All Forum Posts by: James Braggs

Looking to up my wholesale game to luxury properties, did some digging and from what I see their is a bigger profit margin for investors. The problem is their aren't a lot of investors that buy properties this high $300,000 to $1,000,000 any ideas anyone? At least not in my area.

If what your telling me all you need is for a wholesaler to get it under an assignment contract then they would assign it over to you for a FEE, for me it makes sense less work for the wholesaler. Note if wholesalers don't have a liquidated damages clause in their contracts for failure to perform it can turn out to be very bad for the wholesaler for breach of contract. With that said I would have no problem negotiating  the "I want it at this price" request for my buyer as long as I'm compensated for my work. Hope that helped.

I am a wholesaler from Wisconsin and for my buyers I give them as much transparency as possible for I am in the business to gain trust and long term relationships, generally if they are a good wholesaler they won't screw them selves and have done all the due diligence. Remember we don't make money unless you make money you don't need us we the wholesalers need you the buyers.

I just got off the phone with a local realtor who deals with investors and people like myself (wholesalers) I mentioned to her that I am looking at Pre-foreclosed property that is not listed. So you could probably go this route as well, for me I am looking for cash buyers or, buyers that have financing in place their are some great deals in and around my area. I hope that little bit of info helped.

Ok thanks for the advice I will use a real estate line of credit to handle some of my deals, I have to start with cheaper property and grow from their as I increase my credit limit, what do you think about this approach?

I would use a hard money lender for my back end to cover the total cost . Once I rehab I will pay the loan off the hard money lender. these are my numbers for my short-sale Loan payoff amount is $44,104 I offered the bank $50,000, the property bpo was $155,000, I will put roughly $20,000 for updates, I want to maximize my profit and make sure the house sells pretty fast. I was thinking, to pay off cashformyclosings to do the A B transaction in my name and then the B C transaction in my companies name. From my B C transaction will pay back cashformyclosings.

Looking at a site called www.cashformyclosings.com that will finance the A B closing but I want the property for my self to flip so I want to deal with a hard money lender, so I'm not doing the B C transaction for I will be the true buyer. I am trying to do this with zero money out of pocket, does this sound like a good strategy?

You never heard of it because a lot of people  don't understand how money or mortgage is created that's a whole other story. The lenders you are talking to about the short-sale of property sometimes are acting in the capacity of only serving the mortgage the true owner would be the NOTE holder(investor),that is were the payment for the loan will go to. So that is why I said all ways ask that question because the investor(NOTE HOLDER) will give the lender the go ahead on the price of the property, this is how I get the best possible price for my short-sales. I guess I should have explained that a little earlier. 

Good buy and hold and it looks like it is in a stable area were home prices don't fluctuate. You mentioned that is was a short sale, I am pretty good at negotiating short sale deals with the lender, try this strategy for it often times will get me the lowest price possible. Ask the bank the next time you go for a short sales this question (WHAT IS THE LOWEST YOUR INVESTOR WILL GO IN PRICE FOR THE PROPERTY) the reason I do this is because their are almost always an investor that backs the property and they usually have the last say so on the property. I always use this method. Try it out and see if you can get the price down a little bit more remember short-sales are about creating equity. Great job! and I love short-sales!

thanks for the response