All Forum Posts by: Samantha M.

Mike Nelson I searched through your website and was unable to find the video where you discuss building your buyers list. I found other videos such as driving for dollars, but not the buyers list one.

Does your team review every blog post created? Do members need to meet any additional criteria, such as post count, to be selected?

Im researching the tax rolls and found two varieties of the 65+ exemption.

1) 65+ homestead only (no general homestead)
2) 65+ Senior Citizen

What is the difference between the two exemptions stated above? Does the 2nd option, 65+ Senior Citizen, include a general homestead?

No. Just looking for feedback. Its not paralysis, I am dropping my first round of mailers this afternoon. I just want to be prepared for once I start going on appointments.

I always feel its best to be honest. After reading around it seems there are mixed opinions on whether to tell the seller you intend on assigning the contract to an investor or lying and stating you will be buying the house yourself and never mentioning the assignment.

Cons Telling the Truth:
-Seller may have less confidence in you (versus you state you are the buyer and you WILL buy the house)
- may make them uncomfortable and scare them out of the deal.

Some people who lie about the assignment, when they show the house to end investors, tell the seller the people they bring in are rehab people such as the foundation guy.

I would like to tell the truth and state that I am working with several investor partners, but it may hinder my ability to secure deals.

Brian Burke I suppose this would be the same thing as well, only this time with a preservation company like you mentioned?

Brian Burke Thank you for clarifying, I really appreciate it.

I was driving for dollars in my backyard and stumbled upon this house that was obviously vacant.

The curious thing, is there were multiple code violations and other material taped to the front door and windows. One of which is shown in the image below, stating the property is being managed by Chase.

However, when you check the tax roles on the property there is no mention of a bank what so ever. Normally in the owner information, if the property has become bank owned it will read "Bank of America NA" etc. However this property lists a owner e.g. John Smith 123 green hills.

Whats going on is this property bank owned or not?

David Beard "It's been stated that an expert wholesaler needs to know as much or more as an expert rehabber (about estimating rehab and ARV) in order to ensure they will make a profit when selling, "

Yes its definitley a problem here in TX there are some wholesalers that INTENTIONALLY inflate ARV and decrease the needed repair costs.

I am very conservative with the ARV. Will round down the numbers and omit the top sale numbers. I use the median value for rents as well to stay conservative.

As far as rehabs, I estimate everything as if its a retail flip, even if I go in knowing the exit strategy should be rent. Doing so leaves room for contingencies.

Its all about making sure you can get the house under contract for the correct amount to begin with, and educating the seller as to why your offer is fair.

Mr. & Mrs. Smith, yes you could get 120 ARV for your house, but please understand that is retail condition. As we discussed you need minor foundation work, remodel the kitchen and baths, need to modernize and update fixtures, new paint and flooring. In addition to that when you sell you will have seller negotiation concessions for the buyer etc, real estate commissions, etc.

Make them a fair offer, and educate them why it is what it is.

It looks like im going to have a house under contract here shortly, and would like to make certain this information is useful and correct for investors. Any additional thoughts on my hard money/cash flow template besides what brandon turner said? e.g (NOI, by definition, doesn't include the debt payment. )

Thanks