I have been MIA for a bit here on DG and I am now BACK and wanting to help all of you make some money...
I am getting tons of PMs from all of you with questions on wholesaling so I figured I would start this thread so that everyone can benefit. Instead of answering each question personally in a PM I figured I would answer questions here and that way everyone can gain some insight into the realm of wholesaling.
Ask your questions here and I will do the best I can to visit daily and post answers.
Wholesaling real estate is a great way to get "CASH NOW" and eventually move into investing in Real Estate for "CASH LATER".
I have been wholesaling now for 2 years and have made over 100,000 flipping real estate. So go ahead ask me if it really works.... I dare you... LOL.
Don't forget to also visit my website http://realwholesaling.com for information and resources that will help you get started in wholesaling. You may find the answer to your question there as well.
Now.... Let's get you making some money!!!!
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
I want to first just thank you so much for all that you are doing for the DG fam I just found this forum last night and it was a light at the end of my very dark tunnel. Not sure if you remember me we talked via PM approx 1 yr or more ago our start story is also a mirror reflection. Mine has not changed until now.........
So my question is how much of a team do you need to get started with wholesaling and/or assigning? I am also very interested in lease/option (Greg Murphy's style). I do have some parts of my team but I want to make sure I have working in the right direction.
Thanks
Hi Erika
I did not have a team starting out. It was just me, myself and I for the first year. I do not do lease options so I cannot help you with that. I don't like holding onto anything for to long. I am a wholesale junkie and I like the fast cash rush that it gives me...LOL!
I do have a team now which consists of my Short Sale Negotiating Team ... my lawyer ( negotiator, my BPO agent, My realtor and my assistant. I do allot of short sale flips so building a team was easier and made more sense to be more effective. But for my basic wholesale flips it is just me and my partner.
Hope this answers your question.
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
You guys are really enjoying this forum huh.. LOL WOW!!! I will have to start charging a mentor fee...
I am getting really busy now with my rehabs and may not be able to answer right away. But I will do my best to keep up... Deal?
Keep em coming.... I hope I am helping some of you understand things a little better. I really want to see all of you succeed
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
Hi carol,
I have the probate finder, have you found any properties any tips.
Also I have been sending letters out this is my second week for pre foreclosures my question is what if someone only owes 14,000 but the house us worth say 250,000 how would you negotiate that deal. if you have done any pre foreclosures can you give me an example of how you did it.
Thanks
I Can Do All Things Through Christ Who Strengthens me.
Philippians 4:13
Carol,
Thanks again for taking the time out of your busy schedule to answer all of these questions.
You truly are an inspiration to all of us.
God Bless
Steve
P.S. (I am close to getting my first one under contract and will keep you posted)
OT,
"What if someone only owes 14,000 but the house us worth say 250,000"? Pinch yourself REALLY hard! It depends. Do you want to wholesale?
Vincent
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
"What if someone only owes 14,000 but the house us worth say 250,000"? Pinch yourself REALLY hard! It depends. Do you want to wholesale?
Vincent
It does not matter what they owe. What matters is how much they are willing to sell it to you for. If they are not motivated to sell than the spread has no relevance. They may have put 150,000 in work into the house and want to get there money back. You must first test their motivation before you get excited. No motivation = no sale.
If you would have said I have a house under contract for 14k , is not a tear down and the ARV is 250k then I would have gotten excited
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
Carol,
You're absolutely right. I was only asking it because if you want to wholesale a deal like that, you'd want to balance out the numbers so the seller, you, and the buyer all get a chunk of the equity, right?
Vincent
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
It would have been a whole sale deal.
I Can Do All Things Through Christ Who Strengthens me.
Philippians 4:13
back the truck up!?
Let's do baby steps.
I find a house.
Then what?
Step by step.
What letter or contract and at what time and who or where does that paper go?
There are terms thrown around and contracts referred to but I need clear step by baby step instructions. There is a wealth of information on this site and in the books but right now I feel like someone dumped out a 1000 piece puzzle box and said here ya go, it's all right here!
I know, I know start looking for the corner and edge pieces but it's a 1000 piece puzzle!
Escrow people - title people - cash buyer - motivated seller - courthouse - closing table - lawyer - craigslist(wackadoos only apparently) - newspaper - postlets - propertyshark(no info for my area) - totalview(no info for my area) - bird dog - wholesaler aaaggghhh!
