All Forum Posts by: Chris Coughlan
Chris Coughlan has started 15 posts and replied 69 times.
Post: Steps in a Wholesale Deal?

- Real Estate Investor
- Massachusetts
- Posts 77
- Votes 1
Thanks for the info.
Here's what I've come up with:
She owes 217K
She says the least she'll take is 200K
zillow says it's worth 220K
cyberhomes says it's worth 216K
I couldn't find the TAV anywhere on the county website.
She says it needs no repairs and has tenants in the unit right now. Are condos not worth it?
So say the ARV is 220K, investors want to pay $0.70 on the dollar and repair costs are 2K. So that is 152K minus my assignment fee. Say I take 5K assignment fee that would leave the offer at 147K which is way below the "least" she says she will take.
Is it insulting to make an offer that low? Should I just call her and say that I ran the numbers with my partners and our offer is well below your bottom price?
Thanks,
Chris
Post: Steps in a Wholesale Deal?

- Real Estate Investor
- Massachusetts
- Posts 77
- Votes 1
So I got my first lead call today asking me to call them back after 5pm today.
I'm looking for the correct steps in this process.
Here is what I plan to do:
1) Call them back and fill out my lead sheet with info about their situation, the home, mortgages etc.
2) Drive by the home and check out the condition, take a look at the neighborhood, etc.
3) Determine an ARV by looking up comps. I plan to use some of the online sites as well as MLS listings of homes that sold recently.
What about determining the repair costs? Do I need to view the interior of the house? Or do I make an estimate by what I'm told needs repaired during the phone call? Do I let the investor/"inspector" walk through and determine the repair costs?
4) Once I have come up with the ARV, figured in the % the investor is going to want, subtract the repair costs and my assignment fee...then I would make an offer to the seller using a state approved offer contract.
Anyone know where I can get an offer contract?
Is there where I have the contigency clause stating that it must pass inspection?
Do I set the inspection period here? The longer the better?
5) If the offer is accepted I would then market the property until I find an interested buyer within the inspection period. If for some reason I can not find a buyer during this period I can then back out of the offer based on the contigency clause.
When I find a buyer, do I let them know that I have an offer contract with the buyer and let them "inspect" the property?
Do I let them know that I am a wholesaler or do I simply say that I am facilitating the transaction for the buyer?
Is the offer contract enough to prevent the buyer from trying to go around me?
6) When I find a buyer I would then sign a purchase and sale with the seller which would have the "and/or assigns" clause on it. I would also have the buyer sign an assignement of contract form.
7) At the closing is where I collect my assignment fee.
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Do I have the correct steps? In the right order? Am I missing anything else?
Thanks,
Chris
Post: Finding Motivated Sellers...

- Real Estate Investor
- Massachusetts
- Posts 77
- Votes 1
Yeah, I plan on doing some flyers, business cards and direct mail in the next week or so. I'll update on how it goes.
Thanks,
Chris
Post: Finding Motivated Sellers...

- Real Estate Investor
- Massachusetts
- Posts 77
- Votes 1
I've read that you must build a buyers list first. I've also read that you should work on finding motivated sellers first and the buyers will come. I'm starting to believe the latter.
I've been posting online with ads for both buyers and sellers.
I don't think building a buyers list is as much of a concern as actually finding motivated sellers.
I've gotten some response from buyers/investors and zero response from sellers.
I'm not sure if sellers in a tough situation would really be checking sites like craigslist for ways to sell their home. I feel like I'll need a more direct approach.
I think it is going to take flyers, business cards, mailings to preforeclosures, mailings to probate cases, bandit signs etc.
Is this how others are finding motivated sellers? Any other suggestions?
Thanks,
Chris
Post: software?

- Real Estate Investor
- Massachusetts
- Posts 77
- Votes 1
I use QuickBooks for my other business. I can see it working fine for Wholesaling as well. Right now I am just using Excel to track my expenses, buyers and sellers list.
Post: Potential Deal

- Real Estate Investor
- Massachusetts
- Posts 77
- Votes 1
makes sense.
Thanks,
Chris
Post: Potential Deal

- Real Estate Investor
- Massachusetts
- Posts 77
- Votes 1
I have a buyer requesting the address. A couple of questions.....
1) Do I state up front that I am simply facilitating the transaction for the seller?
2) Do I give them the address without making them sign some type of agreement?
3) If I give the potential buyer the address, what is preventing him from going direct to the seller and cutting me out of the deal?
Thanks,
Chris
Post: Roger Salam's Instant Cash Infusion Program

- Real Estate Investor
- Massachusetts
- Posts 77
- Votes 1
sorry for posting in the wrong area. can it be moved?
i have only had time to go through a few of the strategies but have not put them to the test. a few people have contacted me saying they wanted to get in to the program but did not want to spend that much money, so i figured i would try and help some people out.
chris
Post: Roger Salam's Instant Cash Infusion Program

- Real Estate Investor
- Massachusetts
- Posts 77
- Votes 1
I purchased this course a couple a weeks ago for $997
Was it worth that? It will be tough to say. All the ways that it explains to make money are things that I would have never thought of, but all seem feasible. I guess I won't know until I put them to the test.
Post: What website do you use for Comps and ARV?

- Real Estate Investor
- Massachusetts
- Posts 77
- Votes 1
I just realized something....
I have a friend who is a real estate agent with access to MLS. She does comps all the time.
So if you have a friend in the business they might be able to help you out instead of using an online site that might not be accurate.