Jeff Adam: 100% Financing

Could you explain this statement also that you posted before?

"Once you become an experienced wholesaler, then you will have buyers lined up wanting to buy your properties. Especially when you have 100% financing on the properties like I do. I have repeat customers and only work with serious investors. I have a relationship built with these investors so getting paid up front is not an issue. If for some reason there is a glitch with the title or something, they know they can come to my office and I will refund their money. "

On my deals that I do, I take it a step further and contact both my hard-money lender and private lender and get financing arranged on the properties before I wholesale them. Due to the fact that I purchase below 65% of market value, I usually don’t have a problem getting 100% financing on my deals. I then pass this on to my ‘wholesale’ buyers. They are literally lined up at my door wanting my deals because they do not have to worry about getting financing. It is a win/win for everyone!

Best Regards,
Jeff Adam

Not to be a pest but could you take me and others thru a normal deal because I locate a lot of properties 50% and below market value?

Here you go:

Purchase Price: $50k
Retail Value: $100k

I offer to my ‘wholesale buyer’ the property for $60k.

I contact my hard-money lender, they do the financing at 100% with 4 pts and 12% interest. They also hold back 6 month’s payments. I collect my $10k fee from my ‘wholesale buyer’ and ‘assign’… or, I contact my private investor and get a loan for $60k including closing cost. I get paid my ‘wholesale’ fee thru escrow. My ‘wholesaler buyer’ is happy because they got in with 100% financing or only had to pay me my fee. Oh, I forgot, I also brokered 1 pt on the loan. That is another class… Stay Tuned!

Best Regards,
Jeff Adam

A few questions:

  1. Are you still responsible for the loan from your private lender or is that passed on to your BUYER?
  2. Will your buyer pay your assignment fee up front or will that vary with your buyer?
  3. What if your buyer can’t settle the loan within the 6-month time frame?
  4. Will the buyer make payments to you until the debt is settled?
  5. Does your HML know your intentions? If so, how do you explain this?
  6. Does the title transfer in your buyers name on the initial transaction?

Thanks a lot, you seem to have this RE thing figured out makes me feel like I’ve been playing Real Estate.

more q’s for Jeff

  • how many properties at one time do you wholesale on average?

  • how can you get them under contract and sell them so quickly (in bulk)? For example, if you sold 6 homes wholesale, how did you convince 6 owners to sell you properties so cheaply within such a short period??? ???
    Do you use hypnosis?

Jeff forgive me for being presumptious…
but I assume you can do so many wholesale deals because of your plan!!!
Further your plan is to market, market, market!!!
You are a marketing madman.
Sure you do deals and shuffle some paper…but when it gets down to it you market!!!
Am I right?

Sean 8)