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Wholesaling houses


 Wholesaling houses
 12-16-2012, 10:24 AMaway - #21
40ozHenny 37 heat pts37

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$2,544 | POWERFUL
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!
How do you find the two most valuable pieces in these deals...the investors who fix up the houses and sell them, and more importantly the houses to wholesale that are not usually in the MLS?
 12-16-2012, 11:49 AMaway - #22
!ALLMONEYENT! 

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Originally Posted by nbrock
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
NYC is a tough market....first advice would be to number one...READ READ READ! grab a hold of any recent books that are in your local book store. That website I provided REICLUB.COM has a #### load of videos and books to reference from. A lot of investors fail to realize that there is so much free info that they could become wealthy for free. Now to go about finding motivated sellers is to put yourself out there. Use Craigslist as a way to promote that YOU BUY HOUSES is one tool...also bandit signs put those on street poles, houses that are vacant I mean any place you think people will see that you BUY HOUSES! Believe me the first bandit sign I put up I received 4-5 calls in the first week! The marketing side of wholesaling is the most important aspect of your business. ANd lastly I strongly urge you guys to locate your local Real Estate Investors club....there you will find the movers and the shakers...the people who have a pulse of the NYC markets that could a$sist you and maybe mentor you in helping you become the best wolesaler you can become...and then soon you'll end up turning into a BUYER! The key is to put some skin into the game to instill trust within the people with the money who will be the people to fund your deals! Remember this saying O.P.M OTHER PEOPLES MONEY! Once you learn how to make that phrase work for you the sky's the limit!
 12-16-2012, 12:31 PMaway - #23
nbrock 14 heat pts14

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Originally Posted by !ALLMONEYENT!
NYC is a tough market....first advice would be to number one...READ READ READ! grab a hold of any recent books that are in your local book store. That website I provided REICLUB.COM has a #### load of videos and books to reference from. A lot of investors fail to realize that there is so much free info that they could become wealthy for free. Now to go about finding motivated sellers is to put yourself out there. Use Craigslist as a way to promote that YOU BUY HOUSES is one tool...also bandit signs put those on street poles, houses that are vacant I mean any place you think people will see that you BUY HOUSES! Believe me the first bandit sign I put up I received 4-5 calls in the first week! The marketing side of wholesaling is the most important aspect of your business. ANd lastly I strongly urge you guys to locate your local Real Estate Investors club....there you will find the movers and the shakers...the people who have a pulse of the NYC markets that could a$sist you and maybe mentor you in helping you become the best wolesaler you can become...and then soon you'll end up turning into a BUYER! The key is to put some skin into the game to instill trust within the people with the money who will be the people to fund your deals! Remember this saying O.P.M OTHER PEOPLES MONEY! Once you learn how to make that phrase work for you the sky's the limit!
Been looking for a legit reiclubs in my area...havent found anything..if u know if some could u suggest a few
 12-16-2012, 12:36 PMaway - #24
!ALLMONEYENT! 

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$1,809 | 2847397
Originally Posted by 40ozHenny
How do you find the two most valuable pieces in these deals...the investors who fix up the houses and sell them, and more importantly the houses to wholesale that are not usually in the MLS?
Well the value comes from what you see regarding the property and the area....never be discouraged on the condition of any property. First and foremost your end buyer will find the value for himself...your job however is to evaluate the property before hand and lock the property up at a price that will work for the investor/ or end buyer, but more importantly you! Now you’re probably asking how do you know if the investor would buy at whatever price...the answer is you don’t! However before you step into any property you must do your due diligence in order to have an idea as to what type of buyer would want to purchase the property. So before you enter any property you ask yourself some simple questions regarding the property such as:

Where is the property located?

Does it have a majority of renters?

Does it have a majority of home owners?

how much is this property a$sessed for?

How much would it sell completely fixed up?

