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Wholesaling houses


 Wholesaling houses
topic by nbrock - 11-18-2012, 07:25 AM - Boxden > The Money Spot (finance/careers)


Been loooking into this for a while....investors said this is the way to get started investing in homes...wondering if any of u guys have ever done it before and have any tips....


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70 comments for "Wholesaling houses"


 11-18-2012, 07:45 AMaway - #2
nbrock 14 heat pts14

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Originally Posted by TheOpulentOne
I did this back in 2009. It IS a good way to get started, but its not easy. With the real estate market being down, now is a good time to get into wholesaling. The good thing about it is that if you have about $2,000, you can do it. Essentially, wholesaling is advertised as a method of flipping properties with no money. But that's a stretch. You at least need to have earnest money to make the contracts you enter into legally binding.
Could you tell me your experience with it if u don't mind...did u have a partner did u do it by yourself? Where are u from
 11-18-2012, 08:38 AMaway - #3
nbrock 14 heat pts14

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Originally Posted by TheOpulentOne
I already told you my experience in the first sentence of my initial reply. As for your other question: I worked solo.
Thanks a lot it much apreciated....I've been trying find houses that's been the hardest part for me....u have any tips?
 11-18-2012, 09:12 AMaway - #4
nbrock 14 heat pts14

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Yea the hard part is keeping at it...I live in NYC and I've been trying to find houses with no luck...feel kind of discourage..but thanks for the advice it's some inspiration to keep going
 11-18-2012, 10:10 PMaway - #5
egotistical 1 heat pts

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This #### is extremely hard (so don't think its an overnight easy thing). This will take a lot of time looking for properties, advertising, and reading planning. I would suggest you either go all in or don't do it. It's going to require dedication.
 11-19-2012, 12:16 AMaway - #6
nbrock 14 heat pts14

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Originally Posted by egotistical
This #### is extremely hard (so don't think its an overnight easy thing). This will take a lot of time looking for properties, advertising, and reading planning. I would suggest you either go all in or don't do it. It's going to require dedication.
Appreciate it....
 11-20-2012, 09:25 PMaway - #7
stretch 'em out 

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Did you guys need a real estate license or any other certifications or anything like that
 11-22-2012, 07:22 AMaway - #8
nbrock 14 heat pts14

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Originally Posted by stretch 'em out
Did you guys need a real estate license or any other certifications or anything like that
Not for wholesaling...no license required
 11-22-2012, 03:18 PMaway - #9
TCalico87 36 heat pts36

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I live in Memphis and bird dog to investors in California. I get houses valued at 60-80k that are for sale 20-35k then present them to the investors in my circle. I charge 1k per house. I do 2-5 a month. I go through 500 houses a month easily though. Its not all easy. Im working on a project with one of my investors who wants to buy 25 houses. I hope this deal goes through. My biggest pay day ever!
 11-22-2012, 04:37 PMaway - #10
stretch 'em out 

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Originally Posted by TCalico87
I live in Memphis and bird dog to investors in California. I get houses valued at 60-80k that are for sale 20-35k then present them to the investors in my circle. I charge 1k per house. I do 2-5 a month. I go through 500 houses a month easily though. Its not all easy. Im working on a project with one of my investors who wants to buy 25 houses. I hope this deal goes through. My biggest pay day ever!
Good luck with that, i hope everything goes your way.
A few questions, where do u find that many houses, where do you find buyers or investors, and did you take out a loan or something to cover the 20-35k sales price
 11-22-2012, 05:31 PMaway - #11
nbrock 14 heat pts14

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Originally Posted by TCalico87
I live in Memphis and bird dog to investors in California. I get houses valued at 60-80k that are for sale 20-35k then present them to the investors in my circle. I charge 1k per house. I do 2-5 a month. I go through 500 houses a month easily though. Its not all easy. Im working on a project with one of my investors who wants to buy 25 houses. I hope this deal goes through. My biggest pay day ever!
Yes bless us all with your knowledge fam...we need it give us inspiration
 11-25-2012, 10:03 PMaway - #12
CartelFamill 5 heat pts

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There's a Dude Named Mark WHitten who's all over WSHH Teaching the ####.....Go to his website you can sign up for a Free Ebook and Dude really does it.....He sent me email last week about he had 4 bedroom 2 and half bath house for 25 and whoever found a buyer he'd split the profit with them....It was $3,500 apiece
 11-25-2012, 10:57 PMaway - #13
CartelFamill 5 heat pts

