All Forum Posts by: Martin CS

Thanks for all your input guys. I think for me, the biggest issue is being a 1 man company. I feel like is not fun and is not what I pictured real estate to be, when I first started. I feel like I have the experience to form a small group to do it as a team. I look at the guys from CT Homes and they seem to be having fun while making a lot of money in the process.

The problem is that I don't have the right partners in my life. My friends for the most part don't care about RE or are just not motivated. I have some RE professionals but they are focused on their own niche. I feel like I have to go looking for my "dream team".

I am someone that works alone for the most part, I am wholesaling for about 2 years now. I work from my home office and sometimes that poses a problem as distractions are easy to come by. I been thinking of maybe paying for an outside office as it would be harder for me to slack off. I am also thinking about looking for 2 or 3 partners to create a bigger company that can expand into other investing areas such as rehabbing, landlording, commercial , etc. I would be looking to find experts in construction , financing, and marketing.

Do most of you guys work from home or in a professional office? Are you a 1 man company like myself or do you have a small group like the guys from CT Homes?

I think I am getting tired of the daily dull routines that I been going through lately. It would be nice to change the environment. What are your thoughts?

I thought I revive this because this is something that has been on my mind as well. Would it better to have on your Sale Agreement or Option, the right to market the property ? Or is it better leaving out and then just doing it per your equitable interest? I market on CRaigslist all the time and want to avoid problems. I currently use this in my contracts "Buyer has the right to market the property to immediate partners or buyers, prior to closing". Should I remove this?

Another thing I thought about doing is offering a lease option and then assigning it to another buyer. I done 1 of these before but frankly I did not enjoy it very much and I hear these also come with a lot of risk.

I prefer just straight wholesaling flips because they are easy and you are in and out quick. Unfortunately you need a ton of equity and deals are hard to find.

Thanks Shawn! Yes I forgot to mention property is free and clear which makes things a lot easier. I think owner financing is great but I see it as risky when flipping to a 3rd party because of the possibility of default. That's my biggest concern.

Ok so here it goes again.. I done some wholesale deals but none with owner financing terms. I got this deal right now where the owner is willing to do short term owner financing . The deal doesn't have 30% equity like a typical wholesale so I may need to get creative in order to flip this .. Here are the #s..

Property's ARV is 90-100K (hard to comp because most around are vacation homes)
Rehab estimate - 10K-20K This would depend on buyer and also if flipping or just renting , based on market this would be a good rental (vacation home possibly). Frankly it just needs paint and carpet.
Purchase price- I can probably get this for $70K, 65K if I am lucky.
Possibly rent income - 1000-1100 /month (more if used as vacation home)

As you can see there's not enough spread for all cash deal but seller said she would hold note for shortterm, not sure how long at this time. What kind of terms should I be offering ? I would try not to offer interest or down money and maybe 700$ month? How could I write this into my wholesale contract?

I am also thinking about just getting an option and marketing on Craigslist to NY buyers (I am in PA Pocono area) and try to sell all cash. NY buyers like this area for a 2nd home and this crowd usually doesn't mind spending because the market is much cheaper in PA.

I kind of want to avoid owner financing because of buyer default which it means it could be messy and expensive for seller with a possible foreclosure. I don't like sticky situations . What do my BP investors think?

Thanks to all for your help. I spoke to my Realtor and he made me aware that lots have their own P&S contract as well. I feel much more confident going forward with this. Thanks BP!

I wholesaled or flipped a few homes but I have 2 lots under contract and I may already have a buyer? What is different from selling lots vs houses? Normally I would do a title search on a property and then use that title company to close while having my buyer buy their title insurance. These lots are only going for about $5000 per lot , I am thinking title insurance may be a waste of money...

I know that of course the buyer will want to look at wether a home is buildable which it looks like that won't be a problem because this in a gated community with homes nearby. What advise could someone here provide? Thanks!

I know this post is a bit old but would like to know from Michael, how you are able to narrow down your list? Does listsource.com allow you to break these down or did you use another way to obtain the list? Thanks!

I also think some people are better gifted or faster learners so it would depend on the individual how much training he/she needs. I personally would like to learn from everybody and take their best and apply it to my business.

By the way, I would not mind learning from the guys here, specially experienced wholesalers. If you have a really good course , send me a private message.