Now everyone wants a great deal right? Even you guys...think about it...if a mother ####er was selling a PS3 tomorrow for 150 bucks and its re sell value was at 200, what’s the first thing you’re going to attempt to do? See if you could get it for just a little cheaper to make more on the other end right? Well that’s the same thing with real estate....Due diligence is so vital within this game that if you don’t know where or how to evaluate and or find value then you'll never make any money! Your job as a wholesaler is to get it for the lowest possible price to where you can MAKE YOUR MONEY! You must make a good enough spread to make your time worthwhile! For example today about an hour ago I just got off the phone with a guy whose agreed to sell me his house, a two family home for 40K however based on its location and having buyers that I know will invest within this area will BUY this property at a price of 60K, why? Because they could make double that within 4 years of owning it….Now how did I find such a seller? Well he saw one of my bandit signs called me, I scheduled a time to look at his property, did my due diligence he ended up naming his price which was 40k I locked it up called my buyers BAM! 20k profit potential when we go to close in roughly a month and I did this in just a little over 2 1/2 hours of work.

Regarding the MLS, the mls is a tricky source to find deals mainly because its a national data base that has been combed through by thousands of buyers so chances are if a property is still available on the MLS, may mean that no one really wants it. The price could either be too high or the agent is more of a roadblock based on whatever agenda they have....So regarding the MLS you just have to know when to shop and how to shop using the mls....Myself I use Zillow, Trulia and I have other agents send me properties that comes through their wires. Now I did say using the MLS was tricky not useless and heres why...When I'm searching for properties using these websites, I only look at properties that have been listed on them for roughly +180 days...Why because usually a contract between the seller and real estate agent runs from 3-6 months therefore when its over 180 plus days the owner has tried selling through an agent, it hasn’t worked and now they are stuck with a property they may really want to sell... so where you come in is finding those type of sellers...getting in contact with them and then figuring out their situation and then move towards locking it up under contract or move on to the next one. Now I’m just giving you the basics, but there are so many different ways to locate deals but this is just one effective way to locate them.

So start by

Marketing

Using Online data bases

Locate your local real estate investors clubs to locate buyers and mentors

Use Craigslist

Research online for new ideas and innovative ways on how to become more effective in become a Real Estate investor

And most importantly READ READ READ! If your hungry no matter what hurdle that comes your way…your goals of becoming wealthy will a$sist you in jumping right over it!

If you want any help with anything please feel free to contact me through my facebook page…there I can give you PDF files on books, videos, help you out with how to approach a deal whatever I have no problem with helping you. Just do me a favor and like my page  I have investors and agents that are well versed in the NYC markets and however way I can help I’d be more then happy to! My names Lavelle by the way!

Here’s the link for my page…hit the “like” button I provide tips and motivational quotes that I use every day that helps me become a better investor.

 12-16-2012, 12:37 PMaway - #25
!ALLMONEYENT! 

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$1,809 | 2847397
Originally Posted by nbrock
Been looking for a legit reiclubs in my area...havent found anything..if u know if some could u suggest a few
Where are you located?
 12-16-2012, 12:42 PMaway - #26
!ALLMONEYENT! 

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Originally Posted by nbrock
Been looking for a legit reiclubs in my area...havent found anything..if u know if some could u suggest a few
And if you cant find any....Place an ad on CL stating that your looking for cash buyers! Keep it simple and straight to the point..

Simply say

Local Real Estate investor that is looking for SERIOUS CASH BUYERS! I have multiple properties at WHOLESALE PRICES! Call or send me an email as to what type of properties your looking for, and at what price!

9 times out of 10 you'll find an investor who would be looking for deals but more importantly be able to a$sist you with mentoring you as well. I found my mentor through promoting a property and I've made thousands with this man since! Its about spreading the infomration with each other. They usually see themselves within up and coming investors because they understand that you have to start somewhere. SO If you cant find a club in your area...make one by putting yourself out there. Promote you first and I will bet my left nut your success will change!
 12-16-2012, 12:50 PMaway - #27
!ALLMONEYENT! 

