Real Estate Investing Wholesaling Houses - Typical Junker

Real Estate investing video training http://www.localmentor.com/success_st... Michael Jake discusses what a typical junker look likes, how he found the wholesale deal. Simple Steps to Wholesale a House for Cash in less than 2 weeks. This house did end up being a wholesale - we did not rehab it. I put the wholesale house under contract just after 5PM on Thursday, made a couple calls to 3 of my serious rehabbers, and within 1 hour I had a verbal acceptance. Faxed the assignment agreement on Friday and we closed on Monday. This ugly junker turned into a $7500 check. http://localmentor.com

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• Investing
• Wholesaling
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• Michael Jake

[djprofyle]

Thanks Michael! One last question. I've been doing some driving in a local neighborhood and have found a lot of potential. I found some houses that definitely fit the criteria. The problem I'm having is locating the owner. I went to the Tax Assessor but they just gave me a name of the owner. Anyway of getting a more detailed search regarding the owner and contact info?

[localmentor]

@djprofyle - there should be a "tax mailing address" with the owners information (where they mail the annual tax bill to). You can do a reverse phone number search for the address or search online phone directories for their name and if all else fails, mail, mail, mail, and mail some more to them to get them to call you.

[djprofyle]

Hey Michael, love your videos. I'm just starting to get into real estate investing/wholesaling. I wanted to ask you though, How do you determine what you would charge for an assignment fee?

[localmentor]

@djprofyle - as much as I can get! Ha!

In reality, I price all my wholesales at or around (keep in mind this for MY MARKET) 75% of the ARV - repairs. What ever I get it for BELOW that number is my profit. If I buy better I get paid more, if it's a thinner deal, I get paid less. For serious junkers, your repeat buyers are fix and flippers and they need the spread they need to resell for a profit. If you don't give it to them, you won't sell to them.

Hope that helps.

[localmentor]

7250 I believe -assignment fee/profit.

[Brutalford]

Got a question! It's not a over the net kind of question do you have a email or number I could call or send it to? I have seen some of these nasty places I would almost flatten it and sell the land!!

[2ndVizion]

man thats a shit house...good luck broski

[NickBlackDIN]

that's a good shape house considering the one I'm looking at right now. (abandonnd for 2 years with a really leaky roof didn't help, and still old electricial ect ect)

[RLJ93727]

Like the video

[ptangboy]

crack house