All Forum Posts by: Nathan Brooks

@Jim Viens @Jonathan Godes 

Honestly man ... I'd just let them work it out, and if they get everything cleared up, great.  If not, make it right with your people and move on.  I am sure some people will work and work on these kinds of deals, but there are other deals to be had.  If the seller/band/attorney/title work it out ... you have a deal in place.

- let seller know you are there and ready when they get it figured out 

- talk with attorney and tell them the truth, work it out

- find a new deal

I know others on here would do other things, but to me ... not worth the headache. I know and buy properties in the area you are describing, and knowing what little room to make money you already have in these, just go find a better deal.  Do the right thing for people.  Learn from the experience.

 Good luck.

@Michael Olson I could not agree more with @J Scott 

There are a lot of guys out there who you don't need to PAY upfront to do deals with.  Just be prepared on what you are willing to do (work, deals, running the job, dealing w/ utilities or whatever) ... these are the things you bring as a benefit someone doesn't need to deal with.  But the large payment seems like a crap shoot ...

I love J's analogy of doing one deal, one time ... and begin your relationship.

Good luck!

Is there anyone familiar with the Savannah, MO market?  I was looking at a wholesale deal there and wanted any insight on the feel of the market there.  Thank you!

@David Ramos that game has been over for a long time.  You aren't allowed to change buyer names or assign those contracts.  I haven't see any that didn't have a 90 or more day hold time on them after closing either.  If you wanted to do that you would need to think through a different strategy on that kind of deal.

BP! Happy Thanksgiving friends ... hope this finds you well!

I am looking at a couple of properties with my partner that are currently for sale, and will be sold "occupied."

Couple questions:

1. If you have (like as in, you have actually purchased them yourself) how have you gone about doing the best job of a. saving your property and its condition, b. getting people out peacefully c. efficiency/timely 

2. If you haven't been able to get inside (which i would assume nearly always you haven't ... or is there a trick here too?) how have you calculated for the risk of what you may find inside ... in the midwest here we often have basement issues ... those can be very pricey ... 

What else am I missing?

Thanks!

@Thomas Hallensleben it's not easy ... Make sure you do your homework on the properties... 

Have you sent the deals you have so far?

Get multiple bids, and walk through with them as they talk about everything.  Say you have ideas of how you want the construction to go but you want to hear their ideas and see how you guys work together.  Get the bids ... review them. 

Let them know when you need the bid back, I usually ask for them within a few days. If they can't do that, they aren't my guy.  

Then ask the process, timeline and scope of work, and the draw schedule ... don't give too much cash out up front ... also can save you a little money using the hard money lender if you don't have all the cash out for reno up front (the lender most likely wouldn't do that anyway).

And ... be careful.  Do your homework.  And check on them throughout the process.  Not because you don't trust them, but because its just your job to know they are doing what they are supposed to (lesson from experience!)... 

@Leo Lanza 

 I agree with all the other guys here ... rarely are there great deals from the wholesalers I find, who say they are wholesalers.  Doesn't mean they don't exist, just means that you must always do your homework.  Ask for what you can pay, and then if you can't get your number, move on.  You can always ask if they need to double close, and if you can just close on it and pay them an assignment fee at closing ...etc ... 

10:30am ... let's make a decision and go with it ... either way, even with 2 hours travel time, you can easily be on the road at 8am and attend, and time to travel back wherever we are heading back "home" ...