3 Keys to making $10,000+ per month wholesaling houses

October 20, 2006 — Leave a comment

1. Maintain positive relationships with your closing attorney

Typically, your lender will choose the closing attorney. However, this does not stop you from developing a relationship with them as well.

In fact, if you work with the same lender a lot (for your purchases or your buyer’s), you will find yourself in that closing attorney’s office quite a bit of the time.

Learn the culture of the office. How does it run? What are the personalities of the staff? What are their names? How do they like to operate?

You will find that all closing attorneys are different.

Some are more laid back while others are more uptight. Some will accept documents and requests faxed from you, while others want them directly from your buyer and/or your lender. The key is to find out how to best work with them so that your deals run smoothly. Find out what you can do to make things easier on the staff to bank some goodwill, you might need it on a bumpy deal!

2. Maintain positive relationships with your contractors –

Although they tend to get a bad rap, it is entirely possible to find a competent contractor and to develop a relationship with him.

You may have to go through several contractors to do this, but it is possible. Your relationship with your contractor is important, because you need to be able to count on the quality of the work and the prices at which it can be done.

Their prices should be in-line with those that you have found to be fair and reasonable in the market place and their quality should be the same. If you are recommending your contractor out, do your best to make sure that this person is reputable, fair and performs high quality work. There is no guarantee in this, I have come across some duds myself! But always do your due diligence. Check with references and view jobs that they have already completed. And always be on the look out for more contractors. You can never have too many good ones!

3. Improve relationships with your appraisers –

Your appraiser will also be one that is approved by the lender. This is good for both you and your buyer.

You always want to make sure that your values are as accurate as possible. The appraiser will make sure of that. Again, it is worth your time to develop a relationship with the appraiser. When you do this, you will be able to get them to verify values for you. This is important if you are unsure about an area and need to make a quick decision.

A lot of the knowledgeable appraisers can tell you values off of the top of their heads.  This is very valuable for you.

You also want an appraiser that will get the appraisals completed quickly. There is really no reason to wait more than 3 or 4 days for an appraisal. If an appraiser has you waiting longer than a week, you need to look for someone else. Most lenders are amenable to trying out new appraisers, if there is justification. If you are having problems with them, they probably are too. The good thing is, there are a lot of appraisers out their with experience appraising investment properties

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Sharing your vision for success,

Kim and Charles Petty

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