All Forum Posts by: Jessica A. Smith

Hi Chris,

Congrats on completing your first flip! I started my investing journey as a wholesaler, and now I'm a licensed Realtor. I would advise when you're working with wholesalers to make sure you do your own due diligence. Don't depend solely on their repair estimates, actually have your guy or yourself walk the property to get a solid number. Good luck to you! Feel free to send me a message if you'd like more insight!

Zane,

Has your wife found a broker that matches her needs. Her story sounds very similar to mine, and it took me a few interviews before I found the right broker. If you'd like I'd be happy to share my newly found insight with you all. Lets connect!

Brandie,

I honestly believe wholesaling is a great way to start. I've been a part time wholesaler for a little over 2 years now, and my one piece of advise is be consistent with your marketing. It may take you 5 touches before you get a call back. Also, having an agent on your team would be helpful to run comps and even make offers on MLS properties. Good luck to you and feel free to reach out if you'd like to connect!

Hi Craig, In my opinion don't romanticize the deal. If you've ran the numbers and the seller doesn't bite then this isn't a deal. They may stick to their number or they may call back in 5 months and agree, but you shouldn't tie up a property at a price that doesn't make sense. Be a problem solver. Be honest. Be upfront. Stick with the numbers. Good luck to you!

Hello! I'd like some input on a situation: Had a closing scheduled today for a property I'm wholesaling. After my cash buyer received the closing documents he made mention that the closing cost were higher than he expected. He then asks what will happen with his deposit he gave. I advised him I only cash out the deposit once the deal closes or buyer defaults. So I'll be out of an additional $500 he says! This isn't my first deal, but our first time working together. But bc this closing has taken longer than normal due to title issues. And I wanted the deal done for the seller's sake. So instead I'm now making $500 less to "keep the peace". What say you? Did I do the right thing business wise? Has this ever happened to you? Should I never sale to him again? (PS we have another deal we are currently working on together 😐) Numbers: Buyers offer: $21,500 Survey *Buyers request* $433 Amount due at closing: $22,803.93 (This amount includes Taxes, closing cost, survey, and my fee minus the deposit already given)

I know this is 6 days late, but as long as you have the signed contract with the co wholesaler you are good. Also, stay in the loop with the title company. Make sure they have all the contracts.

I'm going to follow this thread, but I wanted to ask a few questions:

1. Do you know what that area is zone for? Does the county allow mobile homes in that area?

2. Since the numbers don't work for buy and hold how about fix and flip?

Good Luck!

@Lucas Machado Gotcha. This property was $12K with a remaining balance of $10K no interest. The goal is to hold this as a rental doing the BRRRR method. This is my intro into rehab so of course I'll learn things along the way. If I'm unable to secure a loan for rehab work then I'll simply have to find another way to slam dunk it.

@Tim Cook I've used both Stewart Title and Alamo Title. Alamo is my go to at the moment. They are amazing to work with. I've only used them for assignments though.

@Lucas Machado So you're saying the rehab budget is to high for a property that will appraise for 90K? If I could rehab for 20K this will look more attractive on a loan application? I'm just trying to get a clearer understanding.