All Forum Posts by: Stephen Rogers

Oh ok, thanks guys! I was just talking to agent/buyer and he said that a double closing is probably what would have to take place. I will definitely be getting my license after this so I never run into these circumstances.

Just read it, So at this point should I cancel my contract and just let the actual buyer and seller work it out and just ask for a referral fee for a lesser amount? I definitely do not want to break the law. 

Oh yes I loved working for them as well, I just meant used car sales as a whole has a bad rep, where as I felt like I was genuinely helping the consumer while I worked there. 

As somewhat of a newb I'm a little apprehensive about asking a question on this thread but with so many respected professionals on here I would like to ask a question so I can learn more from my experience. 

I had a friend of a friend contact me to see if I could help him sell his house quick since I worked at a large buyer of homes in our area. I met him at the house, took pics, truly penciled out rehab costs(I'm in the industry so I know the costs pretty well) and we came to an agreed upon price, that if I could get more than that then I could keep the difference. I met with a couple investors/flippers(within 36 hrs of signing contract) and then one offered X amount over the negotiated price that we signed a contract for, so I accepted it and informed the seller. And we are working to close the deal within 2 weeks or so. It has $600 in taxes due but is other wise paid off.

Is there anything I should have done differently? Granted I am getting my real estate license in the next few months but is it better to just build relationships and get referral fees in the future than to try and wholesale properties? This was my very first real estate transaction besides my personal ones, so I would definitely appreciate any feedback. 

I was a sales associate for Carmax for almost 10 years so I know all about working in industries that have a bad reputation and I don't want any part of it, if that is what wholesaling means. 

I have 1805 Colonial Hills Dr, Southaven, MS 38671 under assignment for $45k, looking for 49k and a quick close. I have plenty of pics I can email you, This is a friend of a friend that I am trying to help him sell quickly since it is paid off and he needs the money to pay for his other house he has. Mostly rehabbed with a new 3 tab roof, 3 yo furnace, 5 yo water heater. Needs a new condenser and flooring throughout house. It is a 3/1.5/1ca with a living room and den.

Man I wish this house was worth that much lol. In reality though it's probably worth 75k-80k ARV. But thank you!

I'm not sure yet, we are supposed to go to lunch tomorrow and talk about them and his situation so I can see if I would be able to help him off market or if he just needs to list them. If you ever want to meet up and talk feel free to pm me. Thanks- 

thanks for the info Eric! I think I got it sold today and will be very excited to actually close on my first deal. I have an acquaintance I know with 6 rental houses in Memphis that is tired of dealing with, after 10 years, so he may allow me to help sell them as well, so I hope to gain more experience soon!

I figure 6k for a new AC(1600) carpet, tile and a little paint(3400) most the interior was painted already it just needs one room painted n some touch ups. then the vanities, toilets are already in the house just need to be reset along with the shower valves. Other than that it's in good shape. I took a lot of pics and will talk with my mentor tomorrow I just wanted to check on here to see y'all's thoughts as well!

I am very new to wholesaling part of REI, but I am meeting the owner of a house tomorrow morn that needs out quick and all the numbers seen to work I think. It's in colonial hills subdivision in Southaven, MS, a 3/1.5 and one carport that I can get for $45k, it already has a new roof, 3 yo furnace, 4 yo water heater and is already about 80% finished, however his partner, that was helping him fix it up to sell, died. So hence his motivation to sell ASAP because he already bought a new house and needs this money to pay the new one off. I guess my question is that I'm wondering is someone out there that can reaffirm that this is a good deal? Pm me if possible and I will give the details. Thanks all! I am not trying to sell it on here I already have 2 potential buyers lined up in Memphis.