All Forum Posts by: Scott R.

Honestly I cant answer that, from my understand different wholesalers do it differently, most of the wholesalers I know fund the properties themselves if they dont find a buyer, but Ive heard both ways people telling the seller and people not. Recently I believe Sage (newer wholesaler) was discussing using Hard money to purchase the property if he didnt find a buyer in the time frame, thats always an option but can be very costly.

Almost forgot how confusing the chat was and no one would clarify either, first Will is talking about a deal he financed for $300k at 12% and sold for $373,000 then your "roll playing" providing will financing for the $373k, at 12% and all that did was cause confusion, yet when I asked for clarification I was just provided with rude replys, and wait for us to reply, how am i suppost to follow something when there are two different things going on, people talking about different numbers.. its not possible to follow, sorry I might of been one of the only ones actually paying attention to everything that was said, or others wernt willing to chime in.. next time i just wont attend if you will be there Bill, just give me a heads up. Honestly I give you credit for getting a chat going, in the 2 years I've been watching this board thats the most people I've ever seen in the chat at one time, Just think its disappointing two of the "big dogs" on this board end up being so rude and unhelpful when put on the spot and questions are asked, thats all.
-Scott

Jon,
correct me if im wrong, but the taxes should be on the same 50% side as the payment, which would probablly eat up a good portion of that $2207 left. esp if they are in detroit!
-Scott

Find sellers so despirate to sell that theyre willing to do basically anything. Another reason for them to contract it with you is your buyers list, which can be big or small, as long as theres several serious cash buyers then thats all you need, without you they might not be able to get ahold of these cash buyers and wouldnt be able to sell the property. Contract it for prices you can sell, theres never a guarantee but you should have a feeling about your local area and where are good aread and bad areas and such. More important then the deals are the buyers, the deals are good, but if you have no buyers and cant sell the property, doesnt matter about the deal. Dont let the sellers ever think you wont be able to sell it.
-Scott

Nancy, questions regarding the coffee shop were asked and never answered, therefor everyone can take it how they want, as i did. I asked several questions about this when Will wasnt even in the room, and there was no "roll play" going on, yet still no one ever answered and just beat around the bush.
As far as staying for longer Bill, I was in the chat, or viewing the chat for over an hour, dont know how long you expected me to stay quite but sorry I asked logical questions and got shot down on many occasions, and every question that was asked was in reference to what was going on at that time, noting random, yet was still was provided with rude "be quite" type comments every time. You cant go up and read previous discussions like you state, you get to read from the time you log on, so thats obviously not possible. Not everything I referenced was in regards to a hml, but doesnt really matter as non of what i asked or spoke about was acknowledged. As far as the everyone cant speak at the same time, we had like 8 people at max in the chat, most of which wernt even participating, sorry answering my questions were too much for you guys.
Also, I did ask questions or make comments in between the "roll plays" and again nothing was answered, just stating the facts even if you dont like them, sure you and Will can both write back and deni or say it wasnt this way or wasnt that way, but it was..
This might of been wonderful for people like Anthony, who is completely new to this board and might not know very much, but your average investor on this board who participates for longer then a few weeks and is going to participate in these chats there was nothing that would help them out. Obviously Im not going to meet with a private investor and tell him how i got forclosed on by another private investor last week, or how i dont normally pay people back, All of your guy's roll play regarded having money in the bank, (will referres to putting his skin in the game), having good referances (will referres to having never not paid an investor back) never loosing money on a deal (you stated) and even having a good track record with these kind of deals (will again) well thats awesome, but most people on this board arent Will Bernard, and dont know have tons of money down, tons of referances and a huge track record. I understand how Will can do it, but that doesnt help me out when I find a private investor and dont have the stuff Will has, When questions about this were brought up they were just skipped, doesnt help most people in that chat as you were trying to do, then not answering questions or lissioning to comments doesnt help either. Again, your the one saying offer 12% to private investors, why? why not 10%? if they know nothing about real estate they wont know HML's are 12% and 10 will probablly seem good to most who have lost tons in stock market recently. Dont understand. The questions I kept asking were in reference to HML's but the difference or why something would work the way you were portraying it to happen.
And I'd love to take you up on your coffee shop vs my HML's deal anyday, only advantage you might have again is your track record, but I'd still be willing to take you on with that offer..
-Scott

Personally with rates as low on cars as they offer, I think you'd be better off keeping the 10 or 20k cash for real estate deals and such and financing the car. Cars are like houses, there are tons of deals out there, just have to find them, recently picked up a 04 Range Rover for almost half of the retail value, from a distressed seller who lost his job, pretty good deal, but the difference is this things just going to go down in value, and will in 2 years be worth less than I paid..!
-Scott

Its not consitered a chat if people arent allowed to ask questions, and especially when none of them are answered, missed the note edu Marc says was good, but felt like I was sitting in a kindergarden class, and im no where near an expericenced investor, but cmon.
Your so called chat was a sit and lisson to what i have to say and dont say a word, if you do talk youll be asked not to and no answers will be given, this is not the meaning of a chat.
according to dictionary.com a chat is defined as "to converse in a familiar or informal manner." yet conversing wasnt allowed. It was simply a discussion/roll play between Will and Bill and occasionally Marc would chime in, The 10 others in the chat probablly wernt willing to say a word after the 10 times I was scolded for asking logical questions. Next time you should call it a lecture. just sit and lisson to what I have to say and dont say a word or ask any questions.. one of my professors likes it that way... terrible way to learn.
-Scott

Anyone find this chat useful/helpful!? would like to hear your feedback..
Will, we were discussing such basic stuff that if you didnt know the answers you didnt need to be in the room, no where in there was there anything related to finding such lenders, or anything useful to your average new investor.. only advice i gained was i need to start hanging out at coffee shops.. quickly looked in the phone book and will visit most of them tomorrow,.. cant wait to find these rich people with money to give me just chillin in coffee shops like Bill was talkin about! If i only knew it was so easy..
I ask a simple logical question and get told by you and Bill that i basically wasnt allowed to talk..
-Scott

Dont worry Rich, didnt miss much.. it was more like lets all sit here and let Bill ask/answer dumb questions that will help none of us in the room, and if you speak up you get yelled at.. what a waste.. and to think i looked forward to this chat.. was excited when Will came in, too bad i got yelled at when i asked him a question that retainted to the topic they were discussing, should of been a private chat between just will and bill. what a waste, nowonder no one ever wants to chat.
-Scott

One problem I see is its not just as easy as paying the ex and house being his, if theres a mortgage on the house in both names the property would need to be refinanced. What is special about 4 years? He has $100,000 in equity, so is he willing to sell for what he owes plus his wifes 25k? where does that $265k price tag come from? arv?