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23. Selling my signed contract

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StarDate: May 13  – Selling my signed contract!

Today I posted my FIRST marketplace ad!!

Go Jerryll. OK let’s make money!! How pretty is that analysis huh? 🙂

 

MSOOTKAUG

4 Comments

  1. Rafael on January 5, 2017 at 5:17 am

    Jerryll,

    Would love to know how you got to these numbers when you have a chance!

    Best,
    Rafael

    • Jerryll on January 5, 2017 at 2:40 pm

      Morning. There are several ways you can figure these numbers out. First is read the book by J Scott House flipping. However although that book is wicked awesome… the best way to do this is have 3 contractors come check out the house and let them give you itimized quotes for the repairs you have in mind.
      why 3?
      I had a contractor tell me once that redoing the kitchen (and it was a miserable kitchen) would cost me 20K, while all others quoted me 4K.
      My mistake was, that he asked me what my budget was, and I told him. So magically his quote was 3 dollars under my budget. NEVER tell a contractor what your budget is. Always tell him what you want done and let them quote you for that. Who gives a &#(@ what budget you are working with?! You want a specific task done and that should not change depending on how much money you have. Friggin Prick!

      Ahum…
      Yeah, walk 3 contractors. If all give similar estimates for itemized items you can be confident your quotes are on mark. From there you formulate the total rehab budget and see if it is a good deal, and from there how much you want to assign the contract for.

      But of course you need to do all that BEFORE you put anything under contract.

  2. Peggy on January 21, 2017 at 5:19 pm

    Hi Jerryll! Did you reference your fee as an “assignment fee” in your assignment contract and take a nonrefundable deposit?

    • Jerryll on January 22, 2017 at 6:34 pm

      Correct, in my assignment contract I demand an immediately non refundable fee of $2500,00. I will add to this that you should have the endorsement/ release be approved immediately on the assignment form. If not they can actually not release the check to you which will be a lot of legal crap you have to go through. So absolutely have the non-refundable deposit released by the assignee immediately.

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