All Forum Posts by: Sean Walton

There are literally hundreds of grays. My recommendation go on Pinterest search for gray color schemes pick one you like and stick to it. Use it on all your properties that way any leftovers can be used on the next job or for touch up. Make sure to use the right sheen. Kitchen and bathrooms you may want to do semigloss. For other rentals glossier if you want durability. For sale matte will hide imperfections.

You can also talk about how if they don't need all their money right away you can buy their house subject to the existing mortgage that allows you to pay them more and helps repair their credit because you will catch them up and make the payments. That is more of a wholetail model but would work if you plan to do a rehab flip or your end buyer is. Not everyone in pre-foreclosure will be interested in working with you because if the house is in decent shape they can just sell it. But if they have procrastinated or there are other issues that is someone you can help

It means you don't need to get a bank loan the owner is willing to act as the bank. That can be great if you have bad credit or the loan amount would be so small a bank may not be interested in lending. It can be bad if you end up paying a lot more than you would have with a bank loan. Make sure a title company an attorney if your state uses attorneys does all the paperwork and everything is on the up and up. Do some research on what the house is worth and how much you would be paying with a conventional mortgage

As @Arlen Chou mentioned if you are in Daly City read up on this http://www.dalycity.org/Page187.aspx

@Joseph Delarosa just to clarify you should talk to a structural engineer. Adding an additional floor is common in California when changing a building's use because often the structural system needs to be brought up to code and as long as you are doing that it often makes sense to add height or area. In Roswell you are in a lower seismic zone it may not make sense or pencil out but it is worth exploring. You would probably need to bring the elevator up to that floor for accessibility too which can add significant cost.

Double check but I think mechanics liens expire after 90 days if the lien holder doesn't begin foreclosure

@Aaron Millis I don't know anything about Alabama laws so I can't advise on what is legal but most traditional wholesalers (assigners) just deal with cash buyers directly

I don't know about Alabama a lot of people on BP say getting a property under contract without the ability to close on deals then finding end buyers can be considered brokering without a real estate license. A lot of states are cracking down so read up on BP and google. In a lot of people's opinion when you have a contract to buy a house you have "equitable interest " in the property which if the sellers give you permission allows you to list it on the MLS. This would be categorized more as the wholetail model. You may have to talk to several agents and have them check with their brokers and boards before you get one to say yes Real estate agents, unless they are investors l, won't buy the house you have under contract but if the deal has enough meat to pay their 6% commission research shows they will help you get more than that.

What does it say in the auction terms? I'm pretty sure you can't assign most of them especially if it was an auction that gives preference to owner occupants

@Kameron Fontenot I think you are confusing buying from a wholesaler and being a wholesaler. Yes most wholesalers want a $3,000 EMD from their cash buyers.

When buying from motivated sellers I plan to do a $100 deposit. This is not a check to the seller this is a check to the title company to open up escrow. I'm using more of the wholetail model where I intend to close on most of my deals and market on the MLS but I think it is generally the same process. I don't think there is any hard and fast rule how much it should be. Some title companies will require a minimum $500 to open escrow but your contract can still state $100.

If someone is truly a motivated seller and you present yourself in a professional way they will be less concerned about the amount of earnest money deposit and more concerned about you solving their problems and getting their house sold.