Wholesaling from overseas?

Hi Al,

You want to look up post or threads about Remote Investing because that is what your are doing. I do remote investing all the time, and it works the same way when you are overseas. So first off, find a place to invest your time in, find a market to do your work. Then start off by looking for your investor buyers to work with. Lots of great information on here and with your coach on how to do this. Search the buyers forms on how to find buyers. My favorite way to find buyers is through craigslist:

www.craigslist.com find the city you want to search in, then go to the “HOUSING SECTION”, scroll down on that section and find “REAL ESTATE FOR SALE”, click on that link, this will take you to all the property for sale, look above the listings you will see a “GRAY” box and in there you will see the words “SEARCH FOR” followed by a white box you can type in, put your cursor in that box and type in “BUY HOUSES", then go to the next box above the search box it will already say “REAL ESTATE FOR SALE” followed by a black arrow pointing down, click on the black arrow and it will bring up a drop down menu for your, from that menu click on “ALL HOUSING” once that is done leave everything else the same and either hit “ENTER” or click on the “SEARCH” button. This will bring up all the buyers that are advertising to buy houses in your area. Go down the list one by one and click on the listing and read their advertisement and talk to them and get them qualified. Also, you know where you clicked on “ALL HOUSING” you can also go back there and click on “ALL SERVICES OFFERED” it is at bottom of list and see more buyers that are advertising.

Once you get your buyers list built talk to your coach and start working on finding deals.

Hope this helps, happy investing.

Thanks,
Shah Ali

Great direction above from Shah, I actually borrowed your craigslist explanation to use in one of my form emails that I send out to people, very good information.

For all who read here, remote investing may sound much more complicated than local investing, but most of the components are exactly the same. You still need the big two databases: 1) People who want properties and what they will say yes to; 2) Properties that match what your cash buyers are looking for.
Shah gave some great instructions on finding cash buyers, in another area on this website, I have posted "51 Ways to Find Properties" and will forward that article to you if you send me a private message, and will provide an email address to send it to.

That leaves one more critical factor--I call it "eyes and ears on the ground." You need to build a few trusted relationships, beginning with one or more realtors, and someone who can inspect properties for you.

To find a realtor to work with, I generally recommend that you find a Real Estate Investors Association in the area, contact the contact person for the group, and ask if they have any real estate agents who attend their meetings and are looking to build more business. They will likely have one or more names to provide to you.

To find someone to inspect properties, I have used handymen, and I locate them by subscribing to angieslist.com for the area. I search the handyman category for the superstars who are always rated highly by people they have done work for, and then contact and interview those people. I negotiate a rate for them to go and evaluate a property for me upon request. They will provide:
1) A rehab estimate
2) A series of photographs of the property

My rate with my handyman is typically around $80 to $100, but may be a little more, depending on the rates in a particular area. My rates are less than 25% of what I would pay to a licensed inspector, and I get information that is better geared to the needs of a rehabber. My handymen are retired contractors who just like to putter, and they love getting paid to inspect a property, prepare a bid, and take some photos.

There are, of course, other professionals to add to your list. A title company to close transactions would be high on my list, and again, I would find them through the contact person for a local REIA. They can probably refer you to a local real estate attorney as well.

I suggest not looking at remote investing as complicated. It can actually be easier than local investing because you cannot jump in the car and go spend a bunch of time at a property--you have to be efficient, and leverage other people's time and knowledge, which saves you time and effort. Read Timothy Ferris book, "The Four Hour Work Week" as inspiration on leveraging, or outsourcing.

I think remote or local its the same! Think about it,phone,internet, we contact these people whatever way works and when they contact us back?
Well, we give and get info back!

I've been building my power team mostly by phone and email,I have talked with them face to face but at first it was by email.

Referrals are nice!

You can do it!!

Aaron

Actually, Aaron, I think that your attitude and approach is the very best. If a person does not perceive remote investing as being much different than local investing, then the few additional details that may be required will not seem like major obstacles to success. They are, after all, just steps toward success.
We have found that setting up a bank account in the U.S. to handle day to day transactions can be challenging for an international investor unless they will be making a trip to the U.S. One work-around with this is to use a Paypal account until such time as it is convenient to visit the U.S.

