We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
November 28, 2021, 11:48:34 am
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
November 28, 2021, 11:48:34 am
Home Help Search Calendar Login Register

Author Topic: Complete Wholesaling Course (only 2 lines long)  (Read 21577 times)

Offline ericmedem

  • Member
  • ****
  • Posts: 873
    • Real Estate Wholesaling Guide
Complete Wholesaling Course (only 2 lines long)
« on: October 21, 2006, 02:07:42 pm »
How to Make money with no credit
How to Make money with no money


Wholesaling the easy way


Shop for buyers before you shop for houses.

Find buyers, then find deals, then bring them together using your buyers money.




Ive done it, My buyers have done it, anybody can do it.

It is honestly that easy

DO NOT COMPLICATE IT,

There is no reason to "Get Ready to Get Ready" or spend countless hours in "analysis paralysis".

I talk to hundreds of investors every year who:

Have been thinking about investing
Have been reading about investing
Have a friend who had done well investing (The elusive friend)
Are saving for a down payment
Waiting for rates to go down
Waiting to finish their real estate course
Waiting for their mentor to tell them to buy
Waiting for summer (insert any season)
Waiting for the market to straighten out
Waiting till they can afford it
Waiting till they get a promotion
Waiting till their friend or relative can partner with them
Trying to read just one more book
Waiting till they buy their own house
Waiting till they get a raise
Waiting to graduate from college
Waiting till their friend or family member becomes a realtor
Waiting to be married
Waiting till they contribute their maximum to a 401k
Waiting till they get done working on their own home

Then after giving me their excuse for waiting they ask

What happens if the toilet gets clogged?
What happens if the furnace gos bad?
What happens if tenant ruins the house?
What happens if the roof leaks?
What happens if the tenant doesnt pay?
What happens if someone breaks a window?
What happens if someone leaves a broken down car at the house?

If they dont have the question, they usually tell me about a friend or relative who had one of the above happen.

The questions that they SHOULD be asking but NEVER do

What happens if I dont start investing now?
How many homes do I need to buy in order to retire comfortably?
If you could share with me your best idea, what would it be?
What kind of money am I leaving on the table by not investing?
 How does the stock market compare to real estate? (that doesnt even deserve an answer)
How can I use real estate to make my dreams come true?
What would I do with an extra $500 or even $5,000 a month in cashflow?
How will my family react when I retire 10-20 years earlier?
What are my broke friends going to think when I show up in my Porsche?

99% of people share this problem:

If a family member or friend needed $500, most people would need a ton of convincing to loan it to them, and if it wasnt repaid it would surely be a BIG problem, some people would even lose friend over such a small amount of money.

But that same person could care less about the $500-$10,000 a month that they will lose each and every month for the rest of their life by not investing in real estate.

Oppurtunity cost nobody pays attention to it.

I used to be a tight a##, then one day I got to thinking.

What if instead of worrying about ways to save money, I started just focusing on ways to make it?

That simple question changed my whole life.

_________________
Eric Medemar
« Last Edit: October 21, 2006, 06:15:21 pm by kdhastedt »
http://www.InvestorsPlayground.com Now FREE!  Just type in your email so I know where to send your FREE 1471 Page Investors "Holy-Grail".  (It's NOT $97 anymore)

Offline realestateinv

  • Member
  • *
  • Posts: 17
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #1 on: October 21, 2006, 02:23:57 pm »
okay, I like what you are saying because it's truth but explain your statement quoted "How to Make money with no credit, How to make money with no money and than say "then bring them together using your buyers money.........  ::)

Offline realestateinv

  • Member
  • *
  • Posts: 17
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #2 on: October 21, 2006, 02:28:29 pm »
I'm apologize its self explanatory.  What contracts do you use and what is your fee?

Offline ericmedem

  • Member
  • ****
  • Posts: 873
    • Real Estate Wholesaling Guide
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #3 on: October 21, 2006, 02:53:19 pm »
It depends on what im doing, Im a realtor so typically I just use are realtor forms. I buy the home with one form, then sell it with the same form (just made out to the end user).  Most all of the people I wholesale or assign to have cash which makes it much eisier.

There is also a great way to buy hud homes and assign the contracts, I have done this and had my investors do this and make $15k+ at a single closing, you could do smaller $3000-$8000 Hud closings all day long (using only HUD forms.

Having cash buyers to wholesale to makes things alot eisier, but it is not necessary.  I would advise getting buyers that have cash and that is not hard to do at all, and best of all it can be done in any market with no money spent.

Im sure people could come up with a million ways that this concept could fail or leave me open to law suits, typically those are the same people not doing much because they are trying to figure out a way to do everything without being exposed. ....

