All Forum Posts by: Aaron Schwartz

and Jeff

Thanks for the advice.

thanks for the reply charles.

and heck yea im still around.. just moved markets.. im in the abilene area now for the past year..

the reason for the post is i have found myself with all the time in the world to put towards wholesaling do to not having a day job. And i keep finding my self doing the basic steps over and over. But then again not nearly enough.
I need to come up with some sort of daily checklist of what i must to day in and day out to stay on track. So im seeking some ideas of what i should be doing on a daily basis. Specific things for that matter. I have ads out..100 bandit signs out..doing some mail outs.. Im definitly getting calls but not near what i want. I have done a couple of deals here. But i need more and i want to set this up as a real business with a daily action plain.

Therefore i seek ideas of what i can add to a daily action plan.

Good to hear from you thanks for the ideas..how is everything in your world? Working on any rehabs?

ok..this question is for the full time wholesalers out there. can you guys share if you have a daily checklist of some sort..or maybe a weekly routine? A specific system? For example, like on monday..you do this and this..tuesday you do this and this.ect. and have mandotory objectives for every work day and specific duties for certain days. Or do you place a few ads, put some bandit signs out.talk to a few people..and sit around the office and wait for the phone to ring?

Please share any type of checklist or daily objectives you do in your day to day business that are working for you.

thanks in advance.

Are you talking about a pre-foreclosure before it is up for auction....or a REO ..bank owned property after nobody buys it at auction?

No I personally didnt have it checked...The contract I use is based on the contract i got from the guy i wholesaled my first deal to....It is a simple one page contract....I just kinda reworded it a little and put in a contingency that says the property has to be approved by my lender.
I just tell the sellers that I use different lenders on different types of property and some require an approval of property and some dont.

Anyways this guy has been in real estate for a few years and buys alot of houses so Im sure it has been checked.

I would recommend you borrow a simple contract from another investor in your area...that buys alot of houses.

If you cant get anyone to come look at the property....your talking to the wrong investors...

There are plenty of people who are lookng for deals.....find them!

If you did your homework ...they WILL come look at the property.

Remember ...if they cant buy at the price you have ....theres is always negotiation!

Its not going to be a 5 minute process when your are beginning.
This is how you learn and learn what your investors are looking for.

I know its a scary process to think about when you dont have your own financing. If your not sure about a property..let the seller know you are willing to put it undercontract for the agreed upon price but let them know its a little tight for you and you need to run it by your lender for approval.

AS SOON as they accept .....market it to your investor and get them over there to make you an offer as soon as possible. This way if it doesnt work out in your favor you wont waste too much of everyones time....and at the same time ...youll learn alittle about what your investors are looking for.

Now just so you know ...i am not a real experienced wholesaler. I have only done a few deals...these are just some of the ways i have done successful deals.

Be confident in yourself and your abiltiy to buy a property(even though you really arent buying it) when taking to the motivated sellers and you will be alright. Just be honest ...without telling them you arent actually going to buy it.... and make low offers.

This part of the contract is blank....you write it in as you and the seller discuss when they need to sell.

example:
Closing will be held on or before _____________at_________.

Call those signs you say you see. ask them how many houses they are able to buy and what there criteria is.

LEARN their criteria.

Make your offers based on there criteria.

Now i do understand that when starting out that you may miss something.

If your investors look at a property you believe hits their criteria and they say they cant buy it at that price for whatever reason.....find out what they will buy it for.

Say you have a contract on a property for 40k and you want a 5k assignment fee. You tell your investor you have a property for 45k.
YOur investor looks at it and says he can only buy it if you can sell it for 40k

Now you call the sellers and meet with them. Let them know your partners say that they wont be able to get financing on it unless it hits the 37k (thats where your subject to lenders approval comes in handy)

Now i know you are taking a cut on your fee...but your sellers are more likely to accept 37k rather than 35k...

and 3k profit for you is alot better than 0

and if they dont accept ...let them know you are sorry you cannot help them out....and if they change their mind your offer still stands.

Move on too the next one.

yes your steps are correct. although there are steps you have to take in between these steps.

First... I would recommend you know who is buying alot of houses and what there criteria is.

After you know this ...and you have a motivated seller you know what to offer based on your investors criteria.

After your offer is accepted put it under contract with subject to lenders approval ....( i would tell your sellers that the lender you use requires this, but they have never disapproved anything before)

make sure your contract is assignable.

let your sellers know that your partners will be coming to take a look at the property in the near future. These are your investors!

If you learned your investors criteria correctly..they will be gladly to let you assign the contract over to them.

Then you can let your sellers know that your lenders approved the property and yourself or your partner will contact them with whatever information you need to. Your partner/investor will more than likely contact them if nessaccary since they took control over the contract/property.

Now you sit and wait for the closing.

Your investor pays for the property and recieves a key at closing...and you will recieve your assignment fee!!!

The key to wholesaling in my opinion when starting out is knowing who is buying houses ...i mean alot of houses....and what there criteria is!

oh and not all motivated sellers need to close in 3 days.....

the house i am closing on december 20th had 35 days to close.
every motivated seller is different.

My first deal came from a $2 homemade bandit sign i placed in a vacant out of town owners house.....that $2 turned into $4500 in about 20 days!

I actually made about 5 or 6 of these signs. so I guess I started with about $12 and a little gas money

Ok so I met with the seller...and told him i would buy it for 58k and that it would be my final offer. He said he would have to think about it alittle more to let it go for that price. So for now its on to the next one.

Charles I would be suprised if you get a call.