All Forum Posts by: Jason Cummins

The equity needed typically for an investor to buy a house is 30%.

This is the reverse of the 70% ARV rule. They are one in the same as far as percentage goes.

70% ARV would mean that 30% would be the equity in the house after the investor would buy it. Typically!

It's a hard game. I know you have heard it before, but it is definitely a numbers game. The more leads you bring in, the better chance you have to close more deals.

With that said, you also need to be bringing in quality leads as well. You touched on the subject but did not tell us exatcly what you are doing to bring leads in.

You probably need to mix your marketing up a bit. If the marketing you are doing right now is not producing good quality leads, do something different.

Wholesaling really is a marketing business, and you need to test what works and what doesnt.

Last but not least. Stick through it. Once you close your first deal you will be hooked.

I've never done out of state wholesaling, but I have done one successful "virtual" wholesale. I really did it just to see if it could work.

I didn't use anyone's plan, just kind of used good ole common sense.

If you know how to wholesale generally, you can apply the same principle's, except you do everything online or on the phone.

Several answers to your question. Really it all depends on state specific RE laws as well.

Generally I try to never put any money down for deposit on a wholesale deal, if I do it is typically $10 - $100. Every once in a while you will need to put a bigger deposit to snag a great deal.

Typically a buyer in a distressed situation will not care about a deposit.

Never give your deposit to the seller. If you agree to make a deposit, send it along with the contract to the title company or whoever you are closing through.

You do not need to be at closing, you could show up right after to collect your check depending if they are giving checks or wiring the money.

You do not need your own title company there, however I always suggest using your title company as opposed to the buyers. Though sometimes you will need to use the buyers so that it will not be a deal killer.

I am not from Louisiana, but I can give a bit of advice.

Give a call to a few title companies there in town. Tell them what you plan on doing and if they can accomodate.

Then send them the contracts you plan to use via email. If they have no problems with those, then you are golden.

I would personally do a bit of both. There are deals out there now. Look for the deals as well as buyers.

if you have a good product, marketing that product is one of the best ways to get a good list.

If you have to, then do it. Specially for multi-units.

Make sure however that you are sending the check to the escrow company and not giving it to them directly. They should be ok with that.

If you have a buyer immediately, you can then have them send in the check if you play your cards right.

You need to become your own property inspector for wholesale deals.

I would not hire one, the end buyers are looking for general expenses, not particular. They will inspect the properties themselves, either by themselves or their own inspectors.

There are tons of great threads on here that give tips on how to inspect a property and what to look for. Again, practice makes perfect.

REO's are VERY hard to wholesale. There are people who do it. The process is not even close to what it would be dealing with distressed sellers.

Dealing with the banks and RE agents make wholesaling REO's very tedious. I don't do them.