All Forum Posts by: Jimmy C.

Strange. Why would this spammer spam if they aren't selling anything?

Either way good catch j. Didn't realize this thread was ancient.

Great post will. It should be the same as everything in life. Always give without expecting anything no matter what you're doing

even though the contract is as is, you will still usually get 3-5 day inspection period. You can still renegotiate your offer duringvthe inspection period if the inspection brings up issues that were not disclosed.

If you are missing something, you will just make a smaller net profit.

Sounds good. Just do it.

The biggest hurdle I could see is having someone actually walk through the house and get pics and video. It would be best if they knew how to spot potential repairs needed. Its what I call "boots on the ground" on my team.

In other words, I never walk through any of our houses. However my partner does, and he actually repairs our properties (if needed to sell) so its all good.

For me to wholesale something in another state, I would have to get a partner to walk through and get back to me with an honest and accurate rehab estimate. And of course I would need pics and video.

It sounds like to me if you want to rent in a rough area, then Russel is your man. Seriously, do you want to go into a warzone to collect your rent?

He just needed someone to proofread for him!

Its true that you can get started wholesaling much easier by creating partnerships.

Almost every deal I do involves a partner who tied up a contract with the seller. I just help them with the important part - The end buyer.

You can double close on any REO that did not include a deed restriction in the deal. Sometimes you can also negotiate the restriction away.

You do not ask them for permission!

Tell the listing agent ((or broker) that you want to have your title company do a courtesy closing, because thats who you deal with. Then You have two seperate closings at your title company

And in most cases (not all) your title company will require you to come up with your own money to close on the A to B transaction. If thats the case use transactional funding, unless you have cash.

And not all FNMA or Freddie deals have restrictions. In fact out of the last dozen we have flipped, we only got held up on one property that included a 90 day deed restriction.

As always YMMV

Sunil if its been listed for 6+ months and had two offers that didnt close, you maybe in luck.

I would low ball like a mofo. But I would make the offer cash, even if you have to use hard money. Just to make the offer strong. I would not put in a time for inspection, but definitely get one.

My favorite part about REO's is the ability to lowball without offending anyone. Who cares if they ignore your offer? Just make the 15-20 offers and get the one accepted at your price.

Anyway, thats my opinion. 6+ months CDOM(down here) should get a cash offer accepted at well under list.

YMMV

How many days has it been on the MLS?