All Forum Posts by: Marvin McTaw

@Bernard Chouinard I used AnswerConnect and many others use PatLive in their business to outsource their inbound phone call handling. My suggestion is keep that initial conversation as brief as possible because the people answering the phones are not experts in your business or handling your situations. Get the name, phone number (sometimes they're calling from a completely different number), email address, property address, best time to call and maybe anything else they feel they should let you know and then call them back/communicate with them (e.g. email/text/call/voicemessage) as soon as you can. 

@Antonios Andreadis you don't pay any fees as the wholesaler. The assignment fee comes 100% to you. If you were double closing, you would typically pay closing costs (e.g. attorney, title insurance, transfer taxes, etc.) on the front end transaction. The only things you need to do are to have an assignment agreement in place with your buyer and make sure you have the attorney/escrow agent collect an earnest money deposit for the transaction that should also be documented. 

@Jackie F. you actually don't need to do any of those things in that order in order to get started. I'd encourage you to read through this: Real Estate Wholesaling: The Ultimate Guide

@Jacob De Los Santos you're welcome! Let me know if there's anything we can do to help! 

@Keith Turley I would encourage you to have them calling from a US based number. People are more likely to pick up from a local number. Lots of services out there that will allow you to do that and frankly, whatever overseas service you are using probably can do that as a standard for their service. 

@Leah Fisher everyone has a team whether they recognize it or not. The best investors have teams and technology which help them consistently generate leads for their business. 

@Michael Zar you need to request a mortgage payoff amount from the lender. They will tell you exactly how much needs to be paid to clear the note. In some situations, you can do a short sale and pay less than what's actually owed but it really depends on the situation. 

@Bryan Barry you have to contact your local title companies and ask them how much it costs. Our title reports typically cost less than $200 but to be clear, that is not the entirety of the closing costs which typically includes fees, transfer taxes, title insurance (if you're double closing), etc. For a $150,000 deal, we are typically spending about $1,000 in the Atlanta area. I have no idea how much it would be in your area of Virginia Beach, VA but hopefully, that gives you some context on costs. Please also note that in GA, we have to use attorneys to close on our real estate transactions.

If you assign the contract to the end buyer you are 100% correct that they end buyer would be responsible for the fees as they are taking on all your rights and responsibilities under the agreement. 

@Stephen Philipp there are lots of options out there. The two that immediately come to mind are zBuyer and RedX. Both allow you to buy real estate leads (not to be confused with people who haven't been contacted or responded to any marketing) but I don't think either of them gives you exclusive rights to leads. You share them with everyone else buying the service in specific counties and areas.

@John S. you really shouldn't ever need to use an option to purchase agreement because a standard purchase and sale agreement is an option agreement for purchase and puts you in a much more solid footing. 

Depending on your specific strategy of how you will use options you really have two choices: standard and flexible options. A flexible option agreement basically just gives you equitable interest in the property but the Seller does not have to actually go through with going into a purchase and sale agreement. A standard option agreement means they have the obligation to actually enter into a Purchase & Sale Agreement. I would think if you're going to put a non-compete kind of clause in the agreement you would want to confine it to a standard option agreement and not a flexible one. 

Hope it helps!