All Forum Posts by: Matthew J. T.

If you find a MOTIVATED SELLER, that wants to sell the house because of there MORTGAGE is too high, they really want to sell the house, but has very little equity. Does this mean the house is not a deal automatically? I've already browsed BP and from what I understood there is nothing you can do , and no money to be made, other than a short sale.

Question: Wholesaling should only be with houses that have moderate to TONS of equity correct? If they seller is selling the house for just about what the owe, or has a mortgage that is more than the house is worth, or has little equity ( been there for only a couple of years), that is an automatic no no correct?

I am looking to wholesale the property, not rehab or landlord it, how do I know if I got a deal in my hands based on the numbers up above?

Ok let's say owner is selling house sat 90k, and owes 85k on it. What do you base it on whether it is a good deal or not? If they owe less than the house is worth or owe significantly less? What should I know exactly from the seller, before deciding if it is a good deal to fall through on? I know obviously it's a bad investment if they owe more than it's worth.

I know you should be at least making a deal at 70% below the ARV or less, if they aren't willing to sell it below 70% of what it's worth, does that automatically mean it's not a deal?

wow what a deal .. 27k the seller is willing to sell, for a house with an ARV of 173k? I'd sell the contract for 100k, and than double close it, get a NICE pay check. I read u always wanna double close anything over 30k and not do assignment fee's so that the investor you are working with doesn't decide to "re-negotiate". Best of luck, make that money!

Answer is easy, realtors get mad because most of them ( not all ) are close minded, and are jealous you are making more money than them, just my opinion of course..

But you need an exit strategy if you cannot close by the deadline, you don't want to take over payments and end up in a even bigger hole. I've read numerous sources that say just say it failed inspection within the 30 day period ( or however long period you have) if you cannot get extra time to find a buyer, and cancel the deal, and move on. watch this :

http://www.youtube.com/watch?v=8tzcKBCqgR4&feature=channel_video_title

edit: double post

Is that what method you use as your "escape method" if you can't sell the property fast enough? I understand if it works for you, if it was me I'd re-negotiate a new deadline or just say they failed an inspection if I can't get it to sell, of course you probably have the funds to purchase it yourself as compared to starters like me, so I understand your point of view as well.

So generally speaking if you aren't dealing with bank owned properties and are more motivated seller, it is probably wiser to list with a flat fee on MLS right away correct?

Understood, I have a question regarding selling to retail buyers paying with cash on the MLS, (if the price is right, you can attract any buyer -- I'm sure there are many people out there that aren't investors that would be willing to pay cash if the price is right). IF you have a Retail Cash buyer over the MLS, all you would basically do, is do the same thing you would do with an investor correct? Have them sign the "Assignment contract + your fee" + purchase agreement correct?

Because wouldn't that discourage the seller of the property, that originally listed the property on Craigslist, and make them think something is fishy how you are claiming to be a "Buyer" but you somehow are relisting it? Wouldn't the seller want to know what exactly you are doing if they saw your advertisement?

Hmm I don't know if I agree with actually "purchasing" the property via loan or my own personal assets. Here's some more questions..

-why don't you just list it on the MLS right away (even tho it costs more it's more automated)?

When you list on MLS for a flat fee can you accept only cash offers?

If you found the property on craigslist that you put under contract, it wouldn't be a wise idea to post an ad soon after on craigslist putting it for sale right? lol

When posting on MLS can you make it so that it is cash only deal?