All Forum Posts by: Nick Rubino

real quick, I thought i heard someone say that it's hard to get the bank to let you assign a property.

I've come across some stuff that looks like they could be decent, but I believe are bank owned. I don't think that I can pull off a double close from where I'm at, It seems I would physically have to be there to pull it off.

So i found a house, asking 30k, it sold in 2006 for 82k, so I figure I might be able to pull 5k out of the deal. Where do I go from here. I've emailed the realitor and said i want to put it under contract subject to inspection.

I found a buyer I think, anything I'm missing, just write up an assignment contract and give it to him, and hand him the lead?

yeah, I'd be more curious as to what kind of website you set up, and what your ad would say to get people there. What also worked for you to get your buyer list going?

I've read some of your posts, and it's funny that the wholesalers seem to stick together on here.

What i did to help generate leads, and this might be better in the wholesale or marking section, but I set up an ad for bird doggers in the realestate services section of CL. All i said was, $250 free, for every house I close on!! i've gotten alot of replies to it, and now I don't even have to search the sites for leads, they find em for me, and I've got it to where they post up the ad's for me. I just sit here and check my e-mail and never have to visit the site again. I also know a list service for craigs list and other sites. They charge $.65 an ad, with 100 as a minimum.

wow sorry to ramble, Im super excite for you. I dying to do my first wholesale.

the only way i would mess with it is if you got that sales price down. maybe explain to the wife that some money is better than none! Plus to re sell it, your going to have to get your numbers down to move it quickly. even at 205 there are too many "what if's" Don't try to force the nubmers. U might be able to pull like 5-10k out of it, but i wouldn't push it.

I just tried to force the numbers on a rehab that sat for 3 months longer than i thought it would, then it appraised like 5k short, so i might have broke even, but long story shot, i forced the numbers and it basically just wasted alot of my time

yeah i'm thinking that its the fear factor here. I'm trying to find a buyer before i even buy which takes all the risk out of it. I think i know what to do, i just gotta make that leap. Crazy thing is this will be like my 4th house deal, but first wholesale. Plus to add to it, my rentals are going haywire right now with repairs and I have my wife cussing me out every time I get to call her for leaving the states with her to deal with these problems. Live and learn though

hey thanks for the support! I appreciate everyone who has helped out and given their support. My wife is also coming in the army as a lawyer, so we both serve. I just gotta sell enough houses to pay for law school!

as the title says, can i market the house without it being under contract. I guess I'm trying to make a perfect deal happen buy getting the house sold before I even put my ernest money down. I'm just scred that the deal isn't good, and don't want to loose $1000 of getting a bad house. I can't physically check the house out ( in iraq) but i do have contractors that can do it for me.

I found this "deal" just don't know if there is anything to make out of it.
18.5k, owner will finance. they want 3k down though to lock it up ( this is a wholesale company)

I have gotten two replies from them saying that the house needs 15k of repairs and 25k. Now thats a big difference so i figured i would send my guy out there.

From what i pulled on cyberhomes and zillow, i got an ARV of between 50-60k. I figured for my first wholesale i could probly pull like 5k out of it depending on what i would get it for, but I'm not sure of the neighborhood and other stuff that I can't physically go find. I asked them if I could assign it and they said I would have to close within a week. They are basically making it pretty hard on me so I think I'll pass unless someone else has better advice or a avenue i haven't thought of.

well i do have a very unique market as I'm at Ft.Bragg which is the biggest post in the united states. I KNOW my target farm group like the back of my hand and know how they think and buy, I'm only 22, so trust me i hear and see how they think. The problem with wholesaling is that I dont know know if they would want to do the rehab work or not, b/c I don't particularly like doing rehabs.

I am spreading the word though, but most are just happy to rent for the time that they are stationed there and then be able to pick up and go. The rental market is pretty good down here, but competitive. The army give me almost 10k a year tax free for housing, and I try to beat this in everyone i knows head that that is free equity to put into a house!!! They then can get back or rent out.

something you gotta watch though is doing business with them b/c if something goes wrong, I can get screwed badly which I don't like.

I'm having trouble building my lists of buyers and sellers. I'm working on it and i know it doesn't happen over night, but I'm chipping away at it. It's hard to build contacts without being there, and my realitor that i work with doesn't really understand the concept of wholesaling. So on to the next one. Any suggestions on building my list?

This is my second time over here to Iraq. I was here in Sep 05' for about 5 months when i was infantry, now I'm over here till sep' of this year. so 2nd time over here. Might not be the last, but we'll see how investing goes to decided if I'll stay in. My wife is comming in as a jag lawyer, and just begging her to get into REI so i can have someone right at home to do deals.

anyways, I'm going to check tomorrow when people get back to see if I have fax capabilities, but I do know that I have scan abilities so I could try the faxing where you do it over the internet, gotta figure that one out.

I have a contractor and a real estate agent that I trust and have worked a few deals with, so im guess I could have probly both them check it out, and throw em some money. Now the hard part to see if the attourney at my agents building can do a double close. I would think that to be impossible unless i sign everything before the buyer and seller show up.

If I get the houses from banks, I will most likely need proof of funds which may be a snag. I'm going to contact some hard money guys on here about that.

I was thinking about hiring a virtual temp that I've found out about, she could do everything from taking the calls to making sure the documents are all set up.

My wife is already lined up with a general POA, and also has a special to do all my real estate transactions. I just sold a rehab with her doing that a week ago. I know that for some reason the banks are being stupid about her having access to our mortgages for some reason, even with specific POAs

I also am planning to put up an add on craigs list or in the newspaper to get someone to put up all the signs around town. see if that works out

Another thing I plan on trying is putting up ads around where I'm at. A bounch of people just got here from Ft. Bragg where I'm stationed and with deployments sometimes you don't have time to get out of your house or sell it or what not, so I'm going to try to pull some leads from that.

A huge benefit of that is I can get them out of having to pay a mortgage on a house that is just sitting for like a year, or possibly pull up some short sales if they run into problems like marital ( happens every day here) where they just want the house gone, or fall behind b/c their wife or girlfriend split town while they are here.

let me know what you guys think

hey guys, been reading and lurking for a little while.

My question is and i did search, is it possible to wholesale while out of country on a deployment. I have internet and some limited phone access. Remember I'm 9 hrs ahead of central time.

I've heard people say that they have students do it all the time. One guy said he had someone in australia even doing it. I thought a Assignment might be possible, but a double close, I mean i think the logistics wouldn't work.

How do I do this? I refuse to sit on the bench while I'm deployed! I thought i would try this. I'm looking for people all over to get my lists organized.

And as far as going to the property, how will that work. Obviously it won't so i wouldn't know what repairs are needed and what not. Basically I could do the following.

Find a seller
find a house
then find the buyer

I could do a little due-diligence, but no walk around.

could someone walk me through this, what we call barney style, or like dumbed down step by step.

thanks guys

good thread, I'm running into the same problems, but I'm not as far in the game as you are. there are also people out there who fund shortsales and wholesalers. I bet you could find a couple on here.

This is turning into a great thread! I've even taken diligent notes on this one. They should make this a sticky for sure at the top.

thanks guru's