OK
I'm done now.
If one of you could clearly outline the process I will be forever in your debt.
" The only difference between me and successful people is they started before me."
by Shane
You need to back the truck up further. Make an offer on a house starting with.
1. You find a property.
2. You do the research to find out what it is worth.
Sold Comps in the last 90 days(houses like yours, compare a ranch to a ranch not a tri level to a ranch etc)Same bedrooms, baths, Sq footage in the same area. Be careful, comps can change street to street.
Currently listed comps. and currently under contract comps. How long on the market and what are they selling for today?
What if you get a great price but there are 5 houses listed lower than you thought you could sell for and they have been on the market for 6 months?
Team member you may need for step 2. Realtor
3.Now you must make an accurate estimate of any repairs or updating needed to get the property ready for sale.
Team member needed for step 3. Licensed contractor
4. What is your exit strategy? Rent,fix and flip,wholesale? Don't buy if you don't know exactly what and how you are going to make your profit and how you are going to close on the deal.
5. Make your offer!
Its just my opinion but I think you should really know how to analyze what a property is worth as the first thing you learn on your road to investing.
After all that is step one. Find a house. Step two, make an offer. If you don't know this stuff you will most likely loose money on your first deal.
Now you have a property that you know is a good deal. If you are using a realtor they can supply the contract,title company, etc. You will learn all about that other stuff and build your team by taking action and making offers.
It is a constant effort to find and market to motivated sellers. Buyers will often find you if you have a really great deal. However work constantly on building and updating your buyers and sellers lists.
Hope this helps,
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
For the directions. I skipped the finding the house part because my main issue is what comes next. You made me feel so much better by pointing out that the REA handles that stuff. I guess I was thinking of when it's an FSBO.
I am really pretty good at finding deals and estimating repair costs. I have watched so much TV and read so many books that I impressed myself with the stuff I noticed on a house I looked at. Stuff that would not have stood out to me before. I even have a clue how to fix the items I spotted.
I always have at least two exit strategies in mind before I consider a house.
My problem is local buyers. Local investors. Not an hour and a half away in Huntsville but here. There don't seem to any. A prominent business person with a construction and investmenmt business is filing chapter 13. On the one hand maybe my competition is done for but on the other hand maybe this is a tougher area than I know.
There are two investment houses in town. I am going to go there and talk with the people there.
I am not afraid of tough going. I started a mobile dog grooming business, at the age of nineteen, years before most people had even heard of such a thing.
Lauri
" The only difference between me and successful people is they started before me."
by Shane
Hey Carol,
I was just wondering how does the Mechanics of your Assignments from home work?
I know that you explain it already but I still have some gaps that i don't understant yet...
can you give a step by step detail on how you do it so successfully?
Thank you and God Bless
Hi there - I'm looking to build my Buyer's list. I'm looking for a few good ghost ad examples for Craigs List and the newspaper. Thanks four your ideas.
Hi Everyone,
Thanks for asking all your questions. I too felt like I had a 1000 piece puzzle, I had so much going on in my head, I confused myself. Carol, a sincere and special thanks to you for answering, you are a Blessing to so many of us. You cleared the fog! You inspire us to keep going and you do it from the heart, I can tell:).
Thanks again,
Tori
Hey Carol, can you please repost your version of assignment of contract with all of your contingency clauses inserted?
Here is one of the Ghost adds I use. Just tweek it to make it fit your market...
Ugly House for sale
Handyman Special! 3 bedroom ranch on large lot in great area. Newer systems and roof but property needs estimated 30k cosmetic rehab. Asking $50,000 Serious cash buyer only! ARV is $160,000
*** Remember to keep it simple and try to stay at 50% below ARV after rehab. This will get your phone ringing off the hook! Good Luck!
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
I am so glad that I am able to clear things up for some of you. Wholesaling is really not that complicated once you understand the basics.
I am glad I can help
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
Thanks Carol - I have a few properties I'm trying to move at 50 - 60% ARV. I've posted an Ad that says "$75000 - CASH BUYERS - $90k below FMV in the heading. The body says " Nice ranch in quiet town with good schools. This house needs $15 - $20k easy rehab work. Buy for $75k spend $20k to fix up and sell for $165k. Huge profits!
Any input. I've received a few calls but not nearly enough.
Thanks again
1) Could you plz provide a link to the contracts you use (with contingencies) when assigning.
