All Forum Posts by: Account Closed

MBA Abstract does many of our investor deals.

Jill is great in handling sellers and keeping assignment fees quiet at settlement.

http://mbaabstract.com/

I teach my bird dogs here in Philadelphia to NEVER NEGOTIATE with the seller. Once my bird dogs gain some experience, I move on to teaching them negotiating and contracting DEALS.

My career went from bird dog to wholesaling to hustling the whole house. Now every month we flip several contracts as wholesale DEALS and fix & flips.

I met my first money lender at my first REIA meeting, and today he and I fix & flip houses together full time.

In thisgame One thing leads to the next-As long as you can produce off market, REAL DEALS.

That is the secret to my success, consistently finding, negotiating, and contracting DEALS no one else knows about.

Good luck getting started!!

I do similar advertising here in the Philadelphia market. My goal with new investors-who have ZERO experience-is to provide a pathway into the real estate business.

If you manage to find several leads which are good, I'll end up bringing you on as a wholesaler and teaching you the ropes as you are actually participating in DEALS.

I don't teach the wholesaling side to just anyone. Don't give up before figuring out how to generate GOOD LEADS ( which turn into DEALS). Learn how to generate GOOD LEADS that DO TURN INTO DEALS and you have the FOUNDATION FOR A SUCCESSFUL REAL ESTATE INVESTMENT CAREER!!

RE: The Craigslist Ad-Start Bird Dogging with the intention of graduating to wholesaling as soon as possible. It is a great way to get experience actually working on DEALS.

Welcome to the Biz Robert!!

We are having an unofficial bigger pockets networking meeting on January 29th in Philadelphia. You should come out and say hello!!

In Philadelphia our houses with delinquent taxes-sometimes 10-20 years delinquent-are sold at public auction every month. Balances are usually wiped out as long as the paperwork was done properly prior to sale.

The wiping out of all liens & mortgages is contingent upon the Philadelphia Sheriff Department actually sending out proper notices to all lienholders prior to the sale. Philadelphia's sheriff department is notorious for not sending out the proper notice to all lien holders, so the title may not legally clear if this was the case on your property.

I know some wholesalers go to the Tax Sheriff Sale and bid on property. When they win the bid they are required to place 10% deposit in escrow and close the remainder with a certain period of time. (I believe 30 days, but I no longer buy property through the tax sale-it has been 4 years since I've attended). You can actually assign your right to purchase that "Sheriff Sale" property and it sounds like that may be what your wholesaler is doing. It would explain his needing to wrap the sale up so quickly-his 10% deposit is in jeopardy.

The Wholesaler is in 1 of 2 Situations: Either

1. He is the Owner He bought and owns the property in his name. He has already taken title. If this is the case then your title company can close the transaction and the underwriter will need to verify that the taxes and other liens (usually gas & water in the city) have been wiped by the sale.

FYI-EVERY House is close (3-5 per month) in Philadelphia with DELINQUENT TAXES also has DELINQUENT GAS & WATER LIENS. They go hand in hand in the city of Brotherly Love!

2. He Has the Winning Bid-He won the bid at a recent Sheriff Sale and needs you to come close the deal quickly before his time runs out to close the deal. If this is the case, there is more risk (Click Here for Sheriff Sale Phila Rules).

I stopped going to the tax sales after we lost a property which had right of redemption. I'd rather buy houses directly from owners, pull title at my chosen title company, and settle the deal on my own terms.

I close all of my deals at my title company, and just have them pull title. If my title company says It is clear, I close, if not, I pass on the deal. Either I'd order title and make my decision based on what MY underwriter says or take a pass.

I created a Free short course I give out to my bird dogs. You can find it at the link in my signature page.

@Dev Horn Thank you Dev!

My stats improved when I changed my approach to attract only sellers of certain types of property-vacant and needing repair.

I changed my methods of marketing once I observed that the things I was doing to attract deals just did not produce the correct result.

Credibility and confidence closes deals.

When I talk with the seller about the several rehabs I am doing(to not boast,but subtly work funny stories or even horror stories about my contractors naturally into my conversation) they know they are dealing with someone that will close the deal.

Sellers are making the largest deal of their life and are afraid of making a mistake. When you communicate your key with confidence, their fears will be alleviated and they will feel more comfortable going through with what you are offering.

On the other hand, if you sound unsure of your offer, the seller will not call back or sign the deal. Especially if the offer includes things like lease option offers, or trying to describe wholesaling.

My experience has been that sellers want a cash as is offer pain and simple.

What are a few of their specific objections?

Also, how do you currently present your offers?

I used to think A LOT OF LEADS was the key to success in real estate. I would get happy when lots of people call, however I found myself going to too many appointments and having too many conversations about real estate.

My goal as an investor is to buy house that need renovation ONLY.

I market ONLY for houses that NEED REPAIR. When the Sellers read my ads, I hope they DON'T CALL ME-if they have a NICE HOUSE.

I want only the worst houses that are NOT MARKETABLE TO RETAIL BUYERS.

The houses I buy will NOT QUALIFY for a mortgage, so my ALL CASH OFFER IS THE BEST AND ONLY OPTION FOR THE SELLER.

My success in this retail fix & flip business is built on a fewer number of BETTER LEADS.

Leads from people who are selling beat up houses (usually vacant and/or estate sales) and who know that I am their best option-a Cash, AS IS Buyer.