All Forum Posts by: Anthony Davis

Question to the forum. I've a got a distressed seller who has been given the option to either short sale, deed in lieu or catch up on payments (worth around $16K to catch up). Bottom line he wants to short sale and get rid of it. From a wholesaler perspective, I'm a little green to this approach so I'm just curious what initial course of action would you take in order to move this property off his back. Any suggestions or ideas would be helpful.

Thank you,

James

Hi there,

1) Who has given the distressed seller the option to either short sale, deed in lieu or catch up on payments (worth around $16K to catch up?)

2) If the distressed seller has not yet agreed to move forward with the mortgager to implement one of the above mentioned options, you have a 'window of opportunity.'

3) Choose a strategy to help the distressed owner. Are you capable of paying the payments that are behind for the distressed seller? (If so, contact a REAL ESTATE ATTORNEY in the city of the subject property to see if you can acquire the property via contract; and have the current owner 'rent to own' the property BACK from you_based on a method that you & your attorney decide.) The attorney will inform you of Dodd-Frank, and any other concerns.

4) Do you currently have capable buyers who are ready to buy properties, such as the subject property, in the area of the subject property? If not, locate potential buyers as you work on contracting the property.

5) Research transactional funding, extended transactional funding. This funding can be used to buy the property out-right. If the property enters the 'short-sale' category, there will be additional rules to abide by. If you use transactional funding, use it before the property enters 'special conditions', such as pre-foreclosure, foreclosure, etc, to keep things simple. RESEARCH & CALL the folks at LENDING HOME with questions about this particular situation.

6) From a wholesalers perspective, you want to:

A) Contract with the help of your attorney; then sell your contract interest to an end-buyer. B) Negotiate a purchase price that creates a win-win-win situation; Sign a contract with the seller(s); then, prepare to DOUBLE-CLOSE.

Brainstorm your potential strategies. Consult with your REAL ESTATE Attorney on acquisition options. If needed, consult with lending home. This company has an UPFRONT application FEE_$199.00?; however, they are dynamite to utilize when investing in real estate.

May Your Efforts Be Rewarded!

Anthony

0 Votes

Originally posted by @Luis Saenz:

My friend and I want to start marketing this week. We have found a list of preforclosures and we are going to go door knocking this coming up weekend. I'm kind of nervous to go and talk to these people, I don't really know what to say, and I really don't want to piss them off. If anyone could recommend a few tips that would be fantastic! Also I am wondering the best way to calculate inventory or to find the so called "hot spots" to buy and sell; I want to start looking for forclosures in those areas.

Hey Luis! Congrats on taking action! Your post reads as though you are not quite ready to assemble a real estate deal on your own. Taking ACTION is a great first step. Practice does build CONFIDENCE & KNOWLEDGE; however, I find it helpful to decide on the information that I want to gather from the owner(s) before I make a connection. After I decide on the information that I need, I determine what I will say to the owner(s); write those things down; practice going over how the conversation 'may flow', all before I make a connection.

Tips: Always focus on the desired outcome. Do not think about pissing someone off, just be respectful no matter what. If the conversation pisses the owner(s) off, you could take the ball away from them by stating that your strategies are not for every property owner; and it sounds like our strategy is not for you. (You could then, say something along the lines of_my friend and I have other appointments, and we have to get going; but we would like to check back in with you in about two weeks......Is that okay?) (Or, you could ask the owner(s) how you could help them.) See what their ideal real estate transaction looks like in their minds, then create a strategy around their scenario, if possible.

With real estate investing, one has to be a creative (problem-solver & value adder.)

Navigate this platform for marketing strategies, general real estate investing education, and connections. There are many online real estate videos that contain great investing information. There are marketing strategies for acquiring sellers, property sources, different buyer-types, etc. Research, research, research; because everyone has an opinion.

If your property type is 'preforeclosures', then learn the parties involved; learn the needed steps to take in your investing state_states vary; implement the necessary steps with a real estate attorney; then, repeat the process over and over again. Afterwards, learn another strategy if you so desire. May your efforts be rewarded! Anthony

2 Votes

Originally posted by @Robbie Knecht:

Hey BP,

Alright so my second mailing of postcards to absentee just went out the other day and hit the mailboxes, but i'm not having any luck. My first mailing I sent out i received 0 phone calls and I still have received 0 phone calls on my second mailing of postcards. I have a list of about 550 addresses and am going to add about 100 more to try and hit more people. I'm going to try letters for the months of november and december and see if i can get the phone to start ringing. Has anyone had the same experience with not receiving any phone calls, and if so what did you do differently? Thank You for reading this and hope to hear from you soon!

