“The best deals for REO’s can be found from HUD. HudHomeStore.com has HUD foreclosures listed for sale with lots of information. If you are looking for a house to live in and flip, this is your best bet. You can bid on many of the houses before investors that won’t be living in the house are allowed to bid. This is a huge advantage and how I bought my first house.” Investing in Different Property Types Michelle says: Seth, I’ve tried to subscribe to your REtipster newsletter using multiple browsers and email addresses — but no replies are being returned to my emails. I was thinking about purchasing your Wholesaling Package using the discount you offer. But, no Discount Code, no purchase… New Braunfels, TX (1) 432 posts about illegal wholesaling. Motivation Thank you in advance! Latest 5 real estate investors registered in our investment community. Jeff Rose is a CERTIFIED January 28, 2017 https://www.investopedia.com/articles/mortages-real-estate/11/the-truth-about-the-real-estate-market.asp Ben Travis on January 28, 2018 12:01 pm Do you buy a mailing list of people who are late on their mortgage payments and contact them? Rehab Vanita Allgood If you got a grand-slam deal, say, a property with an ARV of $100,000 for $20,000, only needing cosmetic repairs of $10,000, and you sell the contract for a fee of $15,000, even though there is plenty enough spread for the buyer (he’d be getting it for $30,000, plus $10,000 rehab, meaning his profit would be $50K+), he might think you are a chump for trying to make a $15,000 wholesale fee. Or he might not, but you at least are taking that risk. RTC MORTGAGE CORPORATION is owned and operated by Laguna Beach President Richard T. Cirelli, a mortgage industry veteran with over 40 years of experience. Throughout his career, Rick has held executive positions with some of the country’s largest and most respected mortgage banking companies.As a Regional and National Sales Manager, he has trai ...… Archives Than's Recent Tweets Another reason wholesaling is a great real estate strategy is because – when you do it right, you won’t have any ‘out of pocket’ costs. This means you will walk away from the closing table with a check! Sounds pretty good, doesn’t it? THANKS Featured Article Hi Mark my name is Alex I was trying to find out where I might get these contracts for wholesaling houses at Buyer says, “Who are you? How long have you been doing this? (because we all know that things can go wrong.) And Buyer is a Buyer because he was smart enough to ask questions. Bitcoin This article is SO insightful and will help me tremendously in building my wholesale business. I listen to your podcast and you guys do a wonderful job as well. Looking forward to learning more and becoming more involved in the Bigger Pockets community. I really appreciate it Brandon! INVEST FOUR MORE Wholesaling Real Estate For Beginners: Understanding The Pros And Cons Online Courses Also Visit: CashFlowSavvy.com | EpicProAcademy.com EpicProWebinars.com | EpicWholesalers.com | EpicREI.tv Rommel Taylor on January 26, 2018 4:03 pm The other asset classes typically don’t have mortgages, so this wouldn’t apply. [vi] Id. "I wish to know more." Brian M Sullivan says: The rest of this post is dedicated to showing you the effort it might take to become a great wholesaler. But first, let’s talk about my beef with wholesaling. Investor Success Harold on April 25, 2017 4:16 am 42:09 Remember: If it is not stated clearly in the contract, the parties cannot demand enforcement based on an oral promise. It is important that everything is in writing and it is not an ambiguous statement. I just feel like saying assignments suck is silly when you did one and failed? That seems like you aren’t willing to do the work to understand the tool. You just blame the tool rather than taking a look at your process and how you could improve it to better use the tool. I will give you a big hint THE TOOL ISN’T THE PROBLEM. It does take some startup capital, but not millions. Mainly a very high risk tolerance, excellent cost control skills, good negotiation abilities, and a good eye for opportunities. Kimberly Smith, Founder, AvenueWest Corporate Housing Though these assets don’t bring in a huge amount of leads on their own, they do give your business much-needed authority in a crowded real estate marketplace. This post appeared first on Make Money Your Way. Marcus Maloney on July 7, 2016 8:05 am If you assign multiple deals, but never close on one personally, you’re going to have a hard time saying you’re not acting as an agent. Unrealistic. Plain and simple. This is the real world. Amen, Robert! Hi, will you have a job and be able to qualify for loans? Sure Brian – I think that would work. Android Without proper marketing, you’ll never make any money in real estate. Whether renting, selling, buying, or any other activity, these techniques will help you find the solutions to the issues you face. * Insure real estate options with title insurance The sellers can still sign a contract with you but you are correct it depends on the type of listing agreement the sellers have with the