All Forum Posts by: Christina R.

Oh shucks Ned beat me to it as i was typing. .. i guess the moderators never get to sleep!

Welcome Vernon!

The BP nation is a great place to get a solid education in REI. Heck it's almost 1 AM and I have to be up in 4 hours to go teach kids all day... but this site is so informative that some nights I'm willing to lose sleep to be successful.

You can meet a lot of the BP gurus in the  Baltimore Washington  area  in person at the BWI Meetup, found here.  Just bring your autograph book to network, lol. 

@Sam S. 

It got by me that you are in Carlisle.  I graduated from Dickinson.  Some of the best years of my life.

@Richard C. 

Yes, I've seen your posts about this with other wholesalers when they ask about how to respond when people call and are upset, etc., etc., etc.

OK now I got it - thanks!

I have only done a few deals so I have not lived what I'm going to advise - just taking what I've learned here on BP.  With the price points you are talking about, if you do not trust that your end buyer is going to follow through with the close, do a double close and use transactional funding.  It will eat up some of your profit but since your margins are so much higher, ask yourself if it's worth knowing the deal will close.  Yes, even though if the numbers work and there's plenty of meat on the bone, some will feel why should YOU be making so much, etc., etc.

I'm trying to figure out why a house that was just built for $5 million and is free and clear is being sold for $1 million.  you are getting this house for 20 cents on the dollar???

@Robert Carl 

 do you currently do Section 8 rent?

@Andy Gross 

 - Mahalo!

To go back to your original question, which was "how do you pick a neighborhood" - it's personal preference.    Some people love the trendier neighborhoods and some love the presumed (not actual) war zones (there are places where you can't give the property away and no level-headed person is going to take that on).  

Unfortunately you are in Hawaii so that makes it sort of difficult to jump in the car and drive around, though that's a problem I'd like to have, lol.  Either return for a visit or have seriously trustable boots on the ground.  I would NEVER buy anything in Baltimore (or anywhere else for that matter) sight unseen.

Wow, high end properties - you probably can make great spreads if you negogiate well.  When you are a wholesaler, you get the property under contract and then you sell the contract to your buyer.    I guess it does happen where you can literally sell your purchase and sale agreement to your buyer and then you're completely out of the deal and you walk with a check the day you sell it,  but I wonder how many times that scenario actually happens.  The most well-intended and capable end-buyer does not want to be out several grand in the event the house burns down before she or he can close on it themselves or there is some huge title cloud.

Whatever you want to make on the deal is your spread between what you get the seller to agree to and what you get the end buyer to accept.    So if it's under the P and S contract with the seller for 1.2 million and you want a $100,000 fee  - like in the above example - then your assignment contract to your investor should have $1.3 as the sales price.   If you will accept a $25K fee, then the P and S is 1.2 million and the assignment is 1.225.

Congrats on starting in REI! I have not used bandit signs. There are many opinions on them - also there are many ordinances regarding them as well so make sure you know what legally applies in your area. If I was a seller and I saw one, it would have to be in a place where I could actually make note of the phone number . . . which means at a stop sign, traffic light, etc. And that's where the police/code enforcement (or angry property owners who are NIMBY) llike to take them down. My personal opinion is they're not on the top of my marketing list (though they ARE a relatively cheap way to start out).