POPULAR CATEGORY Your freedom number is the amount of money you need to make via passive income each month to cover all of your expenses. This is the formula: More Great Services & Benefits… Answered Dec 20 2016 · Author has 686 answers and 129k answer views Julian Maldonado on February 7, 2017 2:01 pm I know that this was an older post; however; I’m fairly new to the site and I’ve been reading the articles and posts associated with each chapter of the UBG. This was a great read!!! Cars & Transportation For more information on how to buy the best rentals, which will make the most money, check out my book: Build a Rental Property Empire: The no-nonsense book on finding deals, financing the right way, and managing wisely. The book is 374 pages long, comes in paperback or as an eBook and is an Amazon best seller. Members It's An Ongoing Education © 2018 New Western Acquisitions I'll be completely honest – at the time of this writing, I still don't consider myself an “expert” in wholesaling (because I've only been through the process a handful of times myself). On the same coin, I can say that I've been through enough wholesale deals to know that this process works. I've talked to agents who have told me that the purchase and sales contracts they use cannot be assigned to another buyer. If you did the memorandum, it would be a separate document in addition to your Purchase and Sale Agreement. You would also have to get it notarized in order for it to be recorded (it’s kind of a hassle, which is why some don’t bother with it). You would typically take it to the county yourself, or mail it to the County Recorder along with a check to pay for the recording fee. Again, if you do go through these options, it will cloud the title for however long the date range is listed on the memorandum. i.e. – if the memorandum states that the Purchase and Sale Agreement expires on X date (6 months from today), that cloud will stay on the title for 6 months. This technique works better for some—as opposed to buying more properties with the cash flow—because many banks limit the amount of loans you can have. So, this will give the advantage of having fewer mortgages in your name. Consequently, you’ll have an advantage with banks since you’re able to pay off your loans quickly. This technique can also help you pay off your mortgages before the interest rates go up. 4 | Lists or offers, attempts, or agrees to list real estate for sale, lease or exchange; Special Training: Click here to check out my Wholesaling Houses Training Course: Freedom By Flipping. This is a 6-week Online Course that spells out everything in an insane amount of detail! The reason it’s so powerful is: there are five ways it makes you money. 3d ago16:29 All the fluff and extra of being politically correct by “having the true Intent to buy for yourself” is unnecessary. (May 09, 2018) Following In Dad’s Footsteps – Featuring LU Member, Brian LANEE’ on DECEMBER 13, 2015 12:40 PM Tax Benefits That... How Todd got started in real estate investing from selling Viagra. What is the best way to find real estate wholesalers in Newark, NJ? REOs If you do 2 closings , who need’s to come up with the money to close the first , me? By Nick Foy (Moderator)| 2017-05-11T20:10:25+00:00 August 3rd, 2015|How To Guides, Investing, Real Estate|Comments Off on How to Wholesale Real Estate: Case Study Example Mortgage Principal Paydown Remember, even though you have this money in your bank account, you're still “on the hook” to pay it back until the deal is done, so hang onto it until you've crossed the finish line! J Scott I actually used the forums for much of the inspiration on this list. I got to, like, 25 or so and thought … uh oh…. so I went on the forums and found a ton of threads that reminded me of tons more. So, I’m sure it’s possible to do. Maybe someday 🙂 Designed by Gilco Digital Twitter Real estate wholesaling is really very simple. It means contracting to buy properties at a discount, and reselling them for a profit. How Much Can You Earn? Most wholesalers tell the property owner that the buyer is, in fact, their partner. They do this so the owner doesn’t know that they’re assigning the contract and making a profit. Although this is legal, from what our legal experts have told us, it’s not recommended because it’s deceitful. They tell the seller about a partner, who is actually the assignor. This person is who they sell the deal to. That way they can show the site to them and tell them not to talk business according to Sherman Toppin, PA Attorney, and Real Estate Broker Don't worry, we HATE spam too! Wholesaling for Fast Cash 101 Buy for others Mouse Pads How I Brofited from the Brexit Want to learn more about real estate investing? Check out our Real Estate Investing section here. - Management: $0 Start here Disclaimer: Some of the creative techniques may or may not be possible depending on the laws in your state or country. Crushing It in Apartments and Commercial Real Estate: How a Small Investor Can Make... Wholesaling is a great way to make money in real estate, but it's still not my primary technique for handling most deals. My experience with wholesaling hasn't reached the same comfort level that I have with simply buying properties for cash. James says: Justin Williams is the man! His insight on creating systems is truly priceless. He is an amazing entrepreneur and glad to know him personally. If you want to start Flipping Houses Justin is your man! The Truth About Land Investing: 15 Warning Signs To Look For When Buying Vacant Land May 5, 2013 phone For a double closing, you can simple sign the document in your name or business name. A double closing is the process of actually buying the property and then immediately reselling the property in the same day — within minutes of each other. If you don’t have the full 100% cash for the deal, there are numerous transactional lenders who can fund the deal for you for a 24 hour period — and a fee. Orlando Roche on October 14, 2015 11:43 am Best Way to Capture Your Cash Buyers Attention When Selling Your Wholesale RENTAL Properties 3M ago40:44 March 27, 2014 at 2:24 pm 17 seventeenth-century designer A realization should pull 4.0 out of 5 stars 86 Houston, TX 77042 your username The Top 3 Newbie Wholesaling FAQs—Answered! Thanks for reading and that is a great question. I am a licensee as well and I primarily wholesale. 5 HubSpot Shortcuts for Real Estate Investors The double close is similar to the simultaneous close but differs in that your end-buyer’s funds are not being used to close the A transaction. You need to fund the purchase (A) transaction and then sell the house to your end buyer. There are such a thing as bridge loans that are for this purpose. For a fee, a lender will lend money for the A transaction and be paid back on the B transaction. You could try to get one of the bridge loans or just use your own money or get a hard money loan or private money loan. All of these add a lot of cost to the deal, so you need to make sure there is a lot of room (good-sized wholesale fee) to cover the costs and still allow you a profit. 4 Signs a Property Is Worth Buying and Renting Out do u need licence to wholesale?? Hey Marcus, Brian Gibbons on February 19, 2013 5:10 pm Coffee Collection June 2015 (2) Thanks and regards Build a Junker Empire (Part 2) Yes. I still offer the course. You can find out more about and sign up here: http://freedombyflipping.com 4. Real Estate Investment Trusts (REITs) My biggest point in all this is that we need to step it up as an industry. Wholesalers, for too long we have been dubbed the scum of the earth, and it’s because we do things like assigning contracts. Let’s get out of the grey and keep things black and white. Deal? Warnings Things to Avoid (53) “It depends on whether or not you want cash now or cash later.” • Leverage makes you profit on the full selling price © 1996-2018, Amazon.com, Inc. or its affiliates FREE STARTER KIT View Results Posted on Fri, November 18, 2016 by Andrews Davis filed under I am blessed to be surrounded by a lot of ethical real estate investors who taught me that these are the right things to do. 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