Been thinking of purchasing his RE Wholesaling course but seem a little pricey. Would this be the way to go??
I would first start out with John “Cash” Locke’s course. You can purchase it on this site. Not only that, John will give you his email address and cellphone so you can call him if you have any questions! You cant beat that for the price.
Wholesaling does not really take a brain surgeon… Simply get a property under contract, open escrow as an ‘Assignment’, find your wholesale buyer, collect your fee and contact escrow and tell them you want to ‘Assign’ your escrow to John Homebuyer. They will draw up an amendment that the seller and you sign. Call up your seller and tell them you are closing in your partners name for tax reasons. This is theoretically true as you are taking some of the profit on the front end and leaving some for your wholesale buyer on the back end. That is all there is to it. Sometimes you may however have to close in your name as some banks and in some rare instances sellers will not let you ‘assign’. If this is the case, simply close in your name with a hard-money lender or private investor. If you are buying right at 65% LTV or lower, you can get 100% financing. Then simply collect your fee from your wholesale buyer, deed them the property and have them assume your existing financing. Hard-money lenders are pretty lenient as long as your wholesale buyers have decent credit. I usually have all my wholesale buyers approved with my hard-money lenders and private lenders so that I can let them assume the financing in place. This also works well as you can offer deals to your wholesale buyers and financing already lined up.
The key is learning how to find Motivated Sellers that you can wholesale your
properties to. This can be accomplished several ways and you need to test in your area what works the best. Whether it be MLS first day out, direct marketing to ‘absentee’ owners, people in pre-foreclosure, an internet lead generating website, Hud, Reo Agents, bandit signs, you need to test, test, test and find 2-3 ways to find deals in your area.
Best Regards,
Jeff Adam