All Forum Posts by: Joshua Houchins

@John Matthews when making offers off of the MLS it's all a numbers game I submit 25 to 30 offers a week every week typically in a general month I might get 3 to 4 those offers excepted. If they're fairly close $20-$40,000 give or take depending on what price range are looking at I say just go for it make an offer your first offer is your best offer and if they accept it do the deal if they don't just walk away they'll be another deal that comes up soon

I consider myself a developer.  I hire a general contractor to do the work for me.  Developers develop property by buying the property having designers and architects draw up the plans then hire a general contractor who performs the construction side of the work.  So developer is the top of the food chain then comes the gc.

They are in the same ball park but not the position. 

@Tim Ball here is the fastest way to grow your buyers list. Run several ghost ads.  Find a few hot neighborhood run an ad for a cheap house about 50-70 k lower than normal sale prices make sure you state that only cash offer will be accepted . Bam your email will blow up with all of the cash players in your area.  Meet up groups reia etc are good ideas but most of the time 90% of these people are just starting out looking for the same thing you are.  

@John Matthews The best way to make an offer is figure out what the property is worth to you what it will cost you to turn around and resell it and if you can make money. A listing price is irrelevant you need to give the offer that you can pay and make money and if they want to go higher then just learn to walk away. By with numbers not emotion.   Remember you're running a business not buying a house for your family.

just another note depending on your state laws just because you foreclose it also does not wipe out all types of liens again seeking legal expert in your state. That is the safest bet in the sure way to make the best decision possible for your U have invested in the property

@Thomas Watson @Steve Babiak 

Thomas Steve is correct, you never Obtain a property with deed in Lou or a quick claim deed.  You can sometimes get away with this if you pre-negotiated existing liens and have titles work done on the property prior to taking it back.  Forcing the property into foreclosure is the best route.  I would rather spend an extra $3000 to get a clear title on the property. At that point you can market the property and resell it free and clear.  I typically use my attorney in the situation to make sure that the property is free and clear.  I would be careful taking advice on certain legal matters From less experienced investors.  If the liens are tax liens or anything else that the current owner has placed against the property they now become your problem.  Some of them will not settle the debt but others might.  There could also be things lingering out there that you are unaware of that have not attached to the property yet. typically it's a rule of thumb to to not lend to individuals instead Lend to entity to entity it makes the foreclosure process faster.

@Jerrell Slay I would say for that price and the rent right it seems like a lower income type of property it seems that the cash flow would be relatively low.  Even if you purchase the properties out right I don't think you would have a very big margin at all in this deal.  As far as owner financing goes you must explain to them the benefits. Not only are they getting interest and principal payments every month.   Give him an amortization schedule to show them actually how much they will make overtime.  Also if you don't know have a CPA explain to you the benefits of the owner received as far as taxes go upon sale of their property if they own out right.  These are absolutely crucial steps the closing an owner finance deal.

@James Presley I would do some research on your state laws as far as closings are concerned. Also when you wholesale a property you were just a signing the contract you actually do not purchase the property.  I try to teach people that they need to know their sales pitch and how to close the deals in and out before getting into a deal.  It is a very crucial part of learning the business. Let me know if I can help in anyway I'll be happy to answer questions that you have.

@Israel Campos  we need to have more details about the property.  Also are you planning to rehab the property or are you planning to wholesale the property as is.  Your strategy would be based on one of those two options.

@Matt Fish @Steven Hamilton II 

Matt,

Steven answered before I could respond I leave the tax info to my cpa....