FIRST DEAL IN 29 DAYS

Very good. Thanks for the response. I am also signed up forthe academy and will restart my coaching tomorrow. I am so ready to replace my income from my job and this is my way out. Keep us all posted with your progress. I can't wait to do my first deal and post my own results!!

Thanks again,

Michelle

Great job on the first deal and kepp on making some killer deals.

Hey just wondering what type of criteria did you look for in MLS deals. Did you tell your agents to filter deals by as is, vacant, and price reduction?

I actually have an agent I'm working with right now and we're using that criteria. He sent me some listings last night in which I picked out about 5-10 good potential deals and plan on putting offers on all of them.

Please let me know and thanks

Hi Tina

I put up bandit signs around the property and I started getting leads in that area, so I already new that my buyers were looking in that specific area and all I did was match them up together. I did a regular 5 page florida as is contract and did a double closing.. when u do double closing buyers does not see your purchase contract

Response:

Thanks Mike,
That's what I do; get buyer's criteria, shop/find/lock-up and sell them the deal. Unfortunately, here in Vegas most of my buy/hold investors are looking at LOW... end props. I'm locking in at $25,000 - $65,000 prices on $50,000- $160,000 props, but only getting fees of $2,000- $6,000 ea (avg $3,400). I think if I step up to the "no dirty work" investors who are looking at $50 psf (rather than $30 psf) props I will be able to work in better fees. DG says my fees are way too low, but all other wholesalers I talk to here are only getting $1,000 - $2,000.

A:Hi Tina

I put up bandit signs around the property and I started getting leads in that area, so I already new that my buyers were looking in that specific area and all I did was match them up together. I did a regular 5 page florida as is contract and did a double closing.. when u do double closing buyers does not see your purchase contract
- Mike L

Q: If you please, tell us more.... like what your buyer's criteria was-- was the buyer an investor or a retail buyer? I take it the seller was FSBO, so you matched them up... how did you write the offer and how did you do the closing? A double closing? Did the buyer see how awesome your spread was?

Love to hear!
-- Tina

as long as you aren't greedy and give them the dead they're looking for, you shuldn't have to double close, unless it's a big fee ad you think the buyer will bak at your fee. be as transparent with all parties, as you can. Leave enough meat on the bone from your buyers. I'd be happy with any amount at this point, but that's me.

Way to go,man!

True... but why show how much your are really making. double closing is worth the extra change to keep everything confidential. Also if your buyer saw what you made off the deal how would it look the next time around lol, you know he is going to ask for a bigger price reduction. Another thing is that with reo you are not allowed to assign so double close is the way to go

Congrats!

If you need transactional funding for ur next deals in the pipeline, without being charged with points from other lenders keep me in mind..... I'm here to help u in this area to lock up ur deals quicker.

Mike L,

I think if I was making $15K-$20K on a deal I would probably do a double close for sure. Unfortunately, I haven't had the pleasure. In NV the transfer fees alone on 5.1%, so quite pricey. To keep meat on the bone for everyone, I do Quit Claims with an Agent/Principal agreement and it saves the transfer tax. My deals have all been transparent. In fact, I call my buyers at the last counter session and ask them what they'll pay for a property and how much they have in it for me... if they will pay (these are some really low end deals) $40,000 for a property and they will pay me $3,500 and my counter is at $38,500... I go back with $36,500 as my best offer if I contact the asset manager and feel I can risk the reduced offer and still get it.
Then I can make $5,500. If I feel I will lose it, I'll take the $3,500 and accept the counter.

All transparent. No extra costs. But yeah if I get honking deal, I'm doing a D/C.

Hi John,

Sounds great.. You are in the Miami area?
I'm looking for private lending, can you help with that?

I know ppl in Miami.... send me a PM of how much u need, etc.

Hi John, How are you today

Not sure why but I was not able to PM you. Im looking for a lender that will lend on purchase and rehab for quick flips, and im also looking for private lending that will hold a 5 year or more note.

Try sending me a PM with your email or phone and we will talk

Thank u much