All Forum Posts by: Daniel Yoo

Hi, looking to work with investors (newbies and veterans alike) who buy and sell MF properties in Austin, San Antonio, Waco, Killeen (pretty much Central Texas area).

Also, I'm looking for those who want to birddog/wholesale apartment properties. I'll even train you for free. PM me for details.

How do I join this Houston Area REI Group?

Hey Mike, are you still having these meetings at the RICH club? Thanks.

Hey Chris, welcome! I'm here in the Galleria area.

Hey BPmembers, I'm a newbie to both BP and REI. I've got my first deal in the pipeline.

Found this deal on the MLS using a Realtor.
3/2/2 - 1628 sqft.
List Price 79,900.
ARV comps are coming in at 104-105,000.
My repair estimates are coming in at about 6,000.

So I offered 57,600 for the property. My Realtor sent in the offer and guess what...IT WAS ACCEPTED! BTW, my option period is 30 days and I paid $50 for the option fee, $1000 for my escrow amount.

I've got a rehabber who wants to buy this property from me all cash. I told him I would sell it to him for 61,600, which means I would get a $4000 assignment fee.

And here's the questions:

1. How do I assign the option for this contract over to him?
2. Will the rehabber need a Realtor to do this?
3. Does my buyer's agent get paid a commission in this wholesale deal? Who pays for his 3% (me or the rehabber?)

Thanks!

*EDIT* I understand that if I were to rehab this property myself, I would have made a nice chunk of change. But I'm not interested in rehabbing...not yet anyways. I'm totally new to this and want to get wholesaling down before moving up to the next level.

If there are any rehabbers out there who are interested in getting great deals like this in the Houston area, please let me know. Thanks!