All Forum Posts by: Austin Ralls

I am an investor in Oklahoma and am asking for some advice on how I can help owners who have negative equity in their home. I have had people come to me in the past asking if I could help them out but I had to pass since I did not have the knowledge at that time. I am eager to gain some knowledge in the area and begin working with owners who are in desperate need from this situation. Thanks in advance!! 

The most important step in wholesaling is knowing how you’re going to close your deals. If you get a property under contract but don’t have an end strategy, then deals will go stale and you’ll lose a lot of accountability and that will make you fail before giving you a chance to start. You’ll have to research assign contract closing, or double closing and decide out of the two which one you feel most comfortable with. A lot of people do contract assignment because they don’t have the money to do double closing, so thats always the best option especially for starting out. After finding out your exit strategy, call all the title companies around you and find the one that can help you through the closing process and manage the closings efficiently. Those are the two biggest steps you’ll need to accomplish first because without accomplishing them, everything else doesn’t matter. The rest is just investing the money to get leads and then getting a buyers list ready to send all your deals. I would also recommend either meeting up with another wholesaler and seeing if they would allow you to use their contracts, or meet with a real estate attorney to type them up for you so you don’t leave anything out and lose a deal. Good luck!!  

@Lydia R. I am going to do contract assignment for my closing, I don't have the money to do a double closing so I will be going down the assignment path for my closings. I currently don't have a title company yet, I am calling around tomorrow to see which ones are investor friendly so I can talk with them about their process for it all. I know my post was very vague on what I was exactly asking for, I ran out of time typing it up before I had to get back to a meeting and was hoping I could get some starter info like you have given me to spark a conversation and go on from there. I am getting the property under contract as soon as I get my info gathered from the title company so I know exactly what they'll want from me when I come to start the process of wholesaling it. I haven't told anyone specifics about the property, just have gathered investors info so when I have it under contract I am able to send each of them the property info. With that being said, when I purchased my flip from a wholesaler, they never showed me the original contract of the property, do I have to show investors the original contract between me and the seller or can I keep that information private and only give them our contract of me assigning them the original? 

I have locked in a home to wholesale but now need help on what to ask title companies to see if they are investor friendly so I know which one is the best option. I also am curious if it would be better to allow investors to bid on the contract and assign it to them that way, or just do a contract for the purchase of the property and then assigning the contract for a little higher amount. Any info and help is appreciated. 

it's all about the grind getting started with wholesaling. You are competing against other wholesalers who have their formulas and name out there that you are going against. Those seasoned wholesalers have the bandit signs, vacant owner lists and everything else they need due to having the money to put towards getting that info. Keep grinding, don't give up because you send out letters or put signs out and get no response. Once you get past the initial stage of starting out, it'll begin to click and you'll stick to areas you like and see consistent progress in. Unless you like challenges and don't shy away from them, then every aspect of REI is a wonderful roller coaster that brings you ups and downs at a very fast pace. Keep up the hard work and hope to hear some feedback in the future on your success!!

How do you decide what a fair offer is though? I obviously can't offer market value, but what is a way for me to determine what a fair offer for the seller is that leaves meat on the bone for myself and the next investor?

I am looking at wholesale deals and getting into that aspect of investing and am trying to get good flip and hold deals that way instead of from the MLS. Any advice on how to go about making an offer on these homes when someone contacts me that isn't an insult to that owner? I have looked at the market value on the assessors website for most of the homes but am looking for advice on how to offer the owner something that is beneficial for me as well as the next investor that may hold it or fix and flip it.

@Ehsan Rishat how long do I have to get a property bought before it goes from pre-foreclosure to foreclosure? Or who can I talk with that will know that answer? Just making sure that if I make an offer on one that it won't be a bust and still go through to foreclosure. 

I am searching through Zillow and seeing a lot of pre-foreclosure homes in my area that I am interested in going after to wholesale. I have a few questions for anybody who is seasoned in this area of investing and can give me insight.

1. How to go about contacting the owner of the property that is in pre-foreclosure without upsetting them?

2. How to figure out what a fair offer would be or find out what they owe on their mortgage?

3. How do I follow through with the transaction and keep the property from going through the foreclosure process to secure the investment for me and the other investor?

Thanks in advance!!

I am looking to bid on properties auctioned off on Auction.com but am needing a bit of information before throwing myself in and getting in over my head.

1. Are these properties pre-foreclosed properties?

2. How do I obtain ownership of the property after my bid is picked?

3. How long do I typically have to get funds paid and is there a period where I can walk the property and back out of the deal, or is this a site unseen bidding process and you get what you get?