All Forum Posts by: Demos Loizides

From your questions, it's obvious you don't know what you're doing. I would suggest you read as many articles and forum posts on BP as possible. Don't stop there. Also read a few books on wholesaling.

There is no finder fee on a contract. Your assignment fee goes on an Assignment of Contract form. Bird dogs (property finders) get finders fees.

I won't even answer your third question, because you're not ready.

Good luck!

Most contracts are assignable, simply by adding "and/or assigns" after your name or company name. However, if you are going to assign a contract, you'll need an Assignment of Contract form.

I'm better off, but not because of the current administration. I have my own business or businesses, which I did build myself.

In April, 2008, I quit my job as a Bookkeeper/Office Administrator of a failing mortgage brokerage. I started my own QuickBooks (QBs) Consulting practice. Being my own boss also allowed me to work on wholesaling.

As my QBs Consulting practice kept getting busier and my wholesaling wasn't going anywhere 2 years ago, I focused only on the QBs Consulting practice. Every year I earned more than the year before.

Now that prices of homes are once again going up in Northern Virginia and the DC area, and homes are getting under contract in a matter of days, I started up my wholesaling again. I have a list of about 16 buyers and am working on getting homes under contract. I'm confident I can finally start earning money as a wholesaler as well as have my best year ever as a QBs Consultant.

Your local tax assessor (most are online) can show you neighborhood sales. You can also go to Zillow.com, but don't look at their Zestimate for the value of a house. They will have reliable comps, pulled from the tax assessor's database of homes that have sold nearby and recently.

I'm a wholesaler and I advertise my services on Craigslist. I also am looking for cash buyers.

Brian - that's not in the contract. You need an assignment document to assign the contract to the end buyer.

In 2008, I set up an LLC for my QuickBooks Consulting business. I just filled out a simple 1-pg Articles of Organization form and mailed it in with $100. That was simple.

I have a e-book by Eric Medemar, "The Ultimate Wholesaling System", which talks about having a pocket LLC in case you have a wholesale contract that can't be assigned such as REOs and short sales. Once you get the contract written up with the LLC as the buyer, you can then sell the LLC.

Fast forward to today. There's a property in Washington, DC I'm interested in. I'll be talking to the listing agent tomorrow. I set up an LLC in the name of the street, where the property is located on. I did it online and paid my $100. Immediately, I got a link to print my new LLC certificate. The property isn't an REO or a short sale as far as I know. But still, MLS listed properties are still hard to assign, but generally it's up to an agreement between the buyer and seller.

I love doing business in Virginia.

I agree that Zillow's Zestimate is way off. They'll lump townhomes with SFDT homes to come up with the Zestimate. However, there comps are good. If you look for homes that sold within the last 3 months withing .25 miles from your property, you'll get some good info.

You can also look up the tax assessor's database. Find some homes that have sold recently and look up their assessed value. You can probably come up with a fairly reliable ratio of the sold prices as compared to the assessed value. If most properties are selling at 120% of the assessed value and you have a property that's assessed at $200K, then you may be able to use $240K ($200K x 1.2) as an ARV.

A few years ago, I had signs at a local Target store. They stayed up almost a year. I wrote a contract on a local house and one in another state (the owner moved to my state) from those signs.

In Prince William County, Virginia, bandit signs are called "off-premise" signs. They are legal, as long as they don't block people's right of way. It's illegal to put them on stop signs and telephone poles. However, my signs kept getting yanked. Some neighborhoods would keep them up for days, while others yanked them in a matter of hours.

I think some people yank the signs simply because they don't like them; they're the competition; or because they think they're illegal.

I think some people yanked the signs because they didn't like them; they were my competition; or they thought they were illegal.

The local Realtor contracts in Northern Virginia basically say the contracts are assignable if agreed to by all parties.