Assignments/Wholesaling

You should negotiate the terms of the purchase then lock those terms up under contract. Always negotiate first because you don't want to have to go back to the seller to amend/revise a contract already signed and accepted unless it is absolutely necessary.

Remember, the idea behind wholesaling is that you do not use your own money. So you could do a wholesale deal even if you are broke! But, if you can personally get a bank to preapprove you that's great because you could just do that and get a preapproval letter from that lender and still not use your own money unless you want to.

I don't know that I agree that the offer is not valid without being preapproved. It is my understanding that what makes the contract valid is the earnest money, not whether you are preapproved. However, sellers may want proof that you have the money to back your offer, i.e. the reason for using proof of funding letters.

I suggest that you go to the "Everything Else" or "Contracts" forums and review those posts. There is a lot of good information there specifically about wholesaling and proof of funding letters. The forums explin just about anything you want to know about wholesaling. If you can't find the information or don't want to go through all the posts, you can do a word search up in the top letter of the page and it will give you results of all the posts for that topic.

Although we will still try to help our Baltimore fellow members with questions, this forum group is really for the members to share experiences and information as it pertains to Re investing in the Baltimore and surrounding areas. The other forums mentioned as well as others is where you will find everything you need to know about wholesaling. A lot of the questions you probably have have already been answered in those posts. While it may be time consuming, I would read all the posts. I did and I can't tell you how much information I gathered just by doing that. I actually gained most of my knowledge to do this business by reading all the posts.

Best of luck to you. Didn't mean to get so long winded!

Verna (newage8767)

First, let me apologize if I offended you in any way because that was definitely not my intention.

Second, to my knowledge the members who have joined this site are newbies like yourself and are still looking to make that first deal. I created this group so that newbies in the Baltimore (and surrounding areas) would be able to strategize, learn what approaches other newbies have used that have been successful and to share experiences they are encountering in our specific location.

Because we are also in the learning phase, we will give you feedback on your questions based on the knowledge we currently have. But, it would not be fair to you if we did not direct you to the places on this site where the experienced investors can provide you with definite and correct information.

As for not helping you, I believe I did answer your question by giving you the information about the earnest money making the contract valid and I told you that most sellers will request that you provide proof of funds. An offer can be submitted without one, but whether the seller will take it seriously is another question. Sellers want to know that when they accept an offer it will go to completion. Without proof of funds, a seller will question if that will happen.

To further clarify, I did not say members could not post here unless it is information about a deal completed. If you will read the post introduction at the beginning of the forum, it explains the reason this group was formed. Specifically, it says that members will be directed to the appropriate forums.

Sorry if you were not satisfied with our responses, but you were given answers to your question. So, I think we did help you even though for whatever reasons those answers apparently were not what you were looking for. Again, I apologize if you were offended and we wish you much success in the future.

We welcome your continued involvement with this group. As newbies we have all had our days of frustration and will probably have many more before we get that first deal under our belts.

Verna (newage8767)

You did a great job explaining to us about what you know and learned so far. People sometimes want's answer at the snap of their fingers. I really appreciate your patience and profesional way of dealing with this things. Remember this, YOU ARE BOUND TO SUCCEED. You are showing the winner's way and hey, WINNERS ALWAYS FINDS THERE WAY TO WIN!. Keep up the good work and i'll see you at the TOP. LA.

Thanks LA. I appreciate the encouragement. I was taken back a little from the member's uncalled for response to my post. But, I understand that sometimes when "talking" to others in writing it is sometimes difficult to express what you are trying to say.

Unfortunately, the member has chosen to remove himself from our group. I believe he acted hastily and misunderstood our help. Life goes on and those of us that stick with our group will continue to move forward.

BTW, Michael Westerman and I are going to get together about mid-January for lunch. I know he would love to have you join us. For that matter, anyone from our group is welcome to join us. We would really love to have the opportunity to meet everyone if possible.

Verna (newage8767)

Verna, I don't see anything wrong with your post. You expressed everything clearly. English is not my main language in the first place but you did everything as far as your knowledge in REI and as far as my English is concerned, LOL.

Yes Verna, I would love the opportunity to meet you and the group. mid January is good for me. Lets just post or PM each other about the date and the place.

I look forward seing you all.

Hello! My name is Michael. I am extremely wet behind the ears, when it comes to real estate. I am looking to start investing, but don't have no income (Unemployed at the moment). I have been researching wholesaling and have decided to let that be the vehicle which I operate in to generate a income. The only problem I have is that I need people who have already crossed over (Seasoned wholesaling investors) to surround myself with. I am seeking mentors and peers to become my best friends and family. If any one desire to help a upcoming real estate investor please email me back @ Mikhael101torah@**** or Michaeljdnroni87@****. Thank you for your time.