Trying not to panic---please help- I'm a newbie ! - Posted by Hatmat

Posted by Joel on November 03, 2000 at 11:42:57:


I do not believe you are a jerk, I do believe however that you have not done any deals and do not really understand what this board is meant for. This is a board that is to share ideas with new/experienced investors. You seem to be someone who has his own insecurities and wants to pass it along to others. I have been in similar situations as this person, and I have made it work, because fear gets you out of bed.

I recommend to advertise in the classified like a demon:

Investor special
must sell

call xxx-xxxx

Please do not listen to others—you did good–keep doing it!

Trying not to panic—please help- I’m a newbie ! - Posted by Hatmat

Posted by Hatmat on November 02, 2000 at 16:31:57:

Hi All,
Thanks in advance for your help because I know you have the answers. I’ve got a property under contract for 16K- a moderate rehab, ( needs plaster work, painting, cleaning—just a good " once over") Anyway, I’d like to wholesale this to another investor but I’ve never done it before. What forms do I use? How do I get around showing it with the seller there? Please any and ALL advice will be taken. I’m confident I can do this it’s just FEAR! Help!
Thanks! --HATMAT

Options - Posted by doug,ky

Posted by doug,ky on November 03, 2000 at 07:33:23:

I’m not a rehabber, but there are a couple of things you might be able to do, if you can’t find someone to flip to.

  1. If there is a local RE investors club there, go to it and shop your deal. If it’s any good, somebody will be interested.

  2. Find a money partner, split the profits. Advertise

  3. Find a hard money lender, and close the deal.

  4. Create a note, sell it to cover the your costs. There is an excellent article in the “How to Articles”.

Of course, without the details of your deal, it would be hard to say.


You should… - Posted by BR

Posted by BR on November 03, 2000 at 03:56:08:

…get Joe Kaiser’s ‘The Hunt For Abandoned Property’ course. It is focused on finding and flipping properties and is very detailed.

Fear is Good - Posted by Ed S.

Posted by Ed S. on November 03, 2000 at 03:55:23:

My old Philosophy professor (RIP, also from Joe Kaiser’s domain, Tacoma), used to say that fear is your body’s way way of telling you you’re about to learn something.

But you haven’t given too much in terms of details for anyone to help you out, other than you’re a flipper lacking a flippee.

Ed S.

Negative comments aside… - Posted by George(OH)

Posted by George(OH) on November 02, 2000 at 21:26:04:

…and at the risk of being beheaded (a la Pavon):

I would start making tons of calls trying to market this property, if you haven’t already.

As far as forms go, it depends on what route you’re going. If you are just going to assign your position as buyer to another investor, you will need an assignment form (Assignment of Purchase Agreement). If you intend to participate in a closing, and have your investor/end buyer provide the money for the deal, you only need to sign another purchase agreement between yourself and that investor/end buyer.

Obviously, you have the purchase agreement. If you’re going to just assign your contract, ask around this board if someone would be nice enough to email you a copy of theirs. I can’t email you one, but I can fax it if you’d like.

If you want to show the property, just tell the seller that you have to have your “rehab guy” look through the property so you have a “good estimate of repair expenses”. You may or may not need to do this depending on your experience, but this should be a good enough reason as far as the seller is concerned for giving you access to the property.

For future reference, you may want to insert a clause in your purchase agreement that says something to the effect of “Upon acceptance of this agreement, Seller agrees to give Buyer unlimited access to the property”.

I’m NOT a lawyer, so don’t quote me on that. Check with yours first.

Hope this helps,

A fellow newbie

Newbie Fever… - Posted by Kurt

Posted by Kurt on November 02, 2000 at 18:50:40:

I would have made all of my contacts “BEFORE” I tied it up! You may just have to come out of pocket on this one. Hey we all make mistakes, but one so early in your carreer may change your mind about investing in the future. You may get Gun Shy as they say. Perhaps working for a paycheck may sound a little more appealing at this point!

Hope this information helps you some


Re: Negative comments aside… - Posted by JoeKaiser

Posted by JoeKaiser on November 02, 2000 at 22:23:26:

Who ya gonna call?


Re: Newbie Fever… - Posted by scott in va

Posted by scott in va on November 03, 2000 at 12:10:16:

Kurt I am new to this also and like everyone else has said this is a place to get ideas and help.The question I have for you is how did he come out of pocket on this one.Also how do you line up contacts before hand.Do you just start calling busy investors and say if I happen to come across something in the future I’ll give you a call and you can help me.
From what I read and understand, again not having done my first deal yet,but soon will is you try to find the motivated sellers,tie the property up making sure you use cya clauses then find buyer,wholesaler etc.That’s just my .02 cents. Keep it it hatmat and thaks to everyone who posts psotive fedback to help the newbies. scott

Re: Newbie Fever… - Posted by Scott Pendergraft

Posted by Scott Pendergraft on November 02, 2000 at 20:57:53:


It’s Jerks like you That disscurage new investors. If you have nothing nice to say keep it to your self. Your responce to him should have been, Next time get your contacts before lookng at a property. Learn by your mistake and move on to the next one. Good luck and keep learning.

Tanks Scott P

Re: Negative comments aside… - Posted by Bill Scott

Posted by Bill Scott on November 03, 2000 at 09:37:01:

I’d be calling every single one of those ‘we buy houses for cash’ ads that I could find. I’d also have an ad in the paper that says ‘Will sell dirt cheap for quick cash a house in a good neighborhood.’


Re: Newbie Fever… - Posted by Kurt

Posted by Kurt on November 02, 2000 at 21:08:26:

Hey Scott,

What’s with your “Attitude” ? Look I just started coming to this site about 2 days ago. I have read many posts and now I feel like I can share my knowledge with others.

Why am I a Jerk? What you would have said would have been “SMOKE & MIRRORS” . You see Scott, I call a Spade a Spade. Some people like that. Some people don’t! If you’re one that don’t, then please be on your way, otherwise read and heed.

I won’t call you a Jerk Scott! Ther is no human being that deserves to be called crap!

NOBODY! Not even you. I have that much respect for mankind. But I tell it like it is, so that’s what y’all be seein from me.