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Look up Mark Whitten He is all over WSHH about How to do this and got a youtube and course...Where he lays the whole #### out....The Course is $500
But here's a video

 11-29-2012, 05:21 PMaway - #14
nbrock 14 heat pts14

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Originally Posted by CartelFamill
Look up Mark Whitten He is all over WSHH about How to do this and got a youtube and course...Where he lays the whole #### out....The Course is $500
But here's a video

He lost me when he started trying to profit...Off of seminars and ebooks
 12-05-2012, 09:56 PMaway - #15
poker_pimp 

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Wholesaling can not be done in California. 7 people including myself tried for about 6 months or more at the biginning of this year and last year with a total of 150 offers made in different counties and nothing went through. Sorry for bad feedback bro...
 12-15-2012, 07:13 PMaway - #16
!ALLMONEYENT! 

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Originally Posted by TheOpulentOne
I did this back in 2009. It IS a good way to get started, but its not easy. With the real estate market being down, now is a good time to get into wholesaling. The good thing about it is that if you have about $2,000, you can do it. Essentially, wholesaling is advertised as a method of flipping properties with no money. But that's a stretch. You at least need to have earnest money to make the contracts you enter into legally binding.
He's just about 90% accurate regarding his a$sesment on wholesaling. Ive been a real estate investor for 5 years now, and have yet to use a dime of my money for deals! It is a false notion that you need earnest money to wholesale a property. Earnest money is what you use if you decide to go the "option contract" route. Meaning exercising your option to buy or sell the property. What we do here in Rochester, where I might add last year ranked 3rd in the country behind Texas as the top cities for real estate markets....What we do here is simply use our standard purchase contract and simply place right next to your name on the contract "Or LLC to be named or formed" so for example you'll have Sellers name Jane Doe then Buyers name John Doe Or LLC to be named or formed. Just that little statement allows you to legally flip or sell the contract to another buyer! The new buyer will then be responsible for the earnest money which should sit in escrow with the sellers attorney! Every single deal Ive done has had that tag!
 12-15-2012, 07:16 PMaway - #17
!ALLMONEYENT! 

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Originally Posted by poker_pimp
Wholesaling can not be done in California. 7 people including myself tried for about 6 months or more at the biginning of this year and last year with a total of 150 offers made in different counties and nothing went through. Sorry for bad feedback bro...
What happened with your deals? And you gave it only 6 months? What do you think went wrong? What do you think you could have done better? Did you know your buyers? Were the sellers motivated enough? Dont let murphy's law discourage you! There is a ton of information that will help you with whatever issues you may come accross! If I were you I'd stick to it! Hell I could probably wholesale a property from my desk here in rochester over there in California!
 12-15-2012, 07:19 PMaway - #18
!ALLMONEYENT! 

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Originally Posted by nbrock
Been loooking into this for a while....investors said this is the way to get started investing in homes...wondering if any of u guys have ever done it before and have any tips....
My man if you really want to get into wholesaling properties....dont listen to haters...especially unsuccessful ones! Check this website out if you havent already... REICLUB.com it will provide you with all the info you need to decide weather or not wholesaling is for you! Hell just today I got two houses under contract that should bring me close to 30K!
 12-15-2012, 07:19 PMaway - #19
!ALLMONEYENT! 

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Originally Posted by nbrock
Been loooking into this for a while....investors said this is the way to get started investing in homes...wondering if any of u guys have ever done it before and have any tips....
My man if you really want to get into wholesaling properties Check this website out if you havent already... REICLUB.com it will provide you with all the info you need to decide weather or not wholesaling is for you! Hell just today I got two houses under contract that should bring me close to 30K!
 12-16-2012, 05:48 AMaway - #20
nbrock 14 heat pts14

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Originally Posted by !ALLMONEYENT!
My man if you really want to get into wholesaling properties Check this website out if you havent already... REICLUB.com it will provide you with all the info you need to decide weather or not wholesaling is for you! Hell just today I got two houses under contract that should bring me close to 30K!
Im in nyc and havent found any properties its like our market is over Saturated....any advice on how i should go about things...anything is much appreciated
 
 


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