All Forum Posts by: Rocky V.

Why use your own money when someone else is offering it at 0%.  To this day I still utilize 2 credit cards with high credit lines to fund deals.  I have the money in the bank but why use my money when someone else is offering it for free.  You never know when a deal may pop up and you quickly need to come up with solid cash to close in a couple days.  Just be smart with credit cards unlike the majority of the population and you will reap the rewards.

Find a local credit union or bank that will do a commercial real estate loan against the 3 properties.  Use those funds to renovate home.  If you can not renovate home don't let it sit, put it on the market "as-is" and hopefully another investor will buy.  Should have had your exit strategies before purchasing property.  Best of Luck!

No not common for buyers to think they are entitled to personal items at residence.  Everything is negotiable.  I would place a $ amount on items and still see if they are interested.

Go to rural areas in DFW.  Plenty of 1%ers and even 2%ers.  I prefer Johnson county and homes on 1 acre or more.

Wholetale this deal quickly and don't let this lender make anymore money off you.  Plenty of spread for the next investor and still plenty of room for you to realize a six figure profit.

Thanks guys!  This was a painless rehab.  The only surprises were installing a new retaining wall and filling in pool.

Just vet the low offer and get several references.  How long has he/she been in business and are they licensed and insured.  Sounds like you got a good deal.  You will be surprised at how much these larger companies charge over the smaller ma and pa companies.

I use Chase's bill pay service just like @Chris Martin.  Has not failed me yet.   Private lenders are the first to get paid by the 15th and it's not due until 1st of month.  I guess that is why I keep getting asked if I want to borrow more money ;)

Purchased this property from a wholesaler ($10K assignment fee) in Fort Worth, TX.  Numbers looked like this:

$99,000 Purchase Price

$17,670 Rehab Costs

$1,366 Holding Costs

$159,000 Sales Price

$31,000 Approx Profit

From closing to closing was only 90 days.  Property sold to a California investor for cash.  They even paid title policy because they chose to close with their own title company.  I ended up using a rehab lender on this one at 6/1/12 and could of had less than $10k of my money in this one if I had used the rehab money.  Decided to save on inspection draw since it was such a quick closing. 

Happy Investing!!

I'd have to agree with @Russell Brazil on this one.  Try to work the deal or just move on.  I had this same situation happen to me with a newbie wholesaler.  After negotiations back and forth we finally came to an agreement and executed an assignment of contract.  Well....... low and behold the next day he tells me there is another much higher offer on the table.  I told him we already have an executed contract so not sure why he is still looking at other offers.  He played the newbie excuse with me.  I just let it go.  Not worth my time.