All Forum Posts by: Jack Douglas

@Kyle Litz, Great Post

Thanks for breaking down the pros and cons of the software. From your post it sounds like a great software to use that integrates most of the office functions a real estate investor needs. It seems to offer a lot of functionality and what I like most about it is that it works directly with your CRM so you can keep track of all your new customers. The price does seem kind of high but with all of the integrations built in to it this may be a good deal.

@John Thedford

"You also might be able to check the property record for ownership"

I know that doing a Property deed search at the government office, or visiting the local tax assessor office is a great way to find the property of ownership but, have you found any other "ACCURATE" online sources we can use to get this information quick?

@Tom Griner

Great information, I need to transform a few of my documents to easily accessible check-the-box type of agreements so it makes the process more uniform throughout and scalable. 

@Cornelius Garland Great Post,

"Your cheaper tools will have poor data because they are getting used, and often outdated, data from the credit companies."

I'm glad I read your post sir, I was looking at a few lost cost skip tracing services to use but the old saying is true: You pay for what you get. I think that an investment in a great skip tracing service is critical because in the long run having accurate data to reach customers is crucial and a vital time saving tool.

@Rhonda Parker, Good post 

To be on the safe side, If you find a contract on google I would still run it by a attorney and have them review it. Better safe than sorry!!! To have them just simply review a document should not be to expensive and can raise your level of confidence when you're ready to do the deal. 

@Jocelyn Borg I enjoyed reading your post!

I must ask what exactly about wholesaling do you find to be:

"It is fraught with ethical grey areas and something about it doesn't jive with my moral code". 

In my experience, wholesaling seems to be a pretty cut and dry business where you market to a seller, meet a seller, put a house under contract, transfer that contract to an investor who wants to either flip or rent the property and collect an acquisition fee for your hard work marketing and acquiring the property.

There's some wholesalers out there that do some practices unethically but dont let that wear on your ability to act with integrity and do whats right by your seller even if your not the best solution for them at the end of the day.  

@ Robert Branson, Good Post

When comparing Comps and looking for the true ARV of a property try to always work with an Appraiser that has references from properties that he has appraised in the area in the last 3 months. You're in a unique situation where you're doing business out of country so you want to work with the most knowledgeable people possible. That can give you the best information.

@Cody Evans

Read "The Book on Negotiating Real Estate," written by J. Scott, Mark Ferguson & Carol Scott. The best and only book on negotiating real estate that I ever read and has a ton of great useful information that you can use in the field.

Enjoyed reading your Post @Ken Yu,

I agree with your statement:

"So there is no true and exact math equation unless you plan on taking down the property yourself. What matters the most is negotiating a good deal so that you have plenty of buyers that can work with your property."

If your sole intention is to wholesale a deal when meeting with a motivated seller and not taking down deal yourself. Focus on putting the home under contract for as low as possible and with enough equity in the deal so that when you assign the contract to another party there able to make good profit as well. 

You want a win-win situation for everyone so you're motivated cash buyers keep coming back for your deals!!!!

@Cody Evans, Great Post

I use this formula when evaluating investment property.

Maximum purchase price = Sales price - fixed cost - profit - rehab cost.

In order to determine a property's sales price you want to: 1. Pull comps from the mls, (when pulling comps look for: time of sale, location/proximity, age and style, size, condition) 2. Adjusting your comps to add in special features 3. Determine the value of the subject property. 

3 types of fixed cost you want to keep in mind: 1. Purchase costs - Inspection, closing, and lending fees 2. Holding costs - mortgage payments, property taxes, utilities, insurance 3. Selling costs - commissions, closing costs, home warranty, termite letter, listing fees.

Hopefully it helps you out.