Agent. Here’s the different types of listings below: You chose an investor friendly title company that will conduct the closing to keep all parties satisfied. Since there were assignment clauses in both contracts, the wholesaler will generally not transfer the property into his name. This person, usually an investor, will put the property in his name, or more likely his company’s name. This is a way to avoid paying transfer taxes on two separate transactions. That information is available through public records kept at a local office, such as the county clerk, county assessor, or county court. Another common mistake includes the timing of purchases and sales may result in substantial losses or losing out in a deal or the market picking up ahead of your prediction forcing you to buy the same product that was available for a bargain at a premium. Carl Dean: Wholesaler to Turnkey Provider of the Year to Multi-Family Investor35:46 An investment partner can be anyone with money they want to invest. Ask family and friends if they know of anyone. Advertise in print media, on social media, and through online classifieds like craigslist. Ask local real estate agents if they know anyone who'd like to invest with you. 100,000 * .70 = 70,000 – 10,000 = 60,000 – 15,000 = $45,000 (investor profit) MOST RECENT ARTICLES This Great House LLC is a family owned investment property solutions company and we can help you reach your goals in your real estate investment business. We are full time real estate investors in the Atlanta area specializing in finding those hidden wholesale real estate deals. So if you are looking for handyman specials, a fixer upper, buy and hold investment properties, turn key rental properties and all around deeply discounted houses, turn to us first for all of your wholesale property needs. Great article…just a quick question. How do you determine the value of a property. Sometimes the motivated seller might be asking too much so how would I be able to know the after repair value so I could set my price to the seller? REAL ESTATE WHOLESALING FOR BEGINNERS Del Walmsley A short sale is when a property owner sells the real estate for less than he or she owes on it. That often means that the property in question is a huge bargain and opportunity – if you can snag it before anybody else does. I’ll show you how you might be able to do that in a minute. check Unlock Sellers's Contact Info (1/Day)info He has 3 properties. The 3rd is worth €250k and hasn’t been given as a collateral. What Income Level Is Considered Rich? (305) Entrepreneur Peter Abualzolof, Owns a real estate analytics company Great article @MarcusMaloney! Thank you for all your insights. What have you found to be the most effective way to market the said property once you have it under contract? Free trial at learn.buildium.com Todd Fleming: If You Can't Wholesale After Listening To This, We've Got Nothing For You52:54 Technical Assistance So you’re all set for professional mingling and spreading the word about your real estate photography work. In the meantime, you should be doing everything you can to shoot as many spaces as possible. 2. Place the Option to Purchase in Escrow for 2 years. The Average Net Worth For The Above Average Person (828) Brett, this is so refreshing. There are cash for houses signs all over my city, and I can just see the guru behing the sharpie who motivated that person to put them out there, encouraging them not to learn and just to act. People get sucked into unethical assignment wholesaling for the same reason people get sucked into lottery and gambling. “Omg if I just put a sign out I could get a life changing call. Me. ME!!” I would venture to say most people with YT thumbnails online of “40k in three weeks” have burned through that money because they never learned the how to create something lasting, they just found a pot of gold for a little while. False reality. The thing that pisses me off the most is the people who have ZERO issues with talking a desperate seller into selling at the lowest possible price and then creating an insane spread under the guise of legally helping desperate people. They always talk in the negative…”well it’s not illegal,” which is an immediate sign it’s incredibly grey lol. If you wanted to really help you’d be transparent with them and cut them some of your spread. Note to current assigners – if you’re constantly trying to hide everything from sellers and buyers, ask yourself why. And give yourself an honest answer. Is it illegal? Not always. But illegal and unethical are not synonyms. Or try this. Imagine you were the homeowner and after the fact found out your smiling wholesaler banked 40k on your situation, without cutting you any. Would you feel…”helped?” Yea right. Some of the seller calls I’ve watched online make my stomach turn. There’s no question why wholesaling is viewed as the black dog of real estate. If you’re going to assign, do it with 200% transparency from start to finish, all numbers disclosed, and above all think about what it really means to serve the interests of homeowners, above reproach. I can’t see