All Forum Posts by: Ty Burns

I do not really use our CMA program very much. I base everything off of price per square foot and gross living area.

@Kirsten Walstedt - It depends on the house. I have knocked on the door before, but I usually just leave a sticky note and send them a mailer as well.

@Ceasar Blackman - After I find the vacant house, I will take note of the address. I will also place a sticky note on the front door saying I want to buy the house. I will also look up the address and find out if it is an absentee owner and if so, I will send them a mailer as well. I have done 2 wholesale deals by leaving a sticky note on the door.

How much are you making on the assignment fee?

I am a licensed agent and rehabber/wholesaler. The only big concern is going to be disclosure. You ALWAYS have to disclose you are an agent. I always have a disclosure of interest with all my offers, even if they are not listed on the MLS. You do not have to let your broker know that you are wholesaling a deal that is not on the MLS, as it would be a private seller, but you do need to disclose that you are an agent.

I know guys here in my local market that have 7 to 8 going at a time. Just depends on how much you can handle at once.

I would go find some deals and wholesale them to him. You could also secure a flip deal and have him fund the project and offer him a return or profit split with him. You could also bird dog for him if you do not want to mess around with structuring deals and what not.

Driving for dollars is a great way to find deals at a fraction of the cost. DM is great, but I have found my most lucrative deals by just driving my farm areas. I would recommend doing both, but if you are short on cash, then hit the streets and find some deals!

I would educate yourself first and foremost. Even if you did drop some mailers and the phone started to ring, would you know how to properly vest the call? Probably not. I spent 6 months educating myelf before I even attempted to pull down a deal. I would also recommend networking and building your buyer's list, familiarize yourself with the local market, get all your ducks in a row, etc..

Just make sure you are on title or have some interest in the property on paper before you do anything. My brother and I recently did a seller finance flip. We put $5k down and made the monthly mortgage payment. The seller had an all inclusive deed of trust to protect themselves in case anything went wrong. Your title co should know how to structure the deal if they know what they are doing.