2) Title companies in my area don't want to have anything to do with assignments. What now?????
THX!
I work with 4 different REO's they send me fantastic deals from 2 states. Deals that I can sell at 40 to 60% below fair market value and still make money.These are beautiful houses.Houses with very little rehab,if any.I even have a page on my web where the investors can fill in a profile and tell me what they will buy and the price they want to pay and still no response.OK let's just say the problem is not the investors.What am I doing wrong.I am just sitting here watching all the money float by and a lot of it too. I just can't understand it !
20 Homes To Sell
No Money Down
No Closing Cost
4.7 Rates
www.usnotebrokers.net
Robert Bollinger
I work with 4 different REO's they send me fantastic deals from 2 states. Deals that I can sell at 40 to 60% below fair market value and still make money.These are beautiful houses.Houses with very little rehab,if any.I even have a page on my web where the investors can fill in a profile and tell me what they will buy and the price they want to pay and still no response.OK let's just say the problem is not the investors.What am I doing wrong.I am just sitting here watching all the money float by and a lot of it too. I just can't understand it !
20 Homes To Sell
No Money Down
No Closing Cost
4.7 Rates
www.usnotebrokers.net
Robert Bollinger
I work with 4 different REO's they send me fantastic deals from 2 states. Deals that I can sell at 40 to 60% below fair market value and still make money.These are beautiful houses.Houses with very little rehab,if any.I even have a page on my web where the investors can fill in a profile and tell me what they will buy and the price they want to pay and still no response.OK let's just say the problem is not the investors.What am I doing wrong.I am just sitting here watching all the money float by and a lot of it too. I just can't understand it !
20 Homes To Sell
No Money Down
No Closing Cost
4.7 Rates
www.usnotebrokers.net
Robert Bollinger
Are the REOs in a package or individual?
You say you are just sitting there watching the money float by... that may be your problem You have to be aggressively finding the buyers. They are not just going to come to you YOU MUST GO GET THEM!!!
Are you advertising the deals? If so where?
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
Ok I'm going to repost this because I don't think you saw my question. I'm trying to assign my first deal and I need a contract that will keep me safe from a lawsuit. I saw your video on totalview, you discussed a specific type of contract you use to assign properties. I would like a copy of the contract so that I can use it please. If I have to pay you to get a copy I will. Please post it, thanks!
I am with Sphony, I don't think you saw my questions Too.
I really need to know this so I can start my RE Business the way you did.
I really want to know how do the Mechanic of your Assignments from home work?
I know that you explain it already but I still have some gaps that i don't understant yet...
can you give a step by step detail on how you do it so successfully?
Please I apologize for being a hassle I just want to be successful Like you thanks.
If I have an REA give me some expired listings what is in it for the agent? At what point will they get paid?
Sorry, I'm just not clear on that and I may need to explain myself.
Thanks!
Lauri
" The only difference between me and successful people is they started before me."
by Shane
Hi Carol,
Thank you so much for all of the info you are giving us. I have been reading on your website frequently as well.
On your website you have an article on using your buyers funds for the escrow monies for REO's and Short Sales. I understand being able to do this for the Short Sales as they are not bank owned as of yet and therefore would be assignable, but how would you do this for the REO's?
Thanks again!
Susan
Susan
Don't take no for an answer!
Don't live in the gap!
Don't give up!
You can follow my progress at: http://www.deangraziosi.com/real-estate-forums/investing-journals/54148/...
Carol, I am having a hard time finding my buyers. I can't assign living in Ca. I think I have to do double closings. Also how do I know if my buyers are for real? (Investor buyers)
Charisse
I am by no means an expert yet, but I have found my investor buyers by responding to ads they have posted, their websites, REI club newsletters, or at auctions. In this way I am finding them in the places they should be and doing the things they should be doing if they are for real....
Just my thoughts,
Susan
Susan
Don't take no for an answer!
Don't live in the gap!
Don't give up!
You can follow my progress at: http://www.deangraziosi.com/real-estate-forums/investing-journals/54148/...
Hey Carol,
I'm trying to build my buyers list for Atlanta by using CL but it's not working in my favor. Do you have any other suggestions on how I could go about building my list for the ATL even though I live in Canada? Thanks in Advance.
D'Angelo
"A Winner Never Quit And A Quitter Never Win!"