September 27, 2013 at 10:49 am + Online Investing Guide For Newbies What It’s All About Great article. I have to emphasize the part about it not being easy. The concept is easy – find a house for a discount, sell the contract to someone for a bit more….but in practice in can be a lot harder. There is a lot of skills you need and information to know. Thanks for the good read! SIGN IN clear Members Login Thanks for sharing your thanks Kent – I’ll certainly take that into consideration. Follow The Podcast Amortization and appreciation contribute to profit by virtue of another concept called equity. Equity is defined as the difference between the value of an asset and any debt on it. Ad Content Obviously, assigning contracts is legal if done right but the way most wholesalers do it, isn’t. 88.) Become the Seller Agent – Getting your real estate license does not require that you become a real estate agent. Often times you can save thousands of dollars by listing the property yourself. Hi Gulliver – on a few occasions I have, but most of the time I do not. If you’re dealing with a house or some other type of property that you need to “get inside” in order to see, then you may want to get a realtor involved and cut them in on the deal so they can be your “feet on the street”. If however, you’re just dealing with vacant land (like I do), the showing process will get exponentially easier… because everything they need to see is pretty easy to get access to. Yes it does and thank you for the fast response. However, I brewed up another question in my mind awaiting your response. Now, it’s very likely that in the time between getting the purchase agreement signed and closing, the seller continued to not pay taxes and/or his mortgage and/or his sewer and water, etc. Is it as simple as creating a separate clause in the contract stating that any additional back payments accrued during the closing process will be paid by the buyer, as well? September 19, 2013 By Phil Pustejovsky 67 Comments I wish I could give you more of an iron-clad guarantee before you buy – but that’s best I can do. I’ve read all the article and I really liked it! 🙂 I’m sure that I will start visiting this page everyday from now to try different ways to make money. I really like the method: Fix and Flip Single Family Homes it’s something that could work for me Create an Account But in fact, the people who send their house with “Viager” method are happy to do that because they can have some money, from the investor, to live as if it was a rent. Action will provide you with the motivation to keep trying different approaches, but NEVER NEVER NEVER blatantly lie to a seller ! Not only will that ruin your reputation, but it will ruin every other wholesalers reputation in the process. I wan to learn how to protect my self in a situation also when a buyer will find a way to contact direct the seller , and exclude me from the deal. You can also deduce the cost of the improvements from the rental income, while the added value to the property is yours to keep. Home chevron_right Find Deals chevron_right Post your Property chevron_right Professionals chevron_right andy diaz on September 17, 2017 8:20 am There is nothing wrong with using assignments however you should be prepared to closing the transaction whether you find an investor/buyer or not, that is the ethical point I think you are making. An assignment contract without any intent to close yourself is like asking for a free option to purchase but not telling the Seller your true intent. Your Rental Housing Solution 866.579.2262 6M ago41:18 Sales & Marketing Solutions As I’m sure you are aware at time of sale there is both depreciation recapture taxation and capital gains taxation. Depreciation recapture is often quoted as 25%, and that is true until you exceed your basis which can happen in long holding periods and then it is taxed as ordinary income. Time commitment: High 61.) Real Estate Accountant – An accountant is able to see first hand the math behind a real estate investment. comments powered by Disqus Go ahead and call them…     I'll wait. Log In Here Dustin Harris, Founder, theappraisercoach.com Check out this as example… an alternative exit strategy where you can turn a GREAT ROI into an INFINITE one. Also see: One Weird Trick to Find the Size, Shape, Location & Dimensions of Your Property and The Fastest Way to Research Any Property in the United States Find & Flip Summit Home Pricing Find Real Estate Deals Sell your Property “It depends on whether or not you want cash now or cash later.” Fellow Newbie! Outstanding article! QQ: What’s a simple yet effective way to find sellers/buyers? Hello Phil great point I really enjoy it Can You send me your new book . Capital: Low-Med May 15, 2017 admin 2 Comments November 2015 If I got my license and only wanted to do it to represent sellers that wanted full market value and to access the MLS, do I need to have a lot of money for advertising? Also, do I need to hang my license with a firm and how much does that generally cost? Are they upfront costs or a percentage of my commission after closing? Amen, Robert! Trademarks No money TEMPE, AZ 85282 Great introduction to wholesaling properties! The author is straight forward and helpful and the writing style is easy to follow. The detail that this books lacks in 20 pages on a subject that needs more than 20 pages to explain can be found through embedded links to resources, contracts, and lists that support the authors strategies. I would recommend this book to anyone who hasn't read a wholesale real estate book and has an interest in this niche. To be honest most wholesalers don’t ever do a deal. They don’t spend the time or money to market to sellers and they don’t take the time to find cash buyers. Many wholesalers do not do the research needed to know market prices and what cash buyers who are flippers or landlords will pay. I think many people believe wholesaling is an easy way to start making money in real estate. There really is no easy way to make money doing anything. It all takes work, knowledge and dedication. Top 10 Affiliate Marketing Trends for 2018 Check out our sponsorship opportunities Additional Terms & Conditions Any advise on how to get a property bought that is tied up with a nursing hope lien. Family is dysfunctional. I would imagine you have been here before. Easily apply to this job without a resume search SEARCH Create enough income to get out of the rat race. 10.) 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