All Forum Posts by: Mark Russell

@Account Closed

When we use the 70% rule aren't we really just taking 30% off the ARV? And if we go up to 75% we are just taking 25% off the ARV. And that percentage is really just the investors profit only correct? Then of course you subtract rehab costs and wholesale fee but I really just want to dissect this 70% rule and understand how, why and when it might slide up and down? Hope I made that question understandable lol

I’m in Fredericksburg tx. This is a tourist town with 2million + visitors annually. The real estate here is booming. It has been for years. Everyone here knows there house values appreciate at a much higher rate than most areas in Texas and the u.s.  Austin is even crazier. That said.. is it sensible or not to use 75% as opposed to 70% in an area like this? 

@Elizabeth Wilson I’ll check that out. Thanks for your time helping me ☺️

Awesome thanks @Elizabeth Wilson  what is a call rail?

I live in a rural tourist city that is hyper nazi about signs. Would it be worth my time to post bandit signs in the county outside the city limits? 

@Greg H. 

Thanks for letting me know. I’m already checking into Texas law about this

In no way did I try to fraud or deceive the seller. I never even wholesaled the deal for crying out loud. I introduced the cash buyer to the seller and they signed a contract without me having anything to do with it. I’m nowhere in the contract. The cash buyer is a friend so he agreed to pay me a kick back after closing on the house as a thank you for finding him the deal. If that is scamming or deceitful I don’t see how. 

As a matter of fact I am in process of learning Texas law and understanding the ethics of wholesaling, and how to wholesale the right way before I even attempt it. 

@Rick McGeeney

I’m fairly new to rei but there are so many ways to make money through rei even if you have had a bankruptcy, no money, and no credit. 

There’s wholesaling which can be done with no cash or credit but you have to have cash to go big in wholesaling to generate leads. 

There’s owner finance deals which you could pursue through getting in touch with landlords who are burned out and frustrated with managing tenants.  There are a LOT of creative ways to make money in rei.  

@Cornel Smith

I’m fairly new myself but at all networking events like reias or seminars it makes me the most comfortable to be totally transparent about being new. If you are very passionate about this business that’s a plus. Exchange business cards w everyone you feel comfortable with. Take a list of all your questions about the business and get some clarity on all the things you need to know about. You’ll do great. Usually at the reias I go to the magic happens when I start networking. Potential deals seem to just manifest when you start meeting people and finding out what they do and how to help them and how they can help you. 

@TeAusha Moffett

 I’m new as well to this but i recently went through this. The contract your realtor is talking about is most likely the TREC one to four family contract which is standard for Texas. You use this contract with the seller to lock in the deal. On the 1st page of the contract under section 1 it’s titled “PARTIES.” Since you are the buyer you put your name in the buyer section and beside it put “and/or assignee.” This allows you legal right to assign the contract. The assignment contract is a different contract between you and the cash buyer if I understand this correctly. If you need a link to that contract let me know. Like I said I’m new to this as well but if your on Facebook there is a group called “wholesaling houses full time”. They are pretty active and helpful.