All Forum Posts by: Robert Martin

Wow-you are lucky on this one.

Make them a offer that you are comfortable paying for the property. Then turn your contract into the title company and let them work it out. If the estate is clean? Great for you. You got the deal over everyone else. If it can't be done the title company will let you know.

Hello Alexandria, I'm very impressed with you recognizing early on that this is not a jump in and get rich quick industry. While many people do find success quickly. Many, many, many more find failure much faster. So from what I understand you are trying to get in the business to earn income verses getting in to Invest (just where you are today). So I will give you two directions and you can go both ways at the same time if you choose or none. Number one: Get Income You may all ready have a JOB that pays a income. But unless its a life long career situation I suggest you start applying for jobs at Title Companies (ideally try to get on at one that caters to Investors verses realtors). Title companies would be my first option but probably lowest on the pay scale because more then likely you will start out as a receptionist or in shipping. The positive is you will start meeting people that are REALLY closing transactions. After that I would say Mortgage Companies or Mortgage Departments at Banks. The point is to get a job in field of Real Estate. I suggest the above because you will start seeing people make $$$ a variety of ways in RE verses only knowing about programs everyone wants to sale you. To touch on that before getting on to number two. Most people I know that are successful in RE didn't pop up over night and have success. Most of them paid there dues and at some point recognized a niche that they could excel at. Number two: wholesales/RE Agent It sounds like you have a good grasp of wholesaling. It's not a must but it helps to be good at data mining to be a wholesaler. So as opposed to saying lets find houses for a nominal dollar amount ($5k). Focus on zip codes or even large subdivisions and find the landlords who have 3 houses or more in your county. Pay closer attention to who most recently bought in that zip code or subdivision as a rental or rehab. Then pick a method to find motivated sellers (easier said then done) in that same zip code and Start matching up Landlords/Rehabbers to the homes you find. Some of those Landlord may be up for doing a Subject to while other may pay cash. Tip to finding buyers quickly and learn pricing: Look up local property management companies and a hard money lender in your area. If you find a deal either one can quickly tell you if it deal (or tell you at what price makes it a deal) or not for their current clients (they have buyers for you). They want to help you because they get paid when their clients buy more houses. Not all of them are going to up to helping you but if you call a few and drive by to meet them face to face it won't take you long to find some willing. I suggested 1 and 2 because I haven't seen many people stay in the business very long by jumping in and wholesaling or rehabbing. But I have seen many people get a J.O.B. in the field then branch out to being Self -Employed in RE. It just a much easier transition once you have a better grasp of how the whole industry works and see many other opportunities then just what programs are being sold. Wholesaling and being a RE Agent are very close. You may find that you can have more success in being a RE Agent verses just wholesaling. I know it was long but I hope this helps you be able to decide if this is something you want to pursue or not. It's helps if you have a passion for it. You may find your passion somewhere else. Joe (in Dallas) - I noticed you tried contacting me a week ago. I'm still new to the site and didn't see how to respond. So please call or email me directly. My focus is also in Notes so maybe we can mix and match some things to generate more business for each of us.

Can anyone give me a range of what the Development Cost would be to take a small 4-5 Ac Tract of land and Develop it for 4 -plexs? Lets say: In a Urban Area with easy access to all utilities. I'm not looking for anything exact. I'm just curious if its $1-2 a sf or $7-$8. So I'm looking for a ball park of what it will take to bring the vacant tract of land up to being ready for builders to start erecting 4-plexs (High Density). Thanks a lot, Robert Martin

It is no big deal. Just write your DBA name on the Contract. Then give the title company proof that you are the owner of the DBA. Also, open a bank account with your DBA name so you can deposit your checks (made payable to your DBA) from the title company.

Unfortunately renegotiating is part of Real Estate. Many Contracts are renegotiated. Many times something other then price. But for your situation I want you to remember when calling to renegotiate your price don't feel to bad about it because most likely they signed your contract over someone else is because you offered more then the others. Maybe other members can give you tips on renegotiating. If they are the seller told you the payoff is 90k you may want to call to get the payoff before renegotiating. The payoff many times is different then the current balance shown on the monthly statement or the seller may be lying about the payoff. Good Luck!!!

If you are dealing direct with the seller put $100 as EM in the Contract. The Seller will probably not say anything about it.

I have brokered may owner Financed Notes over the years and seen buyers pay interest rate at 0% - 18%. Rate and Purchase Price can be adjusted up or down to make the same deal either way. 100k at 12% for 30 years + $1028.61 and $128k at 9% for 30 years = $1,029.92. I've seen many investors negotiate great deals by flip flopping those two number a long with adjusting the term of the Note.

Don't worry about interest rate going up because it means your 80K will have more purchasing power next year as prices adjust to the higher rates (In theory of course).

Hello Kyle,

When ever I'm wholesaling a property I do three things.

1: Send it to my current buyers list (may be small at first)

2: Send it to local property management companies (look them up then call or drop by to find out who you need to contact when you find a property). You will find that each management company may specialize in different areas and price ranges.

3: Go to the property tax records in the same subdivision and surrounding subdivisions to see who all ready owns rentals (start by calling the most recent buyers). You can also find many of the most recent buyers (plus what they paid for the property) if you have MLS access.

I hope this gets you on your way. Good Luck and stay with it!!!