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Originally Posted by TheOpulentOne
Well....
I've got good news and I've got bad news.
Bad news: In order for wholesaling to work, you have to get homes that are ridiculously underpriced. You're probably gonna have to submit 50-100 offers before you get an accepted offer. Some people automate this process by putting up signs. Those "we buy houses" signs you see on street corners are always wholesalers.

Ideally, you'd have an end buyer already lined up to a$sign the contract to. Better yet, you'd have a team of end buyers lined up and the only properties you'd be looking for are those that fit what they normally buy. If not, you might pay a seller earnest money and never close the deal. Also, attach a legal addendum to your purchase agreements which protects you from being legally obligated to purchase the property should you not find a buyer in the agreed upon timeframe.

Good news: Although it may be hard to find a property, just one deal can net you about $5,000. Imagine doing just one deal per month and averaging $5,000 per deal. Even that's straight.


The bad news is very misleading by the way......the only bad news regarding Real Estate is dealing with Un Motivated sellers....If you know how to find motivated sellers and know what a motivated seller sounds like and the things they say...Wholesaling could be a very profitable deal....A guy I know is right now working on a deal flipping two mobile home parks pricing at 682k and flipping it to the investor for 724k thats a 42k spread....now thats just one deal at 42k Imagine just one deal like that? Lol Wholesaling is just the start that so many begin however the longer you stick with it and the more knowledge you obtain the sky's the limit! Donald Trump recently tweeted "I urge every young person to go into Real Estate, you'll thank me later" So I would say if your going to go into real estate only speak those who's successfull and has the experience
 12-16-2012, 03:19 PMaway - #28
nbrock 14 heat pts14

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$1,172 | 12000787
Originally Posted by !ALLMONEYENT!
Where are you located?
Im located in nyc...and i will glady like your facbook page
 12-16-2012, 04:12 PMaway - #29
nbrock 14 heat pts14

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$1,172 | 12000787
Originally Posted by !ALLMONEYENT!
And if you cant find any....Place an ad on CL stating that your looking for cash buyers! Keep it simple and straight to the point..

Simply say

Local Real Estate investor that is looking for SERIOUS CASH BUYERS! I have multiple properties at WHOLESALE PRICES! Call or send me an email as to what type of properties your looking for, and at what price!

9 times out of 10 you'll find an investor who would be looking for deals but more importantly be able to a$sist you with mentoring you as well. I found my mentor through promoting a property and I've made thousands with this man since! Its about spreading the infomration with each other. They usually see themselves within up and coming investors because they understand that you have to start somewhere. SO If you cant find a club in your area...make one by putting yourself out there. Promote you first and I will bet my left nut your success will change!
Another question is finding motivated salers...seems to be the hard part for me...i know the bandit sign method and the MLS as well as Foreclosures.but some of those takes double closings and i def dont have the money
 12-16-2012, 05:05 PMaway - #30
!ALLMONEYENT! 

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$1,809 | 2847397
Originally Posted by nbrock
Another question is finding motivated salers...seems to be the hard part for me...i know the bandit sign method and the MLS as well as Foreclosures.but some of those takes double closings and i def dont have the money

Place adds on Craigslist every single day...place an ad in the for sale by owner page, real estate service page, i post ads on the for rent sections! I go find vacant properties during my free time, i look through the obituaries, news paper ads, I mean you have to exhaust every once of resources that are out there. It may seem difficult however its not once it becomes a way of life and habbit. Also get in good with a realtor that can help you find properties and send you leads. I tell you what if you go to my page and give me a like I'll do you one better and send you what helped me learn the real estate business by the book and learn how to make money.

