All Forum Posts by: Kim Ford

I'm a new wholesaler in Columbia, SC looking for investor-friendly real estate agents know the market and wouldn't mind developing a mutually beneficial win-win relationship. My biggest issue is getting quick comps on a property, but I also need education.  If you know someone with a great rep and can share their info, please let me know.  I greatly appreciate it. Thanks in advance!

excellent Percy. Thanks a bunch!! Clears it up for me!

Dell, the realtor wants me to find a cash buyer for the house. My assignment fee would actually be a referral fee. The house is on pre foreclosure. She set the price of the house. It's a closed listing.

thanks Dell for your input. There isn't any rehab needed. House is in excellent condition. I think she has it priced too high. I was told by a more experienced investor that I could do a deal with the realtor, though.

No, I'm a wholesaler. In my opinion, there shouldn't be a concern in showing POF letters to a wholesaler. You want the person to know that you are legit and ready to do business. If they can't show POF or provide you with the addresses of recent homes that they've bought then I would keep looking for other buyers.

I use a contract that my mentor gave me but she is in another state and advised that I check with a title company and/or real estate agent and have them review it to see if it works in my state. Sometimes, the title company can also provide one that they are comfortable using. Also, I'd advise attending your local REIA meetings. Mine is good with sharing documents like that from the experienced members with other members. You get great information and sources from the REIA meetings.

Lou, you gave some very good advice.  When I was told that $15K was being offered, I also thought that was about right.  You're correct that the agent will be trying to get the most of out of deal to benefit their own bottom line.  I will go and do the numbers myself.  For that house, it's impossible to get $55K and she even said it was priced to high.  A neighbor told me they wouldn't give 10K for the house so that's telling.  Again, thanks for the excellent advice.

Ryan, the realtor just wants me to bring a buyer to the table so I'm not buying the property.  I have verified that my buyers are legit and the buyers that I know who like that area where the property is located are very legit.  They're actually mentors of mine and can close in 7 days so yes, I'm only going to bring someone to the table that can close and do it very quickly.  You're right that pre foreclosure should be handled carefully.  Thanks again.

I like to ask my buyers to provide the addresses of the last two or three houses they closed on.  Then I can verify it with the county records online.  That's how I check to make sure they are legit. 

A realtor presented me with a house that is a closed listing. It's in pre-foreclosure. She is asking $139,900 for the house. The ARV for the house is $162,225 and she showed me the comps. It previously sold for $167,000. I need help in determining my assignment fee in this deal. I want to make it lucrative for any cash buyers. Can I get advice on this please. Thanks in advance.

Hi Jeff, thanks for the reply.

No, I don't intend to actually buy the houses although I wish I was in a position to do so right now. I do intend to assign the contracts, which is why I don't quite get why she reached out to me. Now, my only guess might be that they are not listed on MLS and she is just looking to sell quickly to a cash buyer. I need to confirm that with her. As I'm writing this I do recall that she said she wanted to work with cash buyers who use cash only, no hard money lending, and could close very quickly. She had the houses posted on her Facebook page. Maybe they're not listed.