All Forum Posts by: Devin Morgan

R.I.P to her...

I recommend doing a quick search of their name here. Quite a few threads have been brought up regarding them..... mostly advising against them. You should check them out.

I agree with Kevin you have to keep in mind your mortgage payments, vacancies, property management, repair costs, etc.

It really depends on what you want to do honestly. I personally would probably do a flip then try the BRRR method but that's just me.

It may help you to build relationships with realtors in your area

It may further help if you have an incentive for them to provide such list

Welcome to BP!

I'm not in Georgia but I'm pretty sure you can't assign a contract you don't have. Not to mention I would be leery marketing a house that I don't have under contract. Quite a few things can go wrong with you moving forward with no contract. More importantly if there is no AB then BC contract how would you ensure you get paid? 

And its not an unknown reason.... I wouldn't want to deal with a wholesaler either if I know I can deal directly with the buyer. You aren't the one buying the property, you're just the middle man. Everyone likes cutting out the middle man.

BP you have officially made my day. To express my extreme gratitude I have decided to finally stop being a procrastinating a**hole and sign up for Pro.  

As for the OP it amazes me how someone comes to a forum, ask for opinions, and then becomes upset when they don't get the answers they want. You literally came to a forum full of landlords (being a landlord yourself with more units than anyone here by far) asking about suing your landlord about..... never mind. How did you possibly think this would turn out?

I digress...... cheers to me for finally going pro. Thank you BiggerPockets, thank you.

I've used both erentpayment and cozy for electronic payment. They both take about the same amount of time to clear in your bank account. Erentpayment pros to me is it has more options, it can report to the credit bureaus if the tenants choose, and it can automatically add a late fee of your choice after whatever day. Cons it cost $3 per transaction which can get to be a bit much as you increase properties. Also the interface isn't that great. Cozy is more user friendly, and it's free. Plus you can do applications and screening through them (fee). Bad is that if you want to add extra fees like late fees etc you have to manually do it. I switched to Cozy due to glowing reviews but either will suffice. 

Honestly and for the person that said most of the tenants won't have bank accounts or won't pay online that's BS. These days people are moving towards automation and convenience. Most people have smart phones especially in C neighborhoods. Furthermore they may at the very least have a prepaid card. Most people would consider it easier to pay online or on their phone versus going to the bank getting a money order etc. I believe older people prefer traditional methods though.

If you're saying you can get them for a real good price I hope that's because you plugged the numbers into a formula that works for the end buyer, you, and the seller. What may be a good price to you may not be a good price to an investor, so I hope that was calculated and not guesstimated ;)

You find buyers by talking to people. Go to meetups. Tell everyone you know that you wholesale houses, get in good with a realtor, and just overall networking. No one will know you if no one knows you so just talk to people. As far as a property its up for grabs until a contract is signed and they have a EMD (earnest money deposit). Having multiple people want a property isnt bad, it's good. 1 that means your numbers are about right, and 2 that means you can potentially get more for it. If someone inquires about a property and it's already assigned don't tell them to take a hike just tell them that one was sold and keep them on the list for the next one.

I believe you should be pretty transparent with the seller from the start. They don't need to know what you're making but they should be aware that someone else may ultimately end up purchasing the property.

You get a EMD from the end buyer so you know they're serious about this property. With them having "skin in the game" it's not so easy to just hand someone money just because.

Congrats! Welcome! Thanks for joining in.