All Forum Posts by: Samuel Barton

The closing company has an attorney.  Why would you need an attorney?

Study your market a little better.  Find some investors in your area to network with.  Do a few walk-throughs with a GC until you get an idea of what repairs are going to run you for certain items.  Pick up  Flip by Rick Villani and Clay Davis.

Closing at a title company is not required.  You can close anywhere with a mobile notary if you have the closing documents.  Just have their title company draft the closing documents.  After you close the TX title company, have your GA title company draft documents to close with your end buyer.

It may be allowed.  It may be a violation.  If you want him to email you, then keep everything as it is.  If not, ask him to stop, or just forward his emails to spam.  Either way, it is just an email.  Look for that next deal brother!

Same as a single family home.  How much is it?  How much can I buy it for?  How much will I have to put in it?  How much can I sell it for?  How much does it rent for?  

Send them the pictures of the house when they moved in.  Ask for carpet cleaning receipts and/or professional cleaning receipts.  

If the home is currently rented out, then there may not be a lot of motivation to sell.  What is the motivation?  When does the lease expire?  

If the tenant is a good tenant, then of course keep them until the end of the lease or longer depending on your exit strategy. I would still offer 70% of ARV. If they come back higher, then try an owner finance option. If you can finance the house from the owner with a mortgage of $1000-$1200 a month, then you are cashflowing right out of the gate with none of your own money in the deal.

Every house is buy-able.  I always shoot first and aim later with my offers.

The lease does not survive the transfer of the deed unless you want it too (I believe).

Hey Kendal!  Welcome to the investing community.  Education is always top priority, just do not make yourself one dimensional.  Educate yourself on sub-to deals so that you can get a Buy and Hold/Owner Financing strategy working too.  If you only focus on making yourself a wholesaler, then you will never make it through a market like 2008.

It may not be a stellar rate, but there is always a way to turn it into more money.  Dave Ramsey got it wrong when he said that debt was bad.  That 12,900 could pay closing costs on a few sub-to deals that you could put more HELOCs on.

I would suggest that if you are tying up your own funds for a while, then do not do the deal. If I were you, I would pass the deal off onto him, use the BRRR strategy for him to pull a lot of his money back out. Then pull both of your money together to start flipping houses or making other active income. Split everything 50/50 and put just as much skin in the game as him. "Traditional investments" are in other words "not a good deal".