Experienced Short Sale Expert Starting Wholesale Business

Bird Dogs, Wholesaling
1

Hey guys!

As an agent, I have a good amount of experience in short sales and have recently decided to begin wholesaling my clients properties.

Here’s a few questions:

  1. Is it really worth me pursuing one of these mentorship programs taking 50% of the profit yield in exchange for, well, supervising my deals?

  2. Do you guys create your own forms for assigning the contract? What are some important disclaimers that MUST BE included when assigning contracts (I’m assuming contingencies for finding another buyer, etc). This is the most important question!

  3. Do loss mitigation depts take wholesale contracts seriously?

  4. When do you guys begin shopping for buyers? IMMEDIATELY or after you get the approval? Basically the dillemm would be: Stale listing/impatient, worn out buyers vs. The risk of not finding a buyer quick enough.

  5. Do you get paid outside of escrow or from escrow? If the latter, do banks have problems having your fee on the HUD? What forms do you use to coordinate payment for your fees?

PLEASE HELP! I have about three short sales that I am wanting to wholesale and am looking to begin immediately.

Thanks

Kevin Kim

2

Dude

Loss mitigation depts don’t see the assignment of contact, they see the original agreement. From my experience I would stick with wholesaling homes that are already through the foreclosure process, or a just into it.

Build your buyers list BEFORE you waste your time looking at homes, that way you have some kind of clue as to what your looking for.

The way your paid depends completely upon your exit strategy.

Start looking for buyers RIGHT NOW, then worry about everything else. Take it one step at a time and don’t get ahead of yourself.

3

so I’m assuming it’s worth doing the deal with a mentor? lol

lots of variables there