We were intrigued when Natali talked about buying a rental property for $10,000 and wanted to understand the process. Today her husband Clayton is here to give us more detail. Clayton started doing wholesale real estate investing as a side thing. Related topics: home buyinglandlordreal estate investingrentals Marcus Maloney on July 8, 2016 5:24 pm Brandon, thank you for this post. I’m just starting out and it seems overwhelming and I have a lot to learn. I’ve watched your “Introduction to Real Estate Investing” course which very informative. About us SUBSCRIBE NOW A very good credit score. If you buy a new print edition of this book (or purchased one in the past), you can buy the Kindle edition for only $2.99 (Save 77%). Print edition purchase must be sold by Amazon. Learn more. 5 star Conditions of premises: Highlights the physical condition of the property that will be presented to the buyer. Assigning a contract is a very useful tool for wholesalers that would like to assign their rights to a property for a small profit. Bank owned properties and short sales are not “assignable” but any other type of contract is. And by assigning a contract instead of double closing you can save substantially on closing costs. In order to assign a contract all you need is an “assignment of contract” which is typically a one page (or more) contract which transfers all of the the rights to purchase the property from the assignor (person who has the property under contract) to the assignee (person who the property is being assigned to). Current ye@r * Hey Raja – thanks for your interest! The package should be available for the foreseeable future – I have no plans to take it down, so don’t sweat it! Wholesaling Timelines and Tips Style of property Well, a lot depends on your Broker.  You have to talk to your broker and let them know that you want to flip houses.  Some brokers will not let you, and other brokers will let you as long as you disclose that you’re a Realtor. Marcus Maloney on July 7, 2016 8:12 am See all 66 customer reviews Published on December 13, 2014 It provides a service to people that allows them to move forward with their lives. Having worked hard to rebuild my own life after my own hard times, this is the most rewarding part of my work. p Once both items are received, the property will be reserved in your name and we will contact <> to begin the closing process. They will contact you in the next few days and will send you the closing documents and preliminary title report for your review and approval. A real estate agent has gone through the licensing process in the state they are selling real estate. Real estate agents also must have their license hung with a real estate broker or be brokers themselves. A Realtor must do everything a real estate agent must do and belong to the National Association of Realtors (NAR). NAR requires members to abide by a code of ethics and belong to a local board of Realtors. The income level for Realtors and real estate agents is different because more Realtors work full-time and take their job more seriously. That does not mean every Realtor is better than every real estate agent is, but the averages do show that Realtors make more money. Here is a great article that shows the real estate licensing requirements for all 50 states. It sound scary sometimes but I am falling in love with the chasing process that you guys mentioned above, at least I understand its not easy but off course its possible. Drawing Signs Clever Motivation Probably the largest reason to consider investing in REITs is the high liquidity because you invest in real estate on a public market; you can buy a share on Monday and sell it on Wednesday if you choose for market value. Are there some crowdfunding real estate that can be used for a canadian? Both of them (FundRise & RealtyShares) don’t accept canadian investor. In fact, the first time I wholesaled, I told the seller, “I CANNOT afford to rehab your house, but I know a lot of investors who can. I’d like to go find one who is perfect for your house.” She signed the contract and I came through. She got the amount of money she was asking for, too. Reading, absorbing, absorbing, reading…..I am the newbie sponge that really appreciates all that the experienced share. Thanks a lot! Candy Cartons Metro Markets New: Kiplinger Alerts Discounts ABOUT Everyone loves wholesaling. 57.) Mortgage Lender, Commercial – Same as above, but on the commercial side. Mark Ferguson January 10, 2017 Ep. 14: Detroit’s Ruin and Renaissance with Jeremy Burgess45:58 Mykeesha Taylor on February 1, 2015 6:33 am First let’s begin with what a motivated seller is. This is an individual who NEEDS to sell a property normally very quickly. There is usually some sort of distress going on in their lives. There is a huge disparity between want to sell and need to sell. Knowing which category your seller falls into is the first step in identifying how to handle the situation. Since part of the appeal of wholesaling real estate is the low capital requirements, those new to wholesaling real estate will typically look for free or inexpensive ways to locate distressed properties. Seasoned investors will have other means to locate distressed properties, which we discuss below. Three of these sources for finding distressed properties are real estate wholesale and real estate investment groups, online real estate sites, and using the services of an assistant. When you are working with an investor you have never flipped a contract to before, get your assignment fee up front. Not being able to afford to pay the assignment fee upfront is a red flag that the investor may have trouble performing when it comes time to close the deal. 75.) 