To answer your question regarding the double closings....I NEVER DO A DOUBLE CLOSE UNLESS ITS THROUGH A BANK! Every property i've wholesaled so far has been one closing and one closing only. The BUYER pays for his closing and the Seller pays for their closing! You just get your check from your Buyers attorneys office. My advice to you as well is to locate a real estate attorney, you have to start building your team which will a$sist you with building your company. go to my facebook page and i'll hook you up

 12-16-2012, 05:10 PMaway - #31
nbrock 14 heat pts14

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$1,172 | 12000787
Originally Posted by !ALLMONEYENT!
Place adds on Craigslist every single day...place an ad in the for sale by owner page, real estate service page, i post ads on the for rent sections! I go find vacant properties during my free time, i look through the obituaries, news paper ads, I mean you have to exhaust every once of resources that are out there. It may seem difficult however its not once it becomes a way of life and habbit. Also get in good with a realtor that can help you find properties and send you leads. I tell you what if you go to my page and give me a like I'll do you one better and send you what helped me learn the real estate business by the book and learn how to make money.

To answer your question regarding the double closings....I NEVER DO A DOUBLE CLOSE UNLESS ITS THROUGH A BANK! Every property i've wholesaled so far has been one closing and one closing only. The BUYER pays for his closing and the Seller pays for their closing! You just get your check from your Buyers attorneys office. My advice to you as well is to locate a real estate attorney, you have to start building your team which will a$sist you with building your company. go to my facebook page and i'll hook you up

I like your page about an hour ago...again i appreciate all the help...i really need it
 12-16-2012, 05:22 PMaway - #32
!ALLMONEYENT! 

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$1,809 | 2847397
Originally Posted by nbrock
I like your page about an hour ago...again i appreciate all the help...i really need it
Ok cool send me a message with your email address and I will forward you the information,
 12-16-2012, 06:22 PMaway - #33
nbrock 14 heat pts14

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Originally Posted by !ALLMONEYENT!
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!
Do u think i should try another market? Because nyc is DRY
 12-16-2012, 06:41 PMaway - #34
!ALLMONEYENT! 

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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!
Nice man do your thing my dude! Your are doing big things down there I see! what do you guys get for rents down there for those properties your getting between 20-35k? Here in rochester is kind of sick...we get guys from Cali as well, but from across the pond from the UK, Israel, Australia up north in Canada....if you purchase a rental for more then 20k in the inner city your paying too much...
 12-16-2012, 06:44 PMaway - #35
!ALLMONEYENT! 

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$1,809 | 2847397
Originally Posted by nbrock
Do u think i should try another market? Because nyc is DRY
No learn your market first.....NYC may seem dry, however its just tough. My uncle whos an agent down in Brooklyn told me this and I quote! "The way I find out whats going on in new york city...is to find out where the jews are buying and selling because they know something!" so my advice is to try your best to get connected with someone that has there ear to the ground....hell once you get into it more...give me a call I'll toss around to see what investors I know who have connections in NYC as well that could possibly lead you to the money. Its always WHO YOU KNOW IN THIS BUSINESS!
 12-16-2012, 06:46 PMaway - #36
!ALLMONEYENT! 

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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
ZERO LICNESES! All your doing as a Real Estate investor/wholesaler is selling your interest with that property! There is no law's against selling a piece of property the day of or day after you have the rights to the property. With wholesaling all your doing is bringing a buyer to the table that will pay for the property and your just getting paid for it!
 12-16-2012, 06:53 PMaway - #37
BtMkRs 10 heat pts10

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Carleton Sheets lost....... Good Thread
 12-16-2012, 07:51 PMaway - #38
nbrock 14 heat pts14

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$1,172 | 12000787
Just set up some post on craigs list...hopefully something comes about
 12-16-2012, 07:59 PMaway - #39
!ALLMONEYENT! 

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$1,809 | 2847397
Originally Posted by nbrock
Just set up some post on craigs list...hopefully something comes about
yes and stick with it....trust the knowlege and the game! once you do that the rest is easy!
 12-16-2012, 08:05 PMaway - #40
nbrock 14 heat pts14

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$1,172 | 12000787
Originally Posted by !ALLMONEYENT!
yes and stick with it....trust the knowlege and the game! once you do that the rest is easy!
Thanks for inspiration....is it ok if i contact u from time to time with questions?
 
 


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