Why oh why do I torture mysef reading your posts and trying to answer your endless elementary questions?
First of all never say in your contract subject to financing, many of your sellers are distressed and they specifically want cash buyers because they perceive it to be the fastest way to get their house sold, and it usually is. I am a CASH buyer… Repeat that… Wholesalers don’t sell to people getting financing usually. Unless they got private funds or hard money.
Any why the hell do you need to inspect the houses? My buyers have never asked how is the plumbing, electrical roof etc. I sometimes ask the homeowners how is the roof just to make conversation and get them talking, but I don’t care if the roof is bad, in fact I prefer it, I can get a better lower price., I have never inspected any of the houses I’ve sold. If you want to be the king of anal retentive activities, your just going to be wasting your time while I come in behind you and scoop up your deal while your asking a bunch of idiot questions that don’t matter.
Well, they might matter to the buyer, but his job is to inspect the frikin house and decide if he wants it, if he don’t want it then that’s your inspection clause working for you, I cant sell it cuz my partner don’t want it cuz he blahblah blah.
So what if the house has tax liens, I’ve flipped many that had code violations and tax liens, Its found out in escrow, the seller pays those, unless there are too many and that cud kill the deal, which has happened. Why worry about crap that may never happen?
I don’t tell sellers that i’m resealing their house, I tell them my partners and I are buying it. your partner is whomever you find that wants to buy it ah ah ah.
First of all keep you mouth shut when you talk to sellers. If your quiet the sellers will reveal a multitude of problems with the house and give a good indication of their motivation.
Of course your buyers want to see the house, so they can do their inspections and calculate repair cost and see if they want to buy the damn thing.
And the insanity continues. Wholesaling is the easiest job on the planet.
Find a distressed house.
Contact owner
evaluate the deal and make offer.
Get it on contract.
Call buyers, let them look at it (inspect it?
Negotiate with buyer and have them sign the Assignment of contract.
Let buyer start escrow.
Wait for it to close and go pick up your check.
How can you turn this simple process into such a major cluster fluk???
Get your 10 year old brother to help you, cuz this job is so simple he cud do it.
Dude you gotta get your head out of your patutie and use some common sense.
Would I ask Peggy Ann any questions? Sure I would…
Peggy Ann…
Are you a drug addict?
How often do you drink alcohol?
Do you have any children? How did that go? Where are they now?
What’s the square root of 169?
What’s the capital of Minnesota?
Are you on any psychiatric medication?
When was the last time you did any drug, including marijuana?
How many hours of television do you watch per week?
Where do you work?
How long have you been there?
What are your financial resources?
Are your parents rich?
Are you on birth control?
If you were to have a child (or another child) and you do in fact currently drink alcohol, would you stop drinking alcohol to raise the child?
What do you think about prenuptial agreements?
Have you ever prostituted yourself?
Do you have any STDs? Would you be willing to furnish proof of this?
What was your longest relationship? What happened? Do you still talk to him? Who supported who financially?
Hahaha…
Okay I’ll let you know how it goes…
Thanks for cluing me in to this very profitable venture. I foresee myself doing this for a very long time.
There are people who would kill to make this kind of money.
I hope you get it, all these questions are torture.
maybe I shouldn’t of used the Peggy Ann analogy, your probably more of a Shameka Tyrone type.
I bet I have a nicer crib than you. And it’s not in the Trailer park.
I also have a gorgeous new home on 5 Acres on a tropical Island where I go every year for 4-6 months.
My intention is to help you along with a little bit of ridicule so you can begin to use some common sense.
If you ever get it together & do some profitable deals I’ll take you to the island with me.
Imagine this. Gorgeous young long hair brown skinned girls that love American men. The County is impoverished and of course they luv the American dollar. White sand beaches, warm ocean waters with hundreds of feet of visibility. I’m inland some and I got the jungle with the clear streams and water falls within walking distance from my house.
I just slammed a few good deals and I’m thinking bout taking another 4-6 month vacation very soon.
I have a few deals in escrow, maybe I shud wait for them to close.
But Redstar, I hope you can get in gear but I’m having serious doubts about you.
Prove me wrong.
Rando
I went out driving in some underprivileged parts of town… I found a few houses by seeing what the exterior looked like… But it occurred to me that I am probably driving by tons of houses with rehab potential and missing them due to the fact that they haven’t invented x-ray vision…
So I looked on Craigslist and searched for the word “handyman special,” and got about 500 listings that I’m in the process of contacting…
Have yet to hear back, but I believe that’s a lot of progress for one day…
Wow, I’m impressed. But now contacting 500 sellers on Craig’s List can take some time and work. Most people would get discouraged after contacting 20, But can you imagine taking a week or 2 to contact these people, evaluate their properties and make offers. I can guess there wud be several or maybe dozens of deals in that batch. But that’s a lot of work. What if you made 10 or 20 Grand and it took 6 weeks to get paid? Next time you wud get Maria and Lupe to make all the calls for you. While you concentrated on negotiating and closing the deals, soon you be writing success stories.
I like using the internet to make money. You will too.
Another day of driving… I didn’t have all that much time (I have other things to do)… I found one house that I was sure was a good candidate… it was abandoned, the floor inside was all torn up, high grass, spider webs… looks like no one has been in there for years…
I looked it up on the property appraiser and found that it was appraised at $180,000 because the land underneath is timberland appraised at $160,000… I don’t think that one would work…
But it also occurred to me to hire bird dogs. I posted an ad on Craigslist seeking bird dogs and offering $200/house… I got three responses within a few hours and they all seemed very motivated…
I told my bird dogs that I’m a flipper (rehabber) instead of a wholesaler because I don’t want them to think they could do it themselves and take the business from me… I don’t know if that matters or if it was important at all…
I also ordered a book about wholesaling that was mentioned in another thread…
This is going to work. No more games. All business and lots of it.
I also noticed that when I contacted a lot of those houses that I found by searching Craigslist for “handyman special,” that they were wholesalers trying to sell their house, but they had fancy names like “______ Capital Group.”…
I think I will do this. I will form an LLC and call it “(something) capital group”… The only thing is that corporations/LLC’s are taxed at a higher rate than individuals… so I’m not entirely sure on this… but I’m getting ahead of myself… I need to work on getting that first deal…