All Forum Posts by: Bill Mitchell

@Dev Horn

Another great reply as usual.

In regards to getting utilities switched. (This is a hypothetical) What would you do if the owner themselves do not know who provides services to the house? I wouldn't be surprised if that happened at a vacant house I looked at, some of these owners are incredibly negligent.

Do I need a special type of insurance for a vacant property? Or do I just call up GEICO and ask for a policy.

As to why I am buying it as I am sure you have found, some properties are really only possible to wholesale by taking down yourself. This particular property, without going into the story, would be very difficult to show and the buyer would have to buy only going by pictures and not looking inside.

Thats not likely to happen. But I know at the price I negotiated its a smoking deal, so I am thinking about taking it down myself.

Can this even happen here in the short term (next 2-5 years)? What did you flippers do back before 2008 and the surplus REO inventory?

Was there just less competitoin back then? I think its more people choosing Real Estate specifically as a investment vehicle thats contributing to the problem.

@Dennis Lanni Great feedback on this subject Dennis. In your opinion, what is required for hotter real estate markets to cool off? Higher loans amounts, more inventory, less foreign investors etc.

@Jay Oldham For those of us who havn't purchased our first rental yet, could you explain a little more how you would pay off 5 leveraged properties in 6.5 years? Even if you are using the cash flow as an extra payment to paydown the loan that seems very very fast.

Thanks

@Dev Horn Do you typically recommend marketing to the person thats deceased (hoping a heir or someone will retrieve the mail) or do you market directly to the executor?

It looks like I will be able to get a smoking deal on a property here in DFW that I might buy for myself its so cheap. Well, buy for myself temporarily. I was considering taking title and then sticking the property on auction.com to sell to the highest bidder, just to get my feet wet a little instead of just assigning the contract.

I have never purchased an investment property like this before. What items do I need to get in order to proceed?

Utilities: How do I have these killed once title has been transferred.

Insurance: How would I go about getting this property insured? Its vacant and distressed, but what happens if it somehow burned to the ground? I would sleep easier at night if I were able to get some sort of coverage.

Liability: I will own a vacant distressed, house that is not structurally sound for a month or two (hopefully) before it sells. But what if someone were to break in and injure themselves, I need some sort of protection against this.

Anything else I left off the list feel free to add, thanks everyone.

It's on alot of things, from TV to some internet videos I watched. Its a royalty free song you can buy, there are a ton of them out there.

Disagree. I made 40k profit after all expenses wholesaling part time this year and 2014 is looking to be very busy already. There is value in BOTH have a large list and a close group of pocket investors.

Even for properties that I make a call to sell I still send out the email blast while im waiting to get paper work. It builds my brand here in the DFW area and everytime I send out a deal I typically get new buyers that had a friend or colleague forward me one of their deals. In additoin, it helps build credibility with your list, it shows that you are putting actual deals out there and can close on them.

The larger the list, the more confident you can be you can take down a house. It will help you find buyers for odd ball deals too (ie. 2/1/0 or 3/1/0s or owner finance type houses in areas with weaker comps). Your list will grow as a result of being large and referrals, and many opportunities and deals will begin to find you (joint ventures, private money etc.)

Their is a big family owned wholesaling business here in DFW who primarily just joint ventures with other wholesalers in the area and gets a fee for finding a buyer, and they are making a killing.

For people who actually want to build a wholesaling BUSINESS I recommend incorporating both.

23 is not old at all....you have plenty of time, no need to rush it.

@James Mudd Yes please, post it here or send me a private message thanks!