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Author Topic: I need help on a whoelsaing deal. a LOT OF HELp  (Read 3279 times)

Offline yusik

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I need help on a whoelsaing deal. a LOT OF HELp
« on: August 04, 2010, 01:43:28 am »
I am new to wholesaling. I have never wholesaed and I am trying to wholesale a property right now. it is exciting but it would be even more excited if i could close and make that moola.

to start off, what makes a deal a deal?
i have a property it is far below market value almost 50%, it isn't in the greatest area. it is  2100sq ft. brick, one family 3 beds two baths. it is in the brooklyn area.  I am able to get it for 217K which is the lowest the owner will go. it is in move in  condition and there are tenants living there.

I would like to take the time to build my buyers list.

 
« Last Edit: August 04, 2010, 07:09:03 am by kdhastedt »

Offline bivsflips

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Re: I need help on a whoelsaing deal. a LOT OF HELp
« Reply #1 on: August 04, 2010, 09:32:41 am »
Ok, you are all over the place. Do you have the property under contract already? what are your numbers? Are you a member of a REIA? How do you plan to market your deal, and to whom? What type of deal is it? All cash, owner financing, sub-to?
"It is never too late to be what you might have been"
~~George Eliot

Offline yusik

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Re: I need help on a whoelsaing deal. a LOT OF HELp
« Reply #2 on: August 04, 2010, 11:10:22 pm »
unfortunately the property was sold. but I didn't have it under contract because the seller wanted proof of funds which i didn't have so i had to market to a buyer first. it was an all cash deal.
what is reia? and as far as a plan to market my deals what kind of plan do you mean? I just know of marketing a deal on places like craiglist what are other ways?

Offline Delondon

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Re: I need help on a whoelsaing deal. a LOT OF HELp
« Reply #3 on: August 07, 2010, 03:40:23 pm »
If a seller is asking prof of funds, then they have been doing to much listening to realtors etc.... Unmotivated indeed. Move on the next one. :cool

Offline xpandergt

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Re: I need help on a whoelsaing deal. a LOT OF HELp
« Reply #4 on: August 08, 2010, 04:32:17 pm »
unfortunately the property was sold. but I didn't have it under contract because the seller wanted proof of funds which i didn't have so i had to market to a buyer first. it was an all cash deal.
what is reia? and as far as a plan to market my deals what kind of plan do you mean? I just know of marketing a deal on places like craiglist what are other ways?

Do you know if the seller was indeed the seller or maybe he was another wholesaler. Always ask the the person selling "are they the owner of the property". Also, check the tax assessor's website to see if the person on the phone is the one on the deed. The overwhelmingly vast majority of FSBO's do not ask for proof of funds, that is why I think the person you were talking to may have been a Realtor or another wholesaler. Craigslist is so so way to build a buyer's list. For me it has been a hit and miss,more times miss then hits. May best buyer list method by far has been bandit signs. You can put an ad in the real estate section of your local paper. You can also get the name and numbers of other wholesalers. You would want to get the info of the major players in your area, because chances are they have established a pretty detailed and extensive list of active investors. You will more then likely have to split your fee if they find a buyer, but oh well half is better then nothing.
Bulls make money. Bears make money. Pigs get slaughtered!

Offline dreamgirl

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Re: I need help on a whoelsaing deal. a LOT OF HELp
« Reply #5 on: August 10, 2010, 05:39:03 pm »
I say the first thing is to get the seller to sign the contract with you.  "proof of funds :shocked.  Just tell him this is a cash deal and what does it matter if your telling him you have an interested investor.  Second thing find you investor and title company. But what this is all I know because that's as far as i am into this with my first deal.  Oh and PRAY!! :angel

Offline Delondon

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Re: I need help on a whoelsaing deal. a LOT OF HELp
« Reply #6 on: August 10, 2010, 09:31:51 pm »
Dreamgirl, congrats on taking action. :beer

Yusik you got to make sure that this guy really wants to sell. Even if you did have proof of funds, this guy would not know what to do with it. He is not a closing agent.

There are plenty of people that really want to sell. What type of marketing are you doing and how did you find this guy? It sounds like you went to him and not him to you.

Offline xpandergt

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Re: I need help on a whoelsaing deal. a LOT OF HELp
« Reply #7 on: August 11, 2010, 11:24:18 am »
I am new to wholesaling. I have never wholesaed and I am trying to wholesale a property right now. it is exciting but it would be even more excited if i could close and make that moola.

to start off, what makes a deal a deal?
i have a property it is far below market value almost 50%, it isn't in the greatest area. it is  2100sq ft. brick, one family 3 beds two baths. it is in the brooklyn area.  I am able to get it for 217K which is the lowest the owner will go. it is in move in  condition and there are tenants living there.

I would like to take the time to build my buyers list.

I've been meaning to do a video on this topic. I use to think I knew what made a deal a deal. The "deal" I have under contract right now got me rethinking what I thought I knew. What makes a deal isn't what you or I or any other wholesaler thinks make a good deal. A good deal is what YOUR BUYERS TELLS YOU WHAT THEY WANT that makes it a good deal. That is why it is now more then ever important to have a buyers list established and actually knowing what your buyers want, what prices they want to pay, the profit or cash flow they want to make etc.
 
Bulls make money. Bears make money. Pigs get slaughtered!

 




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