All Forum Posts by: Evan Roberts

What have you been researching?! If the seller still owes money to the bank, that's of little concern to you other than it can impact their motivation to sell. As a wholesaler you simply make money by getting a contract on it for say $100k and assigning it with fees to someone else for a higher price. The seller then gets the contract price for the contract you entered into at closing and they pay the balance to the bank. Sometimes they may owe more than you gave them but that's their burden to bare.

@Adrien C. getting my license was the best thing I ever did for that exact reason. I've gotten a couple listings that have more than paid for my rather extensive mailing campaign for the next year or two, excluding the deals it turns up for me as an investor!

@Jeff Fairchild has the right idea but I think you'd have a heck of a time setting up those numbers with callrail or whatever service you use to route all of your calls to your phone. That being said, if you use callrail to route your calls to your phone you will also have a record of everyone calling you including their first and last name (it has a very accurate caller id) and their phone number. 8/10 times I am able to take that name and do a search of my spreadsheet I used for mailings and determine who called me and what property I had mailed about. 

Not a perfect system but it's a heck of a lot better than what you get by just listing your personal phone number and dealing with people's incoherent ramblings into your voicemail!

Sending a single postcard or yellow letter would be pretty expensive but possible sure. Are you trying to simply send marketing or were you referring more to contracts? Want to better understand your goal here. 

Originally posted by @Brad Smith:

I know this topic has been discussed quite a bit but I think my angle is a little different.  I haven't read all the previous posts so maybe not.

I have already purchased and have been studying my Kaplan home study materials to take the exam but, in talking to a contact/friend today who is both a Realtor and an attorney, he said I'd be better off NOT getting the license.  Sure, learn as much as I can but don't get the license unless I plan to actually become an agent.  I don't/never planned to become an agent, I want to become a better investor... not sell real estate.  He says the standards are much higher for licensed realtors so it becomes a liability issue.

Should I just study the material and not take the exam???

 Brad, here is why I got my license...I have had a lot of success with short sales by writing the contract and simply calling the listing agent of the short sale to represent me (or have their partner represent me) in order to collect both halves of the commission. This essentially doubles their commission and you can get a bit of an edge in a tight market. . Of course there is also the obvious savings when buying/selling properties for yourself. Ultimately there are pros and cons to each but that is why I got mine. 

Water front property in Anne Arundel County MD needing full rehab or new build on site. Property to the left and right just sold within the last year of north of $530k so there is definitely equity to be had but also could be refinished for a beautiful smaller home for the right person. Prime land on the water with a deep water pier already on the premises in great condition.

Please message me with any questions.

What percentage of rent are you setting aside for vacancy, maintenance and management?

not to hijack the thread but does anyone have a good real estate attorney in MD they'd recommend?

Just go with a 5% conventional if you're dead set on skirting these occupancy rules because you have a "legitimate reason" which you have yet to share. FHA is a fairly impractical way to go about it because of all the hoop jumping. That being said you've created an entire internet thread of your apparent deception with taking loans and then yelled at those offering you advice. I'm a young guy too and know the desire to build wealth and take advantage of loans as much as possible but you just have to be patient and play by the rules. Guys who cut corners screw up down the line. You may think you're different but you will get burned. Save a downpayment and wait for a solid property to come by ($415k SFH probably isn't hitting good rental numbers if you really analyze it for cash flow with proper expenses set aside). Once you've got a solid portfolio to borrow against you'll be fine.

You did a great job on the rehab but how were the numbers!?