Comments on: Proof of Funds Letters and REOs- Sunday Night Reader Mail

By: Stephani

Stephani — Sun, 10 Jan 2010 20:39:38 +0000

I would do both.

By: Stephani

Stephani — Sun, 10 Jan 2010 20:23:04 +0000

Hi John,

Try looking up the address in the tax records. The owner’s mailing address might be there. If so, you can send them a letter expressing interest in purchasing the property.

You might also want to talk to the neighbors- ask the if they know the owner’s whereabouts because you are interested in buying the house and fixing it up.

Steph

By: John

John — Fri, 08 Jan 2010 15:54:45 +0000

Question… I am having problems getting in contact with homeowners of abandon properties. I came across a abandon property I contacted a realtor that said he would help me get contact information on the property yet he never got back to me. Is there a better way to do this than I am aware of? Thanks

By: Tony Zamberlin

Tony Zamberlin — Thu, 07 Jan 2010 07:29:04 +0000

Ok steph,
for now im focusing on selling other wholesalers in my area deals at a mark up! i made 9500 in 09 doing that and im sure i can make tons more. then when i get more than 25-50 buck a month budget i can do signs and other stuff…
As far as reo’s go i’ve got a local guy thats a wholesaler makes like 50k a month on auctions and reo’s he will put up deposits for me. what do u recommend? he wants half of deals though

By: Stephani

Stephani — Tue, 05 Jan 2010 14:03:46 +0000

If you are going after listed properties, then that would be good to have an investor-friendly realtor to work with. If you plan on going after private sellers, then there is no need for a realtor.

Make a copy of the contract once it’s signed and give one to the seller. You both will want to have a copy.

By: John

John — Tue, 05 Jan 2010 12:44:17 +0000

I was wanting to get your opinion about whether I should use a realtor that specializes in working with real estate investors. I was thinking of doing mostly wholesale deals with her. Also when I am putting a property under contract who gets the real estate contract after it gets signed.. The home owner or myself? Thanks

By: Stephani

Stephani — Mon, 04 Jan 2010 15:11:38 +0000

Hi John,

You need to study the comps and find out what investors are paying, and then offer less. If the properties don’t need any work, then it should be easy to come up with an offer. Find some investors who are buying in the area, ask them how much they would be willing to pay for a similar property, and then offer lower than what they would pay to leave room for your profit.

The assignment fee depends on how much you have it under contract for and how much you are selling it for. If you have it under contract for 100k and are selling it for 110k, then your assignment fee would be 10k.

Steph

By: John

John — Mon, 04 Jan 2010 11:59:05 +0000

My question is… I am finding mostly motivated sellers that have no repairs that need to be done to the property. I am looking to wholesale these properties that I find. How do I determine the Maximum Offer for deals? Also, what kind of formula can I use to figure out after I put a deal together, how much my assignment fee to the end buyer should be? Thanks

By: Stephani

Stephani — Thu, 24 Dec 2009 17:03:23 +0000

Hi Tony,

You are going to need $500 to $1000 for an earnest deposit for REOs, so you might just want to focus on private sellers until you have some extra cash for deposits…

Steph

By: Tony Zamberlin

Tony Zamberlin — Thu, 24 Dec 2009 07:46:55 +0000

Great steph thanks!
well i only have 24 hours per week to put in due to full time job and only 30-50 buck a month for marketing, so im thinking reo’s and maybe i can get my partner to put up money to do bandit signs. would it be ok to do both by not putting my eggs in one basket or would u just stick with one??