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FAQ: How Does KleverInvestor.com Find Wholesale
Deals?
Answer: The team at
Klever finds DISCOUNTED properties in a number
of ways including: buying properties direct from
homeowners looking for a cash offer either
because they don't want to deal with listing it
or because they are in some kind of distress
including going through a bankruptcy, divorce,
out of state job transfer, burned out on being a
landlord, etc. We find these leads through all
facets of marketing including our online
presence, direct mailings, word of mouth,
referrals, door knocking, etc. We spend a
tremendous amount of money in marketing, and we
have a team that just works with homeowners on a
daily basis. Lastly we work with the investors
that buy at auctions and are actively seeking
partners to buy at the auctions.
FAQ: How
Does KleverInvestor.com Work With Local
Realtors?
Answer: What do we
know to be true in today's market? The majority
of the people that are buying are first time
homebuyers approved by FHA guidelines, and
investors looking for deals. Klever has working
relationships with local Realtors in the valley
and nationwide. Our goal is to work with as
many Realtors as possible as we realize we can't
be everywhere all the time and Realtors help out
tremendously by educating their clients on how
to buy properties NOT on the MLS. They educate
their clients on the process of buying heavily
discounted properties WITHOUT inspection
periods, with all cash or hard money, and in as
little as 24 hours. The Realtors team up with
Klever giving them several exit strategies for
each property, contacts for refinancing, rehab,
and tenant placement. If you are a licensed
agent we sometimes pay more than the standard 3%.
FAQ: How
Do I Get Paid As A Realtor?
Sometimes
we will build in commissions (3% - 5%) into our
price that we need to "net" at closing. If not
stated that there is a commission built in, most
Realtors "mark up" the property to their desired
commission. The price on the site is the price
we need to "net" at closing. All other costs
are absorbed by the buyer i.e. "buyer pays
closing costs". All mark ups from our net price
will be paid in the form of a commission on the
HUD or an assignment/double close on the HUD.
FAQ: Why
Can't We Use Conventional Financing To Close
These Deals?
Answer: Three main
reasons why conventional financing is not an
option when buying "most" properties from Klever
(every once and awhile we have properties that
will qualify for conventional financing). The
first reason is we are all aware that the
guidelines of conventional financing changes
quickly and often which sometimes means one day
a client might be qualified only to find out
that they don't qualify on the day of closing
because a guideline or a restriction has been
implemented. The second reason is that our
deals are heavily discounted compared to the MLS
and the best ones sell to investors who have the
fastest means to take the property down. The
third reason is that a lot of our properties
won't pass FHA appraisals as most need
flooring/carpet throughout, sometimes utilities
are off, and others need a complete rehab.
FAQ: I
Want To Buy Discounted Properties From
KleverInvestor.com, But I Don't Have The Cash To
Take Them Down…What Can I Do?
Answer: You can use
"hard / private money" to buy the properties
FAQ:
What Is Hard / Private Money?
Answer: Hard /
Private money is used by most investors even if
they have their own cash to close on investment
properties and they later refinance into a
conventional loan. Hard / private money is CASH
leant out by institutions or individuals to
investors that buy discounted properties at
rates of anywhere between 14%-20% annually
(usually only a 30 day minimum). Basically, it
is private money that you can borrow within 1-5
days instead of 15-30 days conventional lenders
might take! All hard money lenders are different
just like all conventional lenders are
different. Some charge application fees, a
point or two up front, etc. They all vary and
there are different programs for different
properties. KleverInvestor.com has
relationships with hard and private money
lenders that can fund our deals within 3 days!
FAQ:
What Should I Tell My Clients About The Process
Of Buying An Investment Property From
kleverInvestor.com?
Answer:
1. Discuss
what criteria they are looking for including:
desired location (zip codes are the best way to
narrow searches), bedrooms, bathrooms, purchase
price, how much repair the investor is willing
to do, and any other specific criteria that they
desire. NOTE: most realtors/investors/clients
meet with one of our portfolio planners to
discuss strategies and resources necessary to
accomplish a portfolio right for them.
2. Follow
up with one our hard money lenders or make sure
the investor has the proper funds to be able to
close on a property that fits their "purchase
price" criteria. They should be pre-qualified
with a conventional lender to REFI out of the
hard money soon after closing or when the
property is ready for an appraisal.
3 Call
Klever to discuss the criteria with one of our
wholesale experts and then get the properties
over for your clients to review. NOTE: the
majority of our properties never hit the website
as they sell to our investors that are waiting
for properties.
4. Identify
a property of interest and calculate the
necessary numbers (value, repair cost, holding
costs, etc), evaluate multiple exit strategies,
include "worst case" strategies, etc.
5. Make an
appointment to see the property only AFTER you
and the investor have done your full
due-diligence on the property. The main reason
for a walk through is to make sure the pictures
of the properties are accurate with what is
actual.
NOTE: We
sell the majority of our properties to people
that we have done business with in the past, and
they understand they buy based on due-diligence,
exit strategies, and portfolio goals not on
emotions or the fact they don't like the color
of the carpet. These properties are HEAVILY
discounted and have room to put your own touches
on them.
6. If the
investor wants to buy the property they are to
submit a contract that day and within 24 hours
put down a $2500 NON-REFUNDABLE earnest
deposit.
7. The
investor closes on the property between 24 hours
up to 10 business days after the contract is
submitted; all terms are in place before earnest
deposit is required. CASH AND HARD MONEY ONLY
Some
Disclosures:
KleverInvestor.com is in the business of
acquiring properties and wholesaling to
investors. Properties are acquired thru a
variety of sources. All prices are net to
seller; buyer pays all closing costs. Prices are
based on quick closing in 10 days or less.
Opinion of value is given as courtesy. Our
opinion is just an opinion and no guarantees are
implied. Buyer is responsible for their own due
diligence. Properties are sold as-is condition.
KleverInvestor.com does not own all of the
properties listed on this site. Some of the
properties listed on this site are under
contract such that the buyer is E Investment
Properties Inc. As to those properties, E
Investment Properties Inc is not selling the
subject property on this site; rather, E
Investment Properties Inc is only selling
(without any warranty or representation other
than it is the buyer under the subject contract)
its contract rights as buyer of such property.
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