All Forum Posts by: Phil Z.

- You should not be 'searching for comps' to meet a specific number.  You search for comps that are within 1 mile, and similar size, style and good/excellent condition.  You make it sound like you can control property values by just using different comps.  The market controls the price.

- If your offer plus repair costs equals the ARV .. then your going to lose about $20k.

- Actually Wells Fargo very much wants to be the lender on their REOs.  It's a very big deal for them.

- Your deposit should be held by your title company.

- You may not want to be required to notify the seller of the assignment.

- You may not want to record you wholesaling contracts and assignments in the land records.  It should be a legal binding contract.  One of the benefits of assignments is it is not recorded anywhere.

If you are going to be a Bird-Dog, you will probably need to be utilizing free marketing methods because the per lead fees are usually pretty low.  Unless your licensed, in most states you can't earn a commission based on the sale.

I wouldn't bother.  It's very unlikely that you will get a big enough equity cut if there are not a lot of repairs required and the agent is probably going to think your a scam artist.

Assignment has nothing to do with the seller in most cases.  You assign the Purchase Agreement to the new buyer, not the deed.

Your Purchase Agreement may have terms in regards to assignments.  Such as requiring seller approval, or not requiring seller approval.  If assignable, all you need is an assignment agreement between you and the buyer.

- Find Cash Buyers FIRST, then find them deals.

- You need to put a property under contract for less than your Cash Buyers will pay.  Your profit is the difference in the form of an assignment fee.

The only 2 figures you need to analyze are After Repair Value and Repairs.

- After Repair Value you can do from home, and see what it finally sells for 6 months later.

- Repair value you will probably never really know actual costs.

- 50% is probably not going to get a counter.  It will get rejected.

- To me a low ball offer is a ridiculously low offer compared to it's true market value.  Not compared to it's list price.  If your low balling based on the list price, it might still be a true market value offer.

- They are not going to come down $10k at a time while you nudge up $500.  Your probably going to look like a giant waist of time, and they are very busy.

- The value 10 years ago is mostly irrelevant, however, it's a concern that you say it now comps $50k higher than the height of the market.   Something is not right here.