All Forum Posts by: Michael G.

Sounds like a scam. Check out http://www.yelp.com/biz/new-wealth-advisors-club-riverside

and

http://www.complaintboard.com/new-wealth-advisors-club-l15071.html

and

http://newwealthadvisorclubscam.blogspot.com/

and

http://lordingtheland.blogspot.com/2007/06/nouveau-riches-school-for-suckers.html

I use Zillow. I get a ballpark idea when I look at the Nearby Similar Sales section. I sort by distance and also by date so I can get ballpark snapshots of the area sales but its best to use a realtor.

Depending on how much these liens cut into your profit you either re-negotiate the purchase price, negotiate the lien down or back out of the deal.

Some liens are negotiable and you may be able to nogotiate your liens down substantially enough where the deal still makes sense.

I had a deal that had a tax lien on it. When I called the lien holder he said "why would I take less..if you dont pay the full lien amount I own the house".

What kind of liens are on the property and how many are there?

Funny you should bring this up Alison. I have a deal in my funnel Ive been working since July 5th!

In the sellers defense, she is a senior and she did get fall ill for a couple of weeks and needed almost a week and a half of recovery time but my patience is running thin.

Ive spent more than a fair share of time building rapport with her.

On 9/4 she says myself and 2 other buyers are in the running as cash buyers. That she should know something in about 10 days.

On 9/14 she says she needs a couple of more days. I tell her I want to buy the house and i'm confident I can beat any price so please give me first right of refusal on any offers made.

On 9/20 she says she not quite ready yet. She says she needs "a couple of more days"...again.

So I'm just going to keep dripping on her. Persistence overcomes resistance...or so I'm told.

Welcome to BP! I live in Long Island NY but invest in Allentown PA for cashflow properties. 2 hour drive for me but possibly much shorter for you. I bought in 05 for under 50 K. Those properties even after light rehab are still cash flowing today. 800 and 900 dollar rents on those purchases. Debt service is 400 - 500 bucks. PM is 10% of the rents

I always enjoyed Ryan Webbers posts. He will be missed...RIP Ryan Webber.

Absolutely follow up... a) because you said you would b) because they may come back 1 week, 1 month, 6 months from now and say "we would like to accept your offer."

Some sellers are forever delusional and some not so much...

I find financially or physically distressed properties that need repair, agree on a deeply discounted price that leave enough profit for my self and the rehab buyer and negotiate the front end purchase from the seller and back end sale to the rehab buyer while maintaining complete control of the deal from start to finish. Obviously I broad stroked the response for you and there are some nuances to the process but essentially thats it.

I'm in the same boat. One of my buyers is a licensed RE broker so we have a fee agreement if I bring him a pretty house and he lists and sells it. However the commission, if I were licensed, on some of these properties is much more than that finders fee.

Hi Mia,

I wholesale houses in Suffolk County all day long. No RE license and using none of my own money.

The buyers that I wholesale houses to don't use the term "wholesaling" either but they pay me a fee whenever i bring them houses. We collectively refer to it as "a finders fee".

Small chunks of cash (10k, 8k, 5k, 2.5k) but they add up and its a much quicker payday and so much less riskier than rehabbing.

I am seriously considering getting a RE license because I leave a lot of money on the table when people call me with pretty houses and I can't list them but not having a license does not at all impede my ability to make money via wholesaling.

Armando runs some very slick 30 min weekend TV segments here in the NY metro area.

They are so sexy that i know its a scam and they make me want to call and register.

No doubt he makes boat loads of cash from training.