this being ethical any other way. Thanks Brett for shooting straight. There are many reasons to choose wholesaling, including… With reverse wholesaling you begin buy lining up your buyers first. You find and prep your end buyers. You take their orders. Think of it as taking pre-orders for a hot new book or the iPhone 8. This way you as the real estate investor knows exactly what product to serve up. It’s essentially already pre-sold. There’s no guess work, hoping you’ve got it right, or lag time running around to find a buyer while your contract or hard money loan is burning a deep hole in your pocket. Good question – thanks for helping to clarify this. I can see where the confusion is coming from. The “non-refundable vs. refundable” issue comes down to each party fulfilling their respective ends of the purchase agreement. If the “outside investor” (i.e. – third party buyer) fails to perform their end, then they’re basically forfeiting their deposit (it’s non-refundable). However, if the original seller (or you, as the wholesaler) fail to perform their end, then they should be ready to give the deposit back… because the deal is basically falling apart, and it’s no fault of the third party buyer who put down their deposit. Does that make sense? I’ll try to clarify this in the article above. RealtyShares has returned $27,580,500 to investors across 117 investments, with zero investor losses as of May 2016 due to strict vetting of deals. Fighting for Landlords’ Rights August 2010 Kevin Ortner Buying owner occupied properties each year is possible, but may not be realistic. Moving thirteen times in thirteen years may put a bit of stress on the family! Our Giving Thanks! Outside Sales / Real Estate / Acquisitions 2 ​If you're unsure if you'll be able to successfully sell a property because of price, condition, location or any other reason we suggest you use the Wholesale Real Estate Option to Purchase Contract. We use this agreement often and very successfully when we have doubts about a property. After we have viewed the property and we want to use the option agreement we'll usually say "The property doesn't meet our buying criteria but we often sell properties to other investors that purchase properties just like yours. If you like I can send the pictures and property information to them" (They have always said yes) "Great, tell me what's the lowest you'll take for the property as it sits if you can close within a couple weeks and the investor pays all your closing costs"  Just fill out the option to purchase, have them sign it and start marketing the property to your buyers list! I bought my first rental cash when I was 22, let the property rot and did not invest a dime in repairs in 10 years. The result? A low rent and quite a bad tenant. He was there before I bought the place and I wanted to have him out before renovating, but he beat me to the game, stayed for 10 years, died, I had to evict his widow, and managed to sell the place a few months later for double the money.   4y ago4y ago Kyle Storms on July 20, 2013 at 3:26 pm Sorry, there was a problem. So, how do wholesalers make a profit? The difference between the contracted price with the seller and the amount paid by the buyer is the wholesaler’s profit from closing in on a deal. The bigger the difference, the fatter the pay check. The trick is to find a seller willing to sell significantly below the fair market value and to then resell to a buyer at a much higher price. Remember, in real estate wholesaling, time is money, and if you wait too long to find a buyer, you might end up paying out of your own pocket, as per the terms of the agreement. Rodney thank you for reading. Understand The Risks Of Real Estate Investing Tutorial Archive Networking Forum Based on my first-hand research meeting with various real estate crowdsourcing CEOs and testing out their platforms, I’ve decided that RealtyShares is the best real estate crowdsourcing platform today. They’ve raised over $60M in company funding and are based in San Francisco like me, and I’ve met with their CEO, Head of Risk, VP of Finance, and Director of Marketing. Does your wholesale package kit works for single, duplex, commercials too? Let me know, I’m thinking about getting your wholesale package. Meta Cathie Ericson is a journalist who writes about real estate, finance, and health. She lives in Portland, OR. Shop Marketing Fun Excellent points made in this blog and video. I have found that many “wholesalers” make mistakes by opening their mouths at the wrong time to the wrong person. But the notion that someone can broker a deal stretches the concept of what a Broker is. The wholesaler is selling an option or contract, they are NOT selling the real property. If they do they can be busted for violating Real Estate law. Only a licensed RE Broker by law can broker the sale of real estate (real property). wholesale real estate webinar|wholesale real estate deals wholesale real estate webinar|wholesale real estate florida wholesale real estate webinar|wholesale real estate for beginners
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