10% HomePath Investment Mortgage- These loan types are only available on Fannie-Mae backed bank REOs, but can allow an investor to purchase the home for just 10% down payment with other benefits. Legal Tips for Wholesaling Real Estate 15 Minute Money Bootcamp What do we write after “by wire transfer to….”? Is it the name of our bank? Or our ABA and Bank Account number? Making Your Offer  Very inspiring story. How did this particular deal end up, and are you still wholesaling? Employment Contracts About Robert Farrington Sellers' Options August 2016 • Don’t overprice. Every market has a general price point. I second that, Xavier. I most definitely will snatch up that wholesale book as soon as it’s available! Risk: Short term risks are high. Over the long term, the risks are low. RE/MAX Reports Chicago-Area Home Sales Reached 11-Year Peak in 2017 Hi Rose – to find your end buyer, you would most likely look in all the same places you would normally look if you owned the property and were selling it for sale by owner… the only difference is, you’re just assigning the contract to that end buyer (rather than selling it on your own behalf). Zoom Out Zoom In Ya as a new investor and im sure many have the same issue, i have been hesitant on making any offers because i know that I don’t have alot to put into em. what would be your advice on moving forward. Just to call talk to them make my offer verbally just to see if were even on the same page, then if we are to write out a contract to assign and leave out and not mention EM and it’s possible to get a contract this way? Then if they do bring up the EM I can negotiate what I can afford and if they want more either just stop the negotiations or could i put in the addendum of the contract that the buyer I assign the contract to will put a EM deposit in my place? I know this might sound so simple haha but it’s the only thing stopping me from moving forward. Ive talked to buyers learned the numbers game and all else just this part is baffling me. Thank you for your patience and advice Marcus! (P.S. our sons name is also Markus.. with a K so funny how here you are helping us!) Multiple Exit Strategies (Flip/Joint Ventures/Lease options) Next PostHow to Boost Home Values on a Budget ▾ Playlists The Info No Real Estate Wholesaler Should Be Without Terrific article full of direct, useful and true information! Loved the links and BP’s calculator is a great way to show potential buyers you’re a professional who knows his/her stuff. As stated early on, when it comes to Wholesaling you have to hustle and no different than any other venture you have to know your business and market! You should have an out clause in your contract with the seller that allows you to exit the purchase if you don’t find a cash buyer. Harper Collins Blog Contact Us Flip Homes Invest Boardroom Find & Flip Summit Scale & Escape Now do I get the motivated seller to sign Affidavit and Memorandum of Purchase and Sale agreement in addition to purchase and sale agreement? or is this separate paperwork filed with the county records office? Do I have to personally go to the county record to file this myself? How does that process work? Thanks Antonio! And I agree – getting those leads is key. This is why I enjoy your posts so much! Would you be willing to share how I can find no money down farms and which states. 11 Distressed Real Estate Bootcamp November 23, 2013 at 7:22 pm Crown Castle (1) February 14, 2018 at 7:54 am Apply now at lendinghome.com NaTarrio Jones on August 13, 2016 6:13 pm WCG Related: Learn All You Need to Know About Wholesaling Houses in the US Below, we’ll cover a few different options with how you can immediately start investing in real estate with only a few dollars. Like any investment, don’t “bet the family farm” exclusively on real estate, but these investing ideas can be an excellent way to diversify your passive income streams. 43.) USDA Rural Development Loans – If you live in a rural area, the US Department of Agriculture actually offers a loan program for primary residence homes that require as little as 0% down. Twitter FREE 14-DAY TRIAL Contract (30) Need time? Work on your business rather than in your business by leveraging the time of others.  Access free information and find real estate-trained virtual assistants to help you free up your time.  Learn more at VAsForRealEstate.com. The only money that you will actually need to put down will be the deposit amount that you agree to on the purchase contract. The deposit amount that you put on the contract should be held in escrow with a title company or an attorney. The less the amount of the deposit the better of you will be since less deposit means less risk. If you can get away with only putting down a deposit of $10 or $100 then you should do so in order to minimize your risk. As a wholesaler, if you do not purchase the property then your deposit will be at risk and can be claimed by the seller. For this reason the less you put down as a deposit the better for you as the buyer. 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