Well, if your waiting and miss 5x$12,000 deals, then you pretty much just filed a lawsuit on yourself and lost $60,000. And you will continue to lose that same lawsuit with every deal that you miss.

Eric Medmear
« Last Edit: October 21, 2006, 06:15:45 pm by kdhastedt »
http://www.InvestorsPlayground.com Now FREE!  Just type in your email so I know where to send your FREE 1471 Page Investors "Holy-Grail".  (It's NOT $97 anymore)

Offline sircaesar

  • Member
  • *
  • Posts: 15
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #4 on: October 22, 2006, 09:03:25 am »
Hey Eric, your advice is sound and great as always..

I have a question about the hud assignments.. where do you go to buy/locate your huds..

and where do you typically go to locate your cash buyer(investors)  8)
do you market via newspaper,  I was thinking of calling he we buy houses people and market to them..

also last question,  what website(besides zillow.com) are you using to pull comps.. or are you guys just using regular appraisers?

Offline realestateinv

  • Member
  • *
  • Posts: 17
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #5 on: October 22, 2006, 10:54:20 am »
My next questions were the same eric............... ???

Offline ericmedem

  • Member
  • ****
  • Posts: 873
    • Real Estate Wholesaling Guide
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #6 on: October 26, 2006, 10:02:40 pm »
Many educators make the simple very complex, great educators take the complex and make it simple
In michigan we pull our huds from www.mcbreo.com but if you go to the Hud.gov website I think you can find out where to pull from your state.  Assigning HUD homes is really nice because HUD allows you 60 days to close after contracts are fininshed.

Finding buyers is really easy if you think about it.  If I told you I would have to kill you, but im sure you know.
http://www.InvestorsPlayground.com Now FREE!  Just type in your email so I know where to send your FREE 1471 Page Investors "Holy-Grail".  (It's NOT $97 anymore)

Offline gccre

  • Member
  • **
  • Posts: 98
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #7 on: October 28, 2006, 08:26:15 pm »
Where in MI you from Eric?
 I checked out your blog and some of the posts are very difficult to read (to light on a black background). But I'll browse through it and read what I can and what you have to say and maybe I can learn something new about the dismal MI real estate market I didn't know before.

tbynum

  • Guest
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #8 on: November 14, 2006, 10:02:09 am »
I AM getting started with Wholesaleing.  Just need a little more insight please!!!! You said find buyers before I find deals? Is that right?



How to Make money with no credit
How to Make money with no money


Wholesaling the easy way


Shop for buyers before you shop for houses.

Find buyers, then find deals, then bring them together using your buyers money.




Ive done it, My buyers have done it, anybody can do it.

It is honestly that easy

DO NOT COMPLICATE IT,

There is no reason to "Get Ready to Get Ready" or spend countless hours in "analysis paralysis".

I talk to hundreds of investors every year who:

Have been thinking about investing
Have been reading about investing
Have a friend who had done well investing (The elusive friend)
Are saving for a down payment
Waiting for rates to go down
Waiting to finish their real estate course
Waiting for their mentor to tell them to buy
Waiting for summer (insert any season)
Waiting for the market to straighten out
Waiting till they can afford it
Waiting till they get a promotion
Waiting till their friend or relative can partner with them
Trying to read just one more book
Waiting till they buy their own house
Waiting till they get a raise
Waiting to graduate from college
Waiting till their friend or family member becomes a realtor
Waiting to be married
Waiting till they contribute their maximum to a 401k
Waiting till they get done working on their own home

Then after giving me their excuse for waiting they ask

What happens if the toilet gets clogged?
What happens if the furnace gos bad?
What happens if tenant ruins the house?
What happens if the roof leaks?
What happens if the tenant doesnt pay?
What happens if someone breaks a window?
What happens if someone leaves a broken down car at the house?

If they dont have the question, they usually tell me about a friend or relative who had one of the above happen.

The questions that they SHOULD be asking but NEVER do

What happens if I dont start investing now?
How many homes do I need to buy in order to retire comfortably?
If you could share with me your best idea, what would it be?
What kind of money am I leaving on the table by not investing?
 How does the stock market compare to real estate? (that doesnt even deserve an answer)
How can I use real estate to make my dreams come true?
What would I do with an extra $500 or even $5,000 a month in cashflow?
How will my family react when I retire 10-20 years earlier?
What are my broke friends going to think when I show up in my Porsche?

99% of people share this problem:

If a family member or friend needed $500, most people would need a ton of convincing to loan it to them, and if it wasnt repaid it would surely be a BIG problem, some people would even lose friend over such a small amount of money.

But that same person could care less about the $500-$10,000 a month that they will lose each and every month for the rest of their life by not investing in real estate.

Oppurtunity cost nobody pays attention to it.

I used to be a tight a##, then one day I got to thinking.

