OfflineHello everyone my partners and I are looking to buy REO'S or any houses that meet are criteria.We pay a finders fee of $4,000 at closing not after the rehab is finish. Here what I said we pay are finder's fee at closing.
Criteria:
ARV between $300,000 to $600,000
Comps: 5 Sold, 3 Pending,3 Active
No Fannie and Freddie Houses
No multiple deed changes in the last 12 months
Atleast 200 photos of the property
You pay earnest money(We reinburse at closing)
We pay for appraisal
We Prefer vacant houses so we can start the rehab asap
Property must be under contract
Contact us to get approval before you contract
Formula to figure what we buy:
(ARVx.65)-$13,000-Repairs=Buy Price
Example:ARV is $400,000 and Repairs $75,000
Then Here is Are Formula: ($400,000x.65)-13,000-$75,000
= $172,000 would be are buy price.
We will be doing total rehabs on these properties. We have to have 200 photos or more on all properties. Before you pick a house make sure it is in a buyers market. Make sure you do a market analysis on the county so u won't be wasting your time. We will be putting in High upgrades thru out the property, Example:Granite,Marble,Woodflooring,Crown Molding.We do this so are properties will sell faster than the house next door. We get full value for are properties and 99% of are properties sell with in 60 days on the market. Please contact us before you contract a property and put up earnest money. We only accept comps from Realestate agents. We will be talking to all realestate agents who has done the comps on a conference call with you are Finder. We are looking forward to working with you. Thanks
Obviously there were many people who saw your post and were confused by it. We asked for more information, or if there is any wiggle room when it comes to pay. You seem to have gotten offended or upset, and I apologize for that. I was the one to mention the inspection, and I am a Realtor, so I assume the "rookie" dig was at me. Yes, I am new to the site. But I have 8 years experience as a Realtor and have supported myself, my three kids and my mother doing that for the last 5 years or so. Before that, I owned several properties. We aren't trying to criticize you, we just thought the information sounded a little off and were trying to make sense of it. Of course a majority of the people here don't have cash to put up for a property, but that doesn't mean we don't know a raw deal when we hear one. I defended you about the pictures, but I still don't agree with the low-ball compensation. That doesn't make either of us right, just means we probably won't work together. I sincerely wish you well.
Oh, but I do have to say, in order for us to understand your posts a little better, it's "our" not "are" ("our" properties, "our" finder's fee, etc).
Monica
Skeptic, turned hopeful, turned determined!
You will NEVER succeed if you don't try.
I'm so glad you mentioned the "our" "are" misuse. That's been wearing me out!
I am a newbie, and I also think the pay or "finders fee" offered here is very low. But to me, if I found one Crandall was interested in, I would try to make that $4k because that's a lot of $ right now. But I don't think I could afford the EMD on such. So I wonder, what amount would one expect to pay for EMD on such a property? I paid $100 EMD on a $21k purchase. I'm thinking the EMD would also be out of my reach! Also, is the EMD paid back to the finder?
First, I can't imagine that a home worth $300-$600k after rehab would have that much rehab to be done on it (?). In some cases perhaps, but this seems very hard to find. I guess the realtor is the main help in finding such (?). The homes in my area in this price range are immaculate and well cared for. For the sake of learning, I'm asking.
I'm glad the original post had issues because this helps the newbies who learn from those with more experience, which is what the DG family is all about! Thanks to all who comment!
Crandall-there seems to be a lot of negativity on your proposal.
I think it would serve you better if you showed what you've done,
you and your partners playing professional ball has nothing to do
with the deal.I don't have a problem having skin in the game.My
problem is doing all you want and not knowing what you've done for me to go forward.We've all been told verify-verify-verify.
What professional sport did you play?
200 pictures, why?
On a $300k property, most agents are going to pretty much DEMAND 2% EM Deposit. Thats $6000 upfront...to make $4000? AND you expect the birddog/wholesaler to pay for inspection too? And take 200 pictures? Got any testimonials from happy birddogs that have worked with you in the past? If this works, more power to you, I'll pass.
"The harder you work, the luckier you get." -Gary Player
2 BR/1BA Double Wide Mobile Home
Friendly Village
Long Beach, CA
Owner prepared to carry note. Lease w/Option to Buy
$35000
310-214-0852
I just want to weight in. I will be short and to the point. I am in Los Angeles, so those numbers are pretty commmon place. But look at it this way, if you find a home for 450k @ 65%, you WILL make a deal, and it WILL be for more than 4k assignment/bird dog fee. Period. But, if you want to build that relationship with crandallglen and pass them the deals, than that is okay too. You have the contract, you have the control. Can't make it any simplier than that. And never forget, everything is negotiable, if the motivation is there.
Jeremy
Doesn't look good, 200 pictures and 65% ARV! I can wholesale and make more
I cant help it, I’ve been reading this thread for a day or so and finally had to respond.
1. 200 pics? It'd be better to just take a 15 min video and get a home inspection.
2. Even appraiser’s don’t use 5 sold comps, 3 active, and 3 pending. (keeping in mind the pending comps mean nothing as the price isn’t disclosed)
3. You do realize the Earnest Money Deposit will be more than the $4,000 fee you will be paying.
4. You say you’re a cash buyer, sounds like a hard money loan to me.
5. The word "Are" is not a substitute for the word "Our"
6. This sounds like a real estate guru program that is based out of Texas who name I won’t mention.
7. I could go on and on, but for the sake of time I will go do something better.
DG Family I wish you the best of success !!!
*Disclaimer I am not an attorney nor am I offering any professional advice, just some thoughts I am sharing*
If we all think and do the math then we will not be fooled by people like crandle.
Hi All Iam learning very fast pictures dont tell the true story and what a story when you see it in person, 300-400K and a finders fee of 4,000 come on now lets get real and no harm intended, let alone 200 pictures,I think you need to review your offers it will make a total difference in the out come, Jim
jbischoff
House really have about 4 to 10 pictures that is a lot of pictures for
a house WOW!
Do not let no one stop you from knowing more knowledge and initiative.
I had a comment in the wrong place.