All Forum Posts by: Scott Johnson

@Jay Hinrichs, someone needs to sell for 200k and another persons wants to buy for 300K. Both people get what they want. I’m failing to see the lack of morality in that.

Maybe it’s because I do what’s best for my sellers and buyers in all cases, even if it means cancelling a contract.

@Patrice Boenzi. So I would double close instead of assigning the contract.

@Portia Purcell it’s also a good idea to go talk to real estate attorneys in your area and talk to them about what you do. That way you can find the ones that work with wholesalers and start building a relationship.

@D'Andre Byers I’m with @Jim K. It sounds like you have a great partner in life, but you’re looking for someone to be a partner in business as well. This is a very rare thing due to common conditioning and our school systems.

Definitely have a talk with your grandpa, I believe it was. This could have an impact, but it’s important to understand where that pull towards mediocrity is coming from, which is likely the fiancé’s family.

I always pint people to Mr. Wonderful’s, Kevin O’Leary, interview on the Rich Dad Radio Show. Listen to what he told the 19 year old who asked for his advice.

https://youtu.be/I2ystxIlsuo

Doesn’t BP have one? 

Great job, dude! Solid find! Did ASK them how much they wanted for it, or just run your numbers and give them the offer? I've been playing around with both. 

I appreciate that, dude. Thanks for everything you guys are doing! We now have 2 contractor deal finders.

Investment Info:

Mobile home wholesale investment in Stokes.

Purchase price: $10,600
Sale price: $16,000

The owner of this property had passed and the property was transferred to her children who were injured, out of work and needed to sell. The property had garbage throughout the yard and a trailer that couldn’t be saved. We helped them develop a plan, they accepted our offer and we closed on the property in 6 days. We continued to provide support after the close until the title for the trailer was assigned to the new owners.

What made you interested in investing in this type of deal?

The prospect of my being able to learn how to find properties to invest in. The money doesn't hurt, either.

How did you find this deal and how did you negotiate it?

Found using DealMachine after I was tipped off by a DealFinder in our area.

How did you finance this deal?

No financing. Just a contract sale.

How did you add value to the deal?

Oddly enough, all of the value was added by the end buyer. The property had trash EVERYWHERE, but he'd missed out on a wholesale deal before and wasn't about to miss out on this one.

What was the outcome?

The contract was assigned to the buyer and we closed 4 business days after.

Lessons learned? Challenges?

ALWAYS KNOW WHERE THE SEPTIC TANK IS!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

NO

@Matt Hatton, wow! This post took a big turn.

To answer your question, find a mentor. All states have different laws and as long as you’re up front with your sellers about your plans and have contracts/assignments that have been reviewed and confirmed by an attorney in your state, you’ll be fine.

If it were an illegal act, attorneys wouldn’t close our deals... but they do...

Just make sure you NEVER give anyone the idea that you’re selling THE PROPERTY. We sell CONTRACTS, not real estate. Leave that to the brokers/realtors.

What you’re seeing in this post is typical “realtor vs. wholesaler” banter. It won’t be the last time you hear it.

@James Wise is dead on. 0 tolerance ftw.