I thank you all for the information you have provided me.
I really didn't think of remote investing as harder or more complicated, I generally labeled it as different and ultimately a challenge. I completely agree with Aaron as well. I'd be more tempted to jump in a vehicle and go look at a property and possibly waste time in the process. Streamlining my time is going to be the hardest aspect of this journey.
In the 4 weeks (to the day) that I decided to jump head first into this venture, I've taken Dallin's earlier advice and read Be A Real Estate Millionaire, 30 Days to Cash, signed up for the Insider's Elite and have completely immersed myself in gaining as much knowledge as I can on a daily basis.
Everyone is here for a reason; to learn, inspire, help, congregate, network, and hopefully profit from. I can't thank you all enough for your insight and support.
Shah, I will get on that valuable information this evening after work.
Thanks ever so much,
Al

Al, we all wish you the best in this endeavor, it sounds like you are taking all the right steps.
One of the ever-changing dynamics of the real estate world are the rules and regulations, and that seems to be particularly interesting with respect to international business. Stay in touch with us, occasionally we hear or become aware of updates on policies that can affect us, or provide some short-cuts on how to get past some of the obstacles that government is famous for creating in front of us. We do want people to be able to do their investing with the least amount of unnecessary frustration possible.

Shah,
AWESOME INFORMATION! I can't wait to get started. There is a plethora of buyers in this one location alone. Simply amazing. I really have more work to do now. (I've got to go back and find out how to qualify buyers.) If you know exactly where I may find that information, please advise me. I will however look solidly tomorrow afternoon.
Again, thank you so very much.
Al

The only thing that I find confusing is how to go about closing one of these deals. Can anybody explain to me the process on the step by step process of a closing where the parties to the Real Estate Transaction are living in different states. I ve try calling a few title companies about such and not all title companies are willing to do these type of closing.

something you may want to consider is partnering with another investor in the area that you want to wholesale. You can split the profits and your partner can take care of the items where a person in the US may have to be present, ie. to view properties with a contractor, to put up the EM, the handle transaction with title co., etc.

Wishing you success,

With everything being done from everywhere anymore, this is not a problem. Different closing agents use different procedures. One I am doing right now has property and closing attorney in WV, seller in SC and buyer in CA. No one is physically going to the closing. All paperwork will be overnighted.

Some companies have remote agents in different areas that they send to the seller/buyer's locations for signing. I am sure there may be other techniques that are utilized that I am not even naming. The point is...where there's a will, there's a way!

Karen

Al, Ask and ye shall receive:

Wholesale Buyers Questions List
How did you hear about us (Lead Source)?
Name:
Office Phone:
Cell Phone:
Email:
Mailing Address:
Investment Strategy(ies): ___Rehab and Sell ___Buy and Hold/Rental ___1 to 3 year Hold and Resell ___Other (Explain):
Property Type(s): ___Detached SFR ___Condo/Townhome ___Other (Explain):
Property Size: _________Preferred # Bedrooms _________Preferred # Bathrooms __________Preferred Square Footage
Local Areas Interested In:
Are you interested in any remote areas?
Preferred Price Range: $__________________ to $______________________
Are you a Cash Buyer? ___Yes ___No
Closing Time/Days:
How frequently do you buy properties?
LTV or % Below FMV Needed (or $/Profit needed):
Level of Rehab: ____Minor ___Moderate ___Major

Jaydaboxer, there are always going to be people we encounter as real estate investors who view anything outside the norm as difficult, bad, impossible, or illegal (pick appropriate adjective).
It is not any of those things. Money can be wired, documents can be e-signed, faxed, or fed-exed. These types of closings happen every day in every state. We simply have to find people to add to our team who are not limited in their thinking. To find a good closing agent, contact a Real Estate Investor's Association in your subject area, and ask them to recommend a title company (or attorney in some states) who does real estate closings and is investor friendly. They should be able to line you up with someone in seconds.

I thank you all for sharing your knowledge with me. It is deeply appreciated.

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