Hey all,
I am jumping into the wholesale business over here in Northeast Ohio and am eager to get rolling! As I am just getting started, there is still a lot that I do not know.
Well hello and welcome. There are several things to do. Do you have a budget to get some signs made? Have you already started to build on your buyers list? What have you already done. What do you already know. Give us some more info to better help you. :bobble
Thanks for the reply! So here is where I am at:
I have a small buyers list but I am still trying to find ways to build it up much bigger. I am attending an REI Club meeting this week as well.
I plan on going with the inheritance lead list from usleads if it is available for my county. If not, my next option was going to listsource for the absentee list. Any thoughts on these two options? I am basically going off of Sean Terry’s podcast by getting these lists and sending out yellow letters.
I am in the process of meeting with title companies. I have met with 3 and I plan on meeting with about 2-3 more. I know this is important so I want to make the right choice.
I know I will have Aton of questions once I start taking calls from leads, which is why I am looking for some help along the way.
Thanks again
Wholesaling might be a little more easy for some people depending on which part of the country your at, you on the other hand you are in a great state right now I hear real estate is extremely cheap as low as 17,000 for ohio 3bd 2 bath home in rural Ohio. First of all you need to buy low, assign a contract for 30 days or more, you may need proof of funds letter before tou assign contract also a $1000 or more earnest money , you must have an escape stragedy in case your end buyer backs off .have a buyer ready in place in-between the 30 day timeframe go to title company and close the deal with c buyer (the end buyer you get paid, its a win win for a the seller who agreed to your firm final low price for the house,
What about a different deal? For example; a seller has a $50,000 loan on the home and you decide to structure it by keeping the loan in place and offering value to a buyer by selling it with financing in place. Will a regular purchase contract between you and the seller work in this case? Or do you need to get an attorney to write one up?
If owner is selling you a house worth $100.000 and he still owes $50.000 on exsisting $100.000 mortgage you would want to ask owner if you can pay off the exsisting 50 grand to mortgage holder,but wait, you do not want to tell the bank your taking over the sellers payments, banks do not like the idea. You want to do a seller financing with other 50 grand meaning you make agreeable payments to seller for 3 years, your down payment on 50 grand to seller could be 12 grand you might say I don’t have 12 grand, in this case you make $ 1000 payment each month within 1 year 12 times 1000 equals 12 grand that will be your down payment, the second year the price on that $100.000 home can easily go up in price, you still have control of the deed, you can advertise the house on Craig’s list later for 150k and make a 50k profit and payoff the seller and his bank loan…
Hello guys
I’m also a newbie to the wholesaling process question I have is there a certain contract that’s used for foreclosed deals or is it the same ? And where can I go to get listings of owners sellers ?
Looks to me like you’re on the right track. :biggrin
pwelsh - first off, welcome to the wonderful and amazing world of real estate investing!
Okay, I was reading through this discussion and feel that the easiest and best way for you to get your feet wet and learn as you go is to try and find a deal where you do as follows…
- find a deal where you can place it under contract for an agreeable price for the seller and for you to wholesale,
- you market it to your buyers as a straight-up purchase (don’t try doing any type of seller financing deals as they can be tricky)
- you assign the deal to another investor,
- go to settlement and get paid!
Now, I must warn you, and I’m sure every investor in here will attest, that no 2 deals are alike and you will definitely learn something new from each deal you do (whether it makes it to closing or not). After you have a few deals under your belt, then you can look into seller financing deals if you want.
I must be honest though - I’ve been investing and wholesaling full-time for 4 yrs now and I have only ever done 1 deal where seller financing was a part of it.
Feel free to reach out and ask more questions…good luck!
Jason Stackhouse
Pwelch,
Did you find other ways to build that buyers list? What did you decide to do? :biggrin