All Forum Posts by: Russell Ponce

Ive got a lead from Vacaville which is outside my normal area. If someone can give me an ARV you will have right of first refusal if I lock it up. Message me and I will give you the address.thank you.

We got a mailer back explicitly stating the property was vacant. Is this standard procedure? We've never really looked at returned mail, I figured it was bad info from list.

More to the point what do we do about it?!? These are addresses are outside our area so I cant just go down to records and type in the situs. Any help would be appreciated.

I think any contract is assignable unless otherwise stated. My guess is we add "and/or assigns" to make it stronger in case of litigation? 

@Michael DuVentre if you type the @ symbol and then the first letters of my name, i will appear below and click on that and i (or whoever you tag) will be notified. 

You received advice above from some of the very best. 

Explicitly, the formula is ARV X .7 - repairs - your fee. The offer may seem low to the seller and even to us but there are lots of expenses and lots of risk. You can and should IMO explain your offer to seller. We are here to help people AND make a profit, they understand that. Personally i always suggest the option that will bring the seller the most money. Sometimes however we are a better option and it is up to them to make that decision.

The best way is to get an agent or title company to give you comps off mls. Otherwise you can get info off multiple free sites and get a feel for the value. Whatever you feel the value is, drop it a little to be conservative, raise your repair estimate, and apply the 70% formula or whatever you are using.

Our offers have to be low low low, and we should get LOTS of "no's," dont try to force a deal.

I agree, ramp up marketing, cherry pick a deal and rehab/flip it. Find a GC that has worked with investors and manage the project. IMO. In my area your friend's capital wouldn't cover everything and without a track record you probably settle for hard money help. The upside of that is you get an experienced opinion on your deal.

Good luck!

Buy and hold & wholesaling are generally two distinctly different strategies although Aaron in podcast 37 talks about how he weaves the two together (very well). Buy and hold is for cash flow and equity, wholesaling is for cash now.

Anyways, IMO start with one strategy first. If you are making good money already maybe focus on rentals. If you want to leave your job then wholesaling is an option, but theres probably more failed wholesalers than anything else. 

And if you want cash now why not start with rehab? Let the wholesaler do the hard part, finding the deal, and you will take on more risk but you can find the right people and just manage them. 

Good luck!

You can outsource your estimates until you get comfortable doing them yourself. Your job is to lock up properties at a discount, the rehabber needs to run his numbers anyway. Just do the best can (you'll keep getting better) and negotiate low low prices.

Good way to find cash buyers, not sure how it could be a scam.

Im all about people having a good experience and taking less myself if need be, but if something significant was discovered during inspection theres no problem with everyone taking a little less, including seller. 

Buyer should make deposit, inspect, and then sign. Not sign and then inspect IMO. If you had another buyer willing to take original deal you can offer 1st buyer his deposit back.

To original question, I would have an amendment to P&S between me and seller and an amendment to assignment that aknowledges a change to original agreement. And you can always ask title about these things.