All Forum Posts by: Rob Powell

I am no expert but here is my two cents.

Since she just wants out ,I would research what rent rate the market there will bear. If it is sufficiently above the mortgage ( at least $300/mo positive cash flow). I would maybe suggest that I take over her payment for her on a subject 2 scenario.

Since she is current on the mortgage this may provide you a no money down deal.

Just something to think about. I am sure there are others on BP with more experience and advice on this topic who will correct me if I am wrong.

Good Luck!

Most seminars are an ongoing investment in which they tend to make the majority of "your money".

I feel that you get a lot more valuable information from great inter-active sites like BP.

Here you find hundreds of investors who are ready and willing to answer all your questions and help guide you to success.

And they will not keep digging deeper and deeper into your pockets.

Don't just take my word for it ,test it for your self.

Ask any real estate question you can think of on a BP forum and see how many helpful responses you receive.

No. Not without getting a new contract with your seller which could leave the seller open to legal action from you.

The investor can not open escrow without giving the title company the assignment form. The reason is you are the one who signed the contract. Without the assignment form the title company will not deal with him.

Long story short, you should still be safe.

You don't get the earnest money from the home sellers.

You get the earnest money from the investor to whom you are assigning the contract. If the investor puts up $1000+ in non-refundable money you can pretty much guarantee that they are going to close.

As wholesalers we are not really real estate investors. As wholesalers we become master marketers.

If you want to get your wholesale business off the ground I suggest you get good at getting leads...lots of leads.

How do you get leads? Market,market,market,market, and did I mention market. :)

How do you market? Your imagination is your only limitation.

Here are some ideas

Bandit signs (Love'em work great)

Online Ads (Craigs list, Back Page,Kijiji,oodle etc..)

Business Cards( I leave one everywhere I go)

Mailing list ( absentee owner, pre-forclosures, probates)

Drive For Dollars

Bird Dogs

Hope this Helps.

Good Luck!

I am a wholesaler in OKC. When I assign a contract I have the other party sign and give it back to me. I then take the original contract and the assignment form to the title company myself.

I also generally ask and receive any where from $1000 to $1500 in non-refundable earnest money.

I know this does not help your situation at hand, but maybe on the next deal it will save you some grief.

I am sure someone on BP has some good advice on how to salvage or remedy your deal.

But remember: Even when deals go bad we learn from them and keep moving forward.

Good Luck!

I am a wholesaler myself. From the looks of things these people are wholesalers for sure. If the deal is good enough they may get a HML and close the deal if they do not find a buyer in time. (I have done this myself)

But chances are they are looking to tie up your home while they shop it.

The ultimate goal is to get your home sold for a agreeable price. They will probably assign the contract and get you an investor who can close.

But if you want to wholesale your own home and save $5000- $10000

look for cash buyers who are willing to provide POF and put down a minimum of $1000 EMD.

This is what I require on each deal I assign to cash buyers, it proves to me they are "true" cash buyers.

Send the letter anyway or if you can give them a call. You never know their position until you ask. This is a numbers business. You have to make offers to get deals. Lots of offers!!

P.S. Remember that for the "right price" pretty much anything can be a deal.

Make sure there is plenty of equity in the deal to leave for the end buyer after your fee and repairs.

I am a wholesaler in Oklahoma City. The only thing I spend cash on per month is gas and a subscription to RealQuest $50/mo.
I make my on bandit signs and I advertise online... a lot.
This has been sufficient to get me 1-2 deals a month.
Hope this helps. Good Luck!