All Forum Posts by: Manny Cirino

If you go in to this thinking get rich quick then, thinking you will be closing deals from a beach in hawaii then your bubble is about to pop hard! Wholesaling is real work! Its a job like any other but you know what they say,"if you work doing what you love you will never work a day in your life." So you have to love this business and have real dedication. But I will save If you want real success then you should be seeing wholesaling a gate way to the investment world. Start making connections with HM lender general contractors etc... Start thinking about the future.

Great deal! You should go for it. But the only advise I have is to be careful with finishing's you use even though it is in an up scale area, do not over do it with the luxury features. Focus on the budget.

Thanks Bill,

Well that makes sense and clears up the addition questions i had in my head. I appreciate the help!

Manny

I'm not trying to jump around. I wholesale short sales it has been good to me. But I have thrown away so many leads and I recently came to realize that the more strategies I know the better. Why focus on one thing only? Because I have such a love for the business that I like to study other strategies for fun, plus I like new challenges one niche is boring! More niches, more Knowledge, more money!

Who ever said jack of all trades master of none didn't realize that the guy who new a little bit of everything eventually got enough jobs to become master of all.

Steve thanks for pointing me in the right direction. Now I have read threw everything and of coarse naturally all it did was bring up more question. I do understand the majority of the info but a couple of questions I still is.
1.)When signing the option contract generally what is a common time frame that is put on the contract. Is it 1 year, 2 years, 10 years how long does the buyer have to exercise there option.

2.)in one of those threads someone stated that most tenants never exercise there option they just rent. I thought when a tenant/buyer came in to the home you acted as the bank and they as a common buyer. Not as a tenant with the option to purchase. Is the tenant made aware they are renting for a certain period or is are the contracts just written separate to make easy eviction?(am I confusing lease option strategy w/ rent-to-own?)

3.)In a lease option who is responsible for the repairs. What I am really asking is in a sandwich lease option let's I am in the middle do I get the owner to pay my tenants repairs or is it on my or the tenant buyers.

This is just curiosity by the way. I prefer subto resell strategy. But I like to be aware of all option when evaluating leads.

Well I am glad this post came up because I was curious about a couple things. I was speak to a realtor who has a short sale he is trying to flip him self(he wants to do an a-b-c closing) is he obligated to present any offer maid to the bank? Even though he has it listed could I make an offer directly to the bank or would they reroute me to the realtor? Any advised would greatly appreciated.

Thanks in advance!

I just had a question I was curious about. I hope someone could kill my curiosity. If you buy property as a rent to own do you then have the right to rent it out or resell it? I am aware that it would be rare to find a deal like this with equity. But because home prices are so low there is a big possibility they will gain equity over time. Is this a possibility or does it all depend on how the initial paper work is signed?

Welcome! But I have to make it clear that this not a get rich quick business as it is painted to be. This is a business like any other work, no serious work will have to go into this in order for you to see results. My recommendation is learn what wholesale is all about then never listen to another gurus again. Not preston not kenny no one.

Here are a couple of tips to help you get started.

Take your local real estate coarse even if you don't take the test or at least read the book they have to study. This will help you learn the real estate guidelines for or less some stuff does no pertain to you but that knowledge will come in time.

Then you can get your contracts from an investor friendly title company you will need to work with.

Join a local REI group(real estate investors group/association)

Find a mentor(usually at the rei meeting) make sure he is doing the niche you are most interested in.

Build a buyers list(separate other wholesaler you work with and avoid other we buy houses ads or you will end up in a daisy chain) make sure its made up of rehabbers, landlords, etc... Carry a note pad every time you drive down the street and see a rent to own, for rent sign take the number down.

Learn the terms

Learn as much about local home construction as possible. New wholesaler never make a deal because they can't estimate repairs properly. Estimating also includes closing cost, holding cost, back taxes, liens, code enforcement violations etc...

Learn how to run comparables and estimate home value for this you need your local tax assessor website(google search write city tax assessor) he you can. Pull previous sales, land value, market value, owner name property details, specsn taxes, recent sales in the area etc... I also like realquest.com

Learn about different strategies short sales, subject to, lease options don't do what I did and throw away deals others would kill for or pay for.

Don't let old realtors scare you and say it is illegal to wholesale.

Don't let no one distract you from your dream if this is what you really want I am sure I have missed many thing but this is were I had the most trouble good luck.

Silver, Silver, and more Silver! Gold is not maxed out because it will never be it is the ultimate guard against inflation. But because the prices are so high silver is the next best thing I guarantee you will start to see we buy silver signs soon. I am already seeing jewelry stores selling more silver and diamond jewelry then every before.

I also like the idea of buying business as well especially since I am a big fan of Warren Buffet but it has to be something that can evolve over time furniture stores, grocery stores, or discount store(99 cent stores*) I am a big fan of car dealers as well but. If you had the money another big thing I am seeing and is great especially if you have the cash is advance loans(minor loans to hold people over until there next paycheck) they usually charge a general 10% premium.

I do not like insurance company's, federal investments, or electronic investments unless it is video games related.

My transacional lender loans out the money as long as the paper work is already at the title company. They do not give you the run around or make you jump through hopes. If you have a deal, paper work and set closing date your money is there at closing.