closes quickly. Keep in mind you commission as well, so as to negotiate your profit!

Hey Rene, I am a wholesaler myself who has recently started working with agents, I was taught to let the agent know that you are unrepresented and that they would receive 100% commissions. This is the method Sean Terry preaches as a good way to build a team. Agents have all the contracts they need to make a deal happen and usually when they hear you are unrepresented and they can make 100% commissions, it's usually a no brainer for them and you have acquired a friend for life! Don't forget to ask for expired listings and cash buyers, as long as they can see where their money isn't affected, you both can make some major money. 

Hope this helps!

Hey Kevin, go to peoplesmart.com or whitepages.com and do a reverse address lookup on the absentee's current address not the property's, to get their number, there may plenty numbers or just one but do your due and call each one til you find who you're looking for! Then its simply up to you to sell yourself and get the contract! 

Do your homework, know what you're going to say before you say it, rehearse if necessary, and know what the property is worth and what you're willing to offer, have a bottom line number that you won't go beneath. 

Don't be afraid to walk away if there is no money to be made, don't NEED the deal, make them need your services, and no's are just the prerequisites to a yes!

Hope this helps, have a good one!

Oh and as far as an inspection goes, you should always try to get eyes on any property you are putting under contract, just so you know what you're getting into and how to better price your offer but it's not a requirement (for you), however, the buyer is responsible for getting an inspection done before the purchase, unless the initial contract states otherwise.