All Forum Posts by: Chris Burgess

thanks joshua. i listen to every podcast btw its great!!

sorry guys I made this on my phone on the app with spaces. I don't know why there are no spaces and it's so hard to read.

Hello Everyone!

My name is Chris and I am wholesaler in Baltimore. I started about a year ago. Since then, I have been making deals but I am scaling back into part time wholesaling for a period of time.

Here is my situation:

I have a pretty good absentee list of about 700+ absentee owners in several zip codes. I am also making a very detailed, specific and targeted list of every vacant house in Dundalk, where I work full time. I run each house through sdat and do as much research as I can including comps and drive-by assesments.

I have my own yellow letter system that I have worked and perfected and that is much better quality than any of the online sourcing companies.

When I finish this list of dundalk, I am sending out a mailing campaign and redirecting calls on a google voice account,

Here is where I need the advice.

I don't have the time to follow up with these hot leads that I get from the campaign in order to put them under contract and wholesale them.

My plan is to partner with another wholesaler or investor and let them get the deals under contract and sell them or invest/flip them and I get a commission or fee.

I feel like I am really developing this lead list and presenting the "partner" with really valuable leads with no effort on their part ready to negotiate.

My questions are as follows:

1- Have you ever done something like this or heard of someone doing something along these lines?

2- I have learned not to trust almost anyone in this business; what can I do to protect myself from someone going around me, selling these properties and me not even knowing about it?

3- What percent of the profit or assignment fee should I offer? (50/50 or less?)

4- Do you know anyone who might be having trouble with lead acquisition that might be interested in this deal?

Thanks for time and any help.

-Chris Burgess

Hey guys I am still building my wholesale business here in baltimore and I have a question. I am working with other wholesalers to help them sell their contracts and splitting the spread as a joint venture. My question is this:

He is marketing contracts that he gets through his bird dogs and thus neither of us have a contract for purchase on these properties. I am trying to figure out what kind of sequence of contracts we need to establish in order to legally market these properties and make the closing of these transactions as smooth as possible. Do I need to fill out a joint venture contract with him and where can I find one. I looked on BP fileplace but didn't see anything.

Is this the best way to do these kind of deals? What kind of contract does he need to have between himself and his bird dog? Has anyone done a 3 layer deal like this? Should I stay away?

Thanks guys and ladies for any info.

-Chris

Hey thanks guys great info. I know there is no one subdivision where it's all cash buyers but I am new to this market so when I saw all the cash buyers scattered pretty evenly i was wondering if I was missing something. I thought that there would be certain areas that were like cash investing hot zones or there would be a trend in a certain area like fells point for a couple months and then Charles village, etc. basically I am trying to find the pulse of the market and figuring out what investors are looking for both cash buyers and landlords. Also, I am doing research into what percentage of market value that most fix and flippers are buying at whether that's 65 or 70 or even 80 percent so u know where to price my properties. I know a lot of this information will come from experience and networking but I wanted a little heads up from someone already established that is consistently making deals. Thanks again guys and I will do what you said as far as finding these answers.

-Chris

Hey BP, I am a new wholesaler in the baltimore city and baltimore county markets. Can any real estate investors in this area give me a quick summary of this market and where all the cash transactions or happening? What areas are hot for cash buyers right now where I should focus marketing I did an MLS search for cash transactions but it seems a little scattered. Thanks!!

Once again, thanks so much Ned.

Hey guys trying to find a good title officer/company that works with investors and wholesalers in baltimore. Must be able to complete double escrows/simultaneous closings, assignments, wrap contracts, agreement for deeds, etc. and handle our closes from soup to nuts. Any recommendations or referrals? Thanks

It's not an official list but I work a different route every day and write down every vacant house I pass on that route sometimes up to 30 a day. And Tim what do you mean "run title"? Our tax assessor doesn't seem to be updated frequently at all and the incormation seems to me far from reliable. Is there a website that has a list of all REO's? I live in baltimore

Hey guys I am a wholesaler and a mail carrier and I have access to this extensive list of vacant houses but I want to know what source i can cross-reference to find out if these are REO's or pre-foreclosure or privately owned and abandoned homes i can target as motivated sellers. The maryland tax assessor is not of any help. Also, i don't have access to the MLS yet. From this stems my other question is there a way to receive MLS access without being a realtor or working for a realtor. if there sint how much is a realtor's license and class? where is the best place to find a realtor in my area that works with REI clients and wholesalers and understands my needs and what i can offer them in return for comps and high cash transaction maps? THANKS