Robbie

Keep monitoring your response rate. Take notice of 'amount sent vs response call.' You may need to change your target market. I am going to assume that you personally located vacant homes, then contacted the absentee owners rather than buying a list of absentee owners. Keep 'driving for dollars.' Your 'luck' will change, because you are sewing the seeds of success now! Some of the mailed postcards could yield a call later 'down the road.' Tip: Sometimes tweaking your message will get a better response rate. Look at the color of the postcard. Look at the positioning of the words on the postcard. Look at the amount of words on the postcards. Are your postcards visually pleasing? Is your message 'SHORT & SWEET?' May Your Efforts Be Rewarded.

0 Votes

Originally posted by @Jay Hinrichs:

@Brandon Connell you can call them marketing techniques I call it bait and switch and spamming and such.... but to each his own... If it works for you guys and you think its the right thing to do then more power to you, the internet is full of all sorts of weird stuff...

@Anthony Davis No worries we all have our experience's and our opinions that's what makes the world go round.. what you think is acceptable to further your business may be different than others... No argument there... of course anyone can say I was poorer than you and had it worse off than you and therefore your experiences and success are discounted by the fact that you had it easier and therefor are due no respect from folks like me who had it so tough. I get it ... life is tough business is tougher tough times don't last but tough people do... Look at all those that are rich and are miserable.. hopefully one can find a balance.... and for sure its an individuals code of conduct that they need to adhere too they don't need to live up to anyone else expectations... So really its whatever floats your boat.

Jay, I'm done with this conversation. You can have the last word.

2 Votes

Originally posted by @Brandon Connell:

I have a property in Illinois under contract with some good meat on the bones, and only a couple of cash buyers (or so they say). So far, they are dodgy. I read that the hardest part of wholesaling is getting the contracts, but I have the exact opposite problem. How can I get serious cash buyers when I have absolutely no budget for postcards?

I apologize for posting to others other than you in this forum. It seems that someone is not clear on how wholesalers are able to use certain language, and when it is okay. Everyone has undesirable experiences. I think it is strange that the topic got a little off, because my feelings about some words used; and the feelings that another poster felt about one statement that was made. I just could not believe that one statement produced several posts which are basically a vomit of feelings that had no bearing on what was actually posted in this particular forum. Again, my apologies Brandon.

Anthony Davis

Active real estate investor.

1 Vote

Originally posted by @Jay Hinrichs:

@Anthony Davis glad you asked I come from very humble roots... we lived in a 1 bed apartment and had an old beat up Volkswagen with no back seats for a long time. and I would ask my dad why are we passing out phone books on the door steps.. My dad then found th e60's version of the folks yo talk about and worked his way up in the RE business. And I learned it while he learned it as a kid. Now growing up in worked in the projects in SF and Oakland so I know what its like I did not live there but I worked there.

No silver spoon here.. what I did though is get a RE license at 18 and out of necessity and the desire to succeed became a top salesmen in my field and yes I have done pretty well at times in my career.. But NO one at anytime gave me anything other than mentoring and I was mentored by some of the Best Real estate salesmen on the planet.. so I have always had a license and always followed a code of ethics... intentionally fibbing to people I think is unethical and has nothing to do with poor people and absolutely nothing to do with trying to better themselves.

This is not about compassion this is about the TRUTH IE suggesting to people that they blatantly lie to people to secure business.. And if you think that is perfectly OK because you may or may not come form a poor background that is your ethics and Karma..

I choose to think people from all walks of life can succeed by telling the truth and acting in a ethical manner. obviously you think its OK because of someone being poor.

Jay, I did not ask where you come from. The information posted by you did very little if any to answer the person who began the forum. Further, no one suggested the statements that you have posted. The conversation was about posting on Craigslist. I believe it was one statement made. You then, went into paragraphs upon paragraphs; and others responded to what you had to say, instead of responding to the person asking the question. I initially responded to you because you began to 'poke fun', or classify people based on how you would feel if you had a CERTAIN EXPERIENCE with a wholesaler. The language was derogatory in the form of a RANT in several posts.

