OfflineLooking to partner with someone in Houston, Tx whom has experience with locking the deal and assigning contracts. Just want to work a couple of them with me until I get comfortable. I spoke with a broker today and he said he owns a franchise and provide many homes at a deep discounted price. Not from MLS. and he have contractors ready to rehab and provide every aspect of real estate services from buying to creating the best exit strategy. If interested PM please. LETS GET A MOVE ON!!
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Romans 8:28
I am in the same boat as you. I'm in Colorado Springs, otherwise I would be down for partnering up. Good luck in your search.
Just starting out. Please follow my blog at http://www.deangraziosi.com/real-estate-forums/investing-journals/62996/...
Jay looks like you are in good path with finding this great broker! I'm on the same boat looking to partner up as well but too bad I'm in LA area.
Anyone interested in partnering up please feel free to PM me.
All the best to you Jay and everyone in DG family!
Make me a blessing, make me a blessing;
Out of my life may Jesus shine.
Make me a blessing, O Saviour I pray,
Make me a blessing to someone today.
Get one of those great deals that the broker can provide under contract and assign the contract to one of your buyers. You can do this yourself.
1. Ask for the list of properties. (I will be surprised if he produces a single deal)
2. If he actually provides a list, Find ones that you want to look at.
3. Go look at the property.
4. Get sold, currently listed, and under contract comps from a realtor.
5. Determine what this property will sell for fixed up
6. Determine the cost of the rehab/ remodel.
7. In the meantime build your wholesale buyers list.
8. Now you know what to offer and if the deal is a deal.
Example: He provides a house for $65,000
Through your research you determine the ARV is $100,000
However it needs $25,000 in rehab/remodel to sell for that.
You are going to assign this deal to one of your buyers.
So a good acquisition formula for wholesaling is: buy at 65% of ARV minus repairs.
$100,000 at 65% minus rehab $25,000 = $40,000 buy price. His $65,000 is not a deal.
If you find one that works, you get it under contract and assign the deal to one of your buyers at 70% of ARV minus repairs. The numbers are a formula and not cut in stone, but they are very close to what you need to buy and sell at in order be a successful wholesaler (contract assigner)when working with other investors.
Good Luck,
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Great Answer Jason and thanks for the advice. Actually that the best Ive gotten so far. Pray for me and I will do the same for you. This stuff gets better everyday!! YES!!
Romans 8:28