All Forum Posts by: Michael Askew

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Michael Askew

980.229.4886 (Direct)

Justin,

Welcome to the Charlotte, NC area Justin! I am fairly new to real estate investing as well but with the abundance of information from Bigger Pockets and networking with investors at the Charlotte REI; my learning curve has been accelerated. Again, welcome to Charlotte, NC.

Michael Askew

980.229.4886 (Direct)

Congratulations @Dave Hurt!! I reside in the Charlotte area and I can't wait to support your business in the near future.

Marquest,

I am a fairly new investor/wholesaler as well. I have been a wholesaler in Charlotte, NC for a year and I went through the same learning curve that you are going through. I commend you for not only being a action taker but for also being brave enough to ask questions. Everybody who commented in this post gave great advice. The first thing you want to do is do your due diligence by researching the comps and rehab cost before you take it to a investor. Buy attempting to do your part, some investors will be willing to teach you how to be a great investor but if you take deals to investors without attempting to research the comps or rehab/cost, some investors may not take you serious. Take pictures of everything in the house especially parts of the house that needs to be rehab. Showing the pictures to the end buyer  may give them a better understanding of what type of rehabs the house may need. Nevertheless, congrats on being a action taker and good luck on your first deal!

Keela,

This is a tough one because I believe that some investors may buy that house for a buy and hold property instead of a buy and flip opportunity. The only reason why I would take the time to go and look at the property is if I though that the seller could potentially come down on the price after I informed her of some of the repairs which would need to be fix on the property after I looked at it. But if you believe that the seller is not motivated to sell the house for less than 60k when the ARV is 65k, you may need to follow your heart and move on from this one unless you happen to know some buyers who are looking for rental properties at that price point. I am in the Charlotte, NC market and I am obtaining relationships with buyers who have different kinds of criteria which I keep in my for potential opportunities. Just my opinion. Good Luck!!

Brian Gibbons why did you suggest to always double close? Should you double close while building a relationship with a new buyer or should you always double close? I've heard that double closing is a good option for closing deals unless the buyer is ok with the wholesaler making a good spread as long as its enough meat on the bone for the buyer as well. I'm inquiring because I'm a new wholesaler in the Charlotte, NC.

Nick did both wholesalers claim to have the property under contract? I'm a new wholesaler in the Charlotte, NC and I'm trying to learn the do's and don'ts (I made that word up). It sound like one or the both of them do not actually have the house under contract. Although I'm still considered to be a newbie because I have not closed on my first deal yet...I have to remind myself to not try to cut corners like it sound like they might have done.

Will do John. Thank you!

Andrew thank you for the advice. This will be helpful.

Richard thank you for the feedback. I understand that my end buyer will be paying the closing cost but I also wanted to include it in my contract since the seller and I agreed on me (the end buyer in my case) paying for the closing cost.

Thank you for sending me the link to the closing cost estimator.