As far as you starting with nothing, my take is that NOTHING MEANS as you are supporting yourself while investing in real estate. If you started while living with parents at 18, which is still relatively young and normal to be at home_frankly, it does not count in my book. Try having real world responsibility, or being homeless and starting. You will have my attention then. I started from the bottom, now I'm here.

Who would want some of the terrible things happen to them that you mentioned. It surprises me that you think that SOMEONE SAID any of that in this forum besides YOU. No one mentioned any of those things that you mentioned; and then, you added someone's mother in it hahahahahaha!

Anthony Davis

0 Votes

Originally posted by @Brian Cowan:

Hi all I am marketing a wholesale deal and have a lot of potential buyers asking for the address right off the bat. I have sold a couple others and didn't have them ask so quickly. I am concerned about someone trying to go around me and negotiate a deal with the seller, but I also realize that they need to do their due diligence. My question to you wholesalers out there is, when do you share the property address with potential buyers? Have you ever had anyone "steal" a deal from you? Maybe I am being too paranoid. Would love some advice on this. Thanks in advance!

Sharing the property address with potential buyers after you have a signed contract is ideal. To keep buyers lined up for your wholesale deals, just stay in communication with them. Keep building your buyers list. Let the buyers know the neighborhoods (areas of town) where you are 'lining up' deals. This way, you will have buyers who are looking for specific floor plans, price points, and neighborhoods; because neighborhoods will vary.

1 Vote

Originally posted by @Dave Hurt:

Hi All,

Just an update - unit #2 in Myrtle Beach, SC is underway! This is much different from our first unit in Charlotte NC, as it's an endcap space in a lifestyle shopping center (think high end retail, movie theater, dining, etc). A few delays due to permitting, etc (as to be expected) but construction should be complete next month. I'll continue to update this feed with progress pictures. What you see in these pics is the cutting away of the slab for plumbing. We have since installed plumbing and cemented over. Have to say, I love those arched windows!

Congrats on the update Dave! The lifestyle shopping center brings a lot of promise for you! Keep us updated! Anthony

0 Votes

Originally posted by @John C.:

Hey everyone,

I am what would be considered a new REI and I am looking for a mentor. I have a small chunk of change to start, however I would really like to find ways to find a PML to finance my first deals. I am primarily looking in the areas of wholesaling and tax lean/deed acquisition. This website has so much valuable information, but I don't want to get TOO caught up with learning every single detail right off the bat and never pull the trigger. If anyone is in the central Florida area I would love to connect and just learn. We have two ears and one mouth, so I listen more than I speak and am a very motivated and passionate student. If anyone would like to chat please feel free to message me or comment on the thread!

Thank you,

John

Welcome to BP John! Congratulations for taking a step toward your goals! Communication is a key part of networking to become known in your target markets and real estate groups. Bigger Pockets is a great resource for education & networking with like-minded individuals. I perform a lot of research on topics; and I allowed analysis-paralysis to take me over for many years. My suggestion is associate through sales & real estate books, along with podcasts and YouTube to find your own direction. Choose an investing strategy, then learn the steps to accomplish that one strategy; then repeat the same strategy, or a new strategy. If your target market is Florida, I suggest researching Ron LeGrand on YouTube to see if he sparks an interest with you. May Your Efforts Be Rewarded. Anthony Davis

0 Votes

Originally posted by @Daniel I.:

@Marvin McTaw @Anthony Davis @Bill Gulley

Thanks again, everyone. So if the seller doesn't want to deal with the eviction, I'll likely have to wait until I close until I can evict? I've heard it can take awhile in Cook County.

Since I'm trying to wholesale it, is it something my buyer could just deal with when they close?

Yes, it is something that your buyer could just deal with.

0 Votes

All Forum Posts by: Anthony Davis

Anthony Davis has started 0 posts and replied 117 times.

Post: HELP - Your Suggestions??

Post: Talking to distressed sellers and inventory.

Post: No phone calls

Post: Cash buyers are not serious

Post: Cash buyers are not serious

Post: Cash buyers are not serious

Post: When to share property address on a wholesale deal?

Post: Our first restaurant build out - before and after!

Post: Central Florida

Post: Wholesaling a Pre-Foreclosure