All Forum Posts by: Brian Stone

I didn't know what a HELOC was so I googled it and read up. Can you kind of explain in your own way what a Home Equity Line of Credit is vs traditional financing?

So, I am a wholesaler and I get my lists from Listsource. Great lists, good company, nice prices. However, I must be doing something wrong. I am not getting good leads. No sellers, and the houses I am getting are next to immaculate. No damage, no problems.

How do I find myself the "problem" houses and distressed sellers? What parameters should I be using in Listsource?

Thanks to all.

B

So, I haven't been on in a while and I wanted to give everyone an update on my status!

I have, since this post, taken on a partner and we are working on getting this up and running. He will be doing the scary parts...answering calls lol. I got so many calls off of just 50 letters, but I never answered the phone or returned calls because of fear. I will eventually get over that fear, but for now, I'll let him handle it haha.

We are going to split profits 50/50 and hope to have a deal before June this year. I'll keep everyone updated.

And I still hate my cubicle job.

Instead of saying that I am wholesaling properties, trying to find investors, and doing direct mailing, I let people know that I am trying to HELP others that may be in need of a way out of a situation that they are in where they feel helpless (the seller) by connecting them with an investor that can give them the quick cash they need and to avoid complications like foreclosure and other such things.

I try to keep in mind I am doing something GOOD for the seller.

I wouldn't say it's unethical. Reason for double closings is usually to hide what you are making off of the deal from the buyer/investor, so it could be considered sneaky.

I think it is a needed transaction because some buyers might be miffed if you're making a lot of money when they could be making it themselves. All in all, they can still back out at a double closing if they don't like the way everything is going.

Find an investor friendly title company that does double closings.

Any investors or other wholesalers got any advice?

sorry but what is a CMA?

Thanks for the replies guys, hopefully I will have my first deal soon!

Thank you for the responses. I don't know what an equity minimum is. Is that how much equity is built up in the house? How would that matter? (not being an smartypants, just seriously wondering)

Also, I do in state so I can meet with the seller and view the house with them. How could I meet with them if they are out of state?

So I have been using listsource for my yellow letter leads. And, in listsource, I have been google street viewing most of the properties that I have been getting, and they have all been beautiful houses. Nothing that looks like wholesaling deals. Am I using the wrong criteria? Heres what I'm using

Owner absentee

within city of Richmond

Mortgage bought within last 12 months

1-3 bedrooms

in state owners only

no corps

Should I try using different criteria? Different mortgage values or something?

Hi guys, hope you are all doing well,

I have a couple questions about the yellow letters I have been sending out. When people call me, how do I respond to:

"Make me an offer!"

"Can you come out at so and so o clock to look at the house (when in reality i have to work these hours)"

Also, what if someone asks me something about like, options, or subject tos or something unfamiliar to me, and i dont know how to answer? do i ballpark it, or just come out and say i dont know?

Thanks everyone