What if instead of worrying about ways to save money, I started just focusing on ways to make it?

That simple question changed my whole life.

_________________
Eric Medemar

Offline rollx6

  • Member
  • *
  • Posts: 8
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #9 on: November 14, 2006, 10:59:30 am »
Yes, you can run a ad in your local paper saying

rehabber special/ investors needed please call (your number)

Offline REFLA

  • Member
  • **
  • Posts: 88
    • Buymyhouseinahurry.com
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #10 on: November 14, 2006, 06:30:33 pm »
Hi Eric,
I have been developing a modest buyers' list thru networking, investment groups, etc. I recently found a broker who does short sales, and also has loads of inventory of pre-foreclosures, etc. I am working with her to wholesale these deals. I have found some interesting deals and potential buyers, but need to know:
 Since the bank won't let you assign contract, do I have to put it under contract with the end buyer? If so, how do I get paid? Do I tell the buyer up front I am wholesaling this deal, and part of the deal is a fee of $5K?
Is 5K a fair price or should it be a percentage, or should I make it less, to foster good relationships? Is it ok for them to know my profit?
Your info is really helpful.
Thanks!

Offline ericmedem

  • Member
  • ****
  • Posts: 873
    • Real Estate Wholesaling Guide
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #11 on: November 17, 2006, 11:42:21 am »
Hi Eric,
I have been developing a modest buyers' list thru networking, investment groups, etc. I recently found a broker who does short sales, and also has loads of inventory of pre-foreclosures, etc. I am working with her to wholesale these deals. I have found some interesting deals and potential buyers, but need to know:
 Since the bank won't let you assign contract, do I have to put it under contract with the end buyer? If so, how do I get paid? Do I tell the buyer up front I am wholesaling this deal, and part of the deal is a fee of $5K?
Is 5K a fair price or should it be a percentage, or should I make it less, to foster good relationships? Is it ok for them to know my profit?
Your info is really helpful.
Thanks!

It kind of depends on the type of buyers that you have. If you have cash buyers then I would put the contract in your own name and then be sure to get a sizeable deposit from your buyer (enough to cover any expenses that you  may incure if he/she decides to back out).  Talk with the title companies ahead of time and see if they allow back to back closings. If they do then close on the home and 10 mins later close with your investor, then take his money and finish closing on your end.  This is the eisiest way to do it and it also prevents the buyer from knowing what you have paid. (many investors have a problem if you make too much money in their eyes).  

If you have a decent working relationship and you trust them. You could have them sign on the original contract, and then collect the deposit equal to the amount that you charge for your wholesale.  The bad thing about doing it this way is they learn your contacts for homes and may later try to cut you out of the deal.

I dont ever worry how much I make on a wholesale deal.  As long as I know the person buying it from me is educated and that I know they can still make money as well.  I just did one this week that I am getting for $18,500 and selling it on a 6 mon option to another investor for $33,000.  He can still make great money too.

I am kinda pressed for time but I hope this helps

Eric Medemar
http://www.InvestorsPlayground.com Now FREE!  Just type in your email so I know where to send your FREE 1471 Page Investors "Holy-Grail".  (It's NOT $97 anymore)

Offline REFLA

  • Member
  • **
  • Posts: 88
    • Buymyhouseinahurry.com
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #12 on: November 17, 2006, 04:33:05 pm »
Hi Eric,
Your advice is awesome! I now have a deal in the works. The numbers are: I buy for $330K
sell for $410K
20K to seller
20K to broker
$3k to private money lenders (I don't have lines of credit in my LLC yet)

We plan to do a double closing, I have my fingers crossed!
Thanks!

Offline ericmedem

  • Member
  • ****
  • Posts: 873
    • Real Estate Wholesaling Guide
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #13 on: November 24, 2006, 07:30:51 pm »
Good work

If it dont make dollars, it dont make cents.

Eric Medemar
http://www.InvestorsPlayground.com Now FREE!  Just type in your email so I know where to send your FREE 1471 Page Investors "Holy-Grail".  (It's NOT $97 anymore)

Offline Vision

  • Member
  • *
  • Posts: 25
Re:Complete Wholesaling Course (only 2 lines long)
« Reply #14 on: December 01, 2006, 05:09:24 pm »
I have a buyer ready to go who is using 100% financing.

I want to wholesale a property to him.

I am using an agent to make offers.

Will I have problems with his bank doing a wholesale deal?

What cost would I have any closing cost or commisions paid?

What is the best way to do this type of deal ?Assignment or double close?

Is there a way to explain or prove to my agent that this is legal?

Should I have a financing contigency

Can you point out any important information that I need to do to get this deal like this done?


 




SMF 2.0.15 | SMF © 2017, Simple Machines