All Forum Posts by: Belinda D.

Thanks for your input Bill!

My amounts were just hypothetical. However, not impossible because the market value in my neighborhood ranges from 400K to 1mill. I live on the boarder of 2 cities and these 2 cities + the city where I live a v. hot @ the moment. People are willing to pay full price for "tear downs" just to live in these cities. Agents even have clients on a "waiting list" to get into where I live, lol!

Hi BP Family,

I believe in being open and honest with sellers about my assignment fee.
I have not done my 1st deal as yet. I plan on telling sellers that if the final sales price (to the investor or retail buyer) is higher than the sellers negotiated price (with me) then sellers will receive 50% of the excess amount minus my assignment fee (which will be capped at 10K)

My reasoning for doing this is because:
1. I don't want the sellers to think I am taking advantage of them.
2. someone told me that if I do receive a large assignment fee i.e. 20K-50K,
then sellers might sue me.
3. I think offering them 50% of the excess amt will give them the incentive to
sign the purchase and sales agreement

As far as I know double closings are not legal in Canada and again I want full disclosure with sellers. So how do I handle earning a large assignment fee without feeling guilty?

Belinda

yes, great job!

I'm late, but I'm here

Hi Chris,

Remember, big brother knows best. LOL.

Hi Jocie,

Market research/knowing your market is definitely part of your real estate investing education. Remember to read the Ultimate Beginners Guide to Real Estate Investing. I highly recommend it!

Hi Raine,

I totally agree with Gary and your education should start with the Ultimate Beginners Guide to Real Estate. Josh and Brandon did an excellent job with this Guide. It gave me the push I needed. While reading the Guide, the fear I had of "acting" was not there any more.

I had previously read other real estate investing materials, but the Guide gave me that push. I actually contacted someone I thought would be a seller (because of the condition of his house and what his wife said), but he said he's not selling. I'm moving on to locate a motivated seller and cash buyers in my area.

Keep reading the forum also and attend your local REIA meetings.

Hi Brandon,

Thanks for your response!

I am not sure the house has to be torn down, but it does not look structurally sound.

Cosmetically, it can be fixed (it looks like an out of date red brick farm house, with a torn down 1 car garage). It really sticks out in the neighborhood.

I plan on getting an estimate from at least 2 contractors and the lot value.

Thanks again.

Hi BP family,

I am currently looking @ a single family house to wholesale. I have not spoken to the owner yet re: asking price etc. I just know he is a senior and cannot do any repairs to the property. House and property are in major major disrepair and will have to be torn down

The current tax assessment value is $344,500. It is 10,640 sqf, with 95 sqf frontage and 112sqf depth. I got this info fr the tax office.

This house is in a growing neighborhood with houses worth $600K to 1 million dollars, a few blocks away

Should my evaluation (offer price) be based on the comps ($418,000), the tax assessment value ($344,500) or the lot price ($???)

A new custom home was built, just 5 houses away. I was planning on contacting the builder to see if they want to buy the property (after I put it under contract) or I would wholesale the property to a "major" rehab investor.

Since the owner is a senior, I want to give him as much profit as possible and have my own profit too (20K)

Please provide your advice.