All Forum Posts by: Nick C.

1. Yes, just make sure to set the closing dates as close as possible to one another.

2. Yes, and if you don't like headaches maybe property management is the way to go. 

3. For what your houses are worth that's not a lot of rent. In our market houses that rent for $900 - $1000 are generally worth around $60 - $75k. Since you're on the verge of retirement you probably want to maximize your to cash flow. I'm biased, but I'd look outside of California. Too expensive for those rents!

You don't need to assign it, you can double close on it. Costs more, but if it's a good enough deal your spread should take care of the extra closing costs. If you don't have the cash to close, find a hard money lender that will do transactional funding if you have the front and back side contracts in place. Generally they charge 1% of the amount they lend. If there's a will there's a way.

Viking Inspections

Nick Jones

850 559 7805

Very investor friendly.

Our leases have tenants performing any maintenance/repairs that cost $200 or less.

To answer your question about the title company saying changing the closing date couldn't be done, no that information is not correct. You're just asking the wrong person, you should be asking the seller/seller's agent. They decide whether or not to extend the closing date, not the title company. The title company just doesn't want to redo the documents, it's more work for them. Ultimately it's not their choice. 

@Lisa Wright

 Very true, many friendships have been ruined by bad business dealings. But in my experience many friendships have been strengthened and lasted as long as they have because of similar business interests and joint ventures. And many friendships have run their course and faded away because of lack of similar business interests. Just playing devil's advocate but it goes both ways... 

As long as you have the same goals and have a very specific operating agreement including who is responsible for what you will be fine. 

I would also say it's beneficial to have 2 heads problem solving instead of one. 

I find that as we all get older many friends/family become our business relationships and vice versa. With all else being equal I'd rather be in business with people I enjoy spending time with, as opposed to complete strangers. 

John if a seller thinks his house is worth $200k and you offer him $50k no amount of rapport on earth is going to keep them from getting upset. Some people are polite and just say no thanks, but a lot of people are just angry people. No other explanation, they're angry when commercials come on the TV, they're angry if they have to wait in line somewhere, they're angry when someone is driving too slow or too fast, they're angry when they realize their house isn't worth half of what they thought it was, and so on... 

I totally understand the spirit of this post I just couldn't disagree more. First, if you're counting on a wholesaler for anything other than the address you're asking for trouble. 

Overall what you're saying is buy from the big boy wholesale companies. The problem is they have large marketing budgets and lots of overhead so they push the prices up and need to make a much larger spread than a one person operation. 

Although new wholesalers may make mistakes on pricing, sometimes that mistake is pricing the property too low, so it goes both ways. If a wholesaler presents a terrific deal that you can make money on, it doesn't matter if their comps are from a drunk neighbor and they want to meet behind a dumpster. Buy the deal.

It depends on your personality. I know people who hang up on unmotivated sellers without another word. I'm more friendly and don't mind chatting for a bit. When I give them my offer they tend to become a lot less friendly. To answer your question though, yes building rapport with unmotivated sellers for the most part is a waste of time.