All Forum Posts by: Tim G.

I enjoy Sean Terry's and my good Friend Todd Toback's podcasts.

I try to avoid double closing if at all possible.

If you are in a hot market, they don't like the fee. Sell it to someone else. They need to worry about the deal working based on their criteria. Not what you are making.

I don't do MLS deals for what its worth.

I have wholesaled them with tenants if its a hold and they are a solid tenant.

I have also had to supply them to the buyer with a signed agreement to vacate and cooperative tenants. It really depends on what your buyers want from the deal. Rehab or hold.

Three in the last month.

Jake, the address is listed. So it can be tracked throughout the process. Rehab costs, not sure I feel comfortable asking for that info. I estimated it and believe it was accurate.

Cash for keys? First time I've ever done it and yes it was strange. I paid way more than I should but I kept my word and still made money so on to the next deal.

They received a portion upon closing direct through escrow. They will receive a second (majority of the payment) when they vacate on the agreed upon date. Should they not vacate by a specified date those funds in escrow go directly to the buyer.

We had a cooperative tenant, the buyer really had no choice. I was taking the deal elsewhere if they wouldn't close under those terms. I did convey with absolute certainty the tenant was out.

Also, a condition of receiving any payment was proof of the new lease they had signed.

Pretty much, you have to remember this is not too high end of a home based on Southern California standards.

The other important thing to remember is that just as there are business that sell on different margins than most (Costco). There are rehabbers under the same business model, those are the buyers you want.

No problem at all. We all love what we do (or at least I hope so) and that means we should be quick to defend ourselves.

The end of the day, its "a way" not "the" way for some of us its providing a great income and opportunities we would otherwise never see.

Kyle,

I think you are taking Jakes post as my own. I quoted him in reference to my thread "20k Wholesale Breakdown" we are in similar company.

Cheers,

Posted.

You got it. Tenant was on a fresh lease and has the right to stay regardless of who owns it. We wanted them out to have it clear for the rehabber.

Just never give up, be consistent at whatever it is you chose to do. Treat is as a business not a hobby and you'll get it.