All Forum Posts by: Rob Caldwell

Hello Deal Makers!

The first Greensboro, NC “Deal Maker Sessions™” in 2015 will be this coming Tuesday January 6th @7pm. We hope you are ready to buy and wholesale real estate!

Deal Maker Sessions™ are held once a month in Greensboro, NC. - Soon, we will be holding Deal Maker Sessions™ in Charlotte and Raleigh/Durham!

What are "Deal Maker Sessions™" you ask? Well, each DMS is a venue to present (and for you to find) exclusive wholesale real estate deals in a specific market. And when I say exclusive, I am talking about deals not seen anywhere else! Anyone that attends is welcome to present to the group a deal or deals that you think has investment potential. All we ask is that you present something not advertised anywhere else or listed on MLS. Fresh is what we offer, and want for you to find!

Real Estate Brokers are welcome to attend to find deals for their investor clients.

Each presenter has 3 to 5 minutes to present their deal and must provide ARV, Repairs, pictures, and at least 3 comparable retail sales. The best presenters have a digital presentation or a color hand out to the group. That's it!

Here is list of properties recently presented at the Greensboro "Deal Maker Sessions™":

http://us7.campaign-archive2.com/?u=d69824ffdce03b0ee93847473&id=6bce581510&e=3a1549244a

For more information about the location for the next Greensboro "Deal Maker Sessions™", please visit and join our Yahoo Group:

https://groups.yahoo.com/neo/groups/GreensboroDeal...

Thanks!

This looks like a good event, James!  I have passed along the details for this meeting to some of our HomeVestors guys in RDU.  I am sure some of them will attend.  If I am in the area at that time, I will also try to make it.

Thanks!

I have done many of these.  You simply find someone that has funds to lend.  Ask them if they would be interested in "partnering" if you find a deal.  They say yes, you go find and contract to purchase a house with a seller using the financing contingency as an out in the event you can't secure the funds.  Now, you take the deal to the person with the funds (investor).  You structure the deal so that the terms makes sense for each of you.  A good term for each is 8% and a point or two for six months.  Renewable for another six months for another point or two.  I know some folks want to to do equity splits on the back end (when it sells) for as much as 50%.  I personally find that to be ridiculous.  Most people with money to lend will be happy to lend to you at 8% and 2 points.  Where else will they get that?  If you sell the house quickly, you can do this deal with them several times in a year and now the return on that principle amount for the investors is incredible.  

Going back to the contract with the seller...  You can now show the investor/lender what you have in real terms and numbers.  They can personally see the comps, repairs, etc. so that they are comforted in knowing the exact deal you are doing with them.  My guy only needed to see the first couple of deals before he was comfortable and just sent the funds to the closing attorney when I contracted my next deal(s).

There is no need for the to of you to partner in a LLC, etc. The investor/lender is protected in a first lien position.

I'm sure in Chicago you could find a company that sells granite remnants.  I did a quick Google search and found this company.  http://www.granitemakeover.com/Granite-Countertops...

I am also sure that there are surplus building suppliers.  Another search found these two:

http://schillings.com/departments/kitchens/

http://www.buildersupplyoutlet.com

You would have to buy it (take title) to sell it. What you do with it after you buy it is up to you. You will have the 90 day FHA seasoning requirement if you try to sell it to an owner occupant using an FHA mortgage to buy the house. So wholesaling to a cash buyer is your best exit strategy if seeking a quick turn.

Phillip,

You are assigning the contract you have created with the seller.  All of the terms and conditions that you and the seller have agreed to are "assigned" to your end buyer/investor.  The fee you charge to the buyer/investor is indicated on a separate form called an Assignment Agreement.  Once your buyer/investor agrees to the fee, you take both the purchase agreement with the seller and the Assignment Agreement to a closing attorney to begin processing.  You will need to establish how you are going manage the seller about this arrangement.  Do you they know you are doing this?  If so, good.  Setting expectations with the seller is great.  If not, will you do a double closing?  Your RE Attorney/Title Company can coach you on this.

That's one way of doing it.

I appreciate your recap, Kevin.  Makes me reflect on my earlier years in this business.  Back then I just wanted something to happen and would try to buy anything I could.  I used ridiculous logic so I could justify to myself why I should buy it.  I got burned, took my lumps (as you said) and have learned to treat this business like any other business.  Houses are widgets and I have remove the emotional aspect to buying them and act accordingly.  If I am $1,000 apart from the seller, it's time to walk.  We get better with this business over time and when we are not trying to "force" deals to happen.  Sitting on the fence is the other side of the business.  Find a model that works best for you and that is between forcing and sitting.

Yes.  I have owned several houses in Port Wentworth and Savannah over the years.  I just sold my last house there back in May.  I no longer live there so I am out of that market.  Contact Mel Hubbard.  He was my agent and did a great job:

MelHubbard Realtor, ABR

Better Homes and Gardens Real Estate / Legacy

52 Traders Way

Pooler, Ga 31323

Well, I've never had any problems using PayPal and have been doing it for years.