All Forum Posts by: Dustin Phillips

Dude,

just be yourself. He will use you, if he is a real investor, so just ask him what he needs and then go find exactly that.

You can let him know that you will work hard and that you want someone to show you the ropes and help you understand the business/local market while you are his eyes and ears...

Tell him what you plan to do,

Come up with ways to find properties and outline those and just let him know you are new.

Also search this forum and find ways to build buyers and let him know that if you bring him buyers that you want to partner on the deals he has.

Also, Don't act like you have it all together if you don't... Its okay and he should appreciate your sincerity and appreciate your willingness to work!

Good luck!

Here is a great artical on this subject

http://californiashortsalelawyer.com/2010/04/freddie-mac-article-on-short-payoff-fraud/

I've never had an issue in 8 years of investing, nor have the Realtors I've dealt with. You can also be listed as an assistant to the Realtor in some places and gain access without being a Realtor.

Or Todd you can go and get your license and become a Realtor, or maybe Curt has a better idea as to getting reliable comps? Im all about learning, thanks...

Yeah I'm with Matt.

Are you familiare with repair estimates or are you just starting out? You don't have to answer here but it will help you to decide.

If you have to go back- Just be honest and tell them that there are more renovations that are needed, but that if they can come down to make up for the higher renovation numbers you can close in just a few days.

If they are motivated and have the equity they may not care, and just want to be done with it.

Let me start with a quick story.

I have a friend who is well known in the Real Estate world and is a wholesaler. His mother who was a realtor brought him a non listed lead and told him it was worth $XXXX based on recent comps. So after getting it, he was familiar with the area, he made an offer sight unseen based on the comps and what his experience was. However, after he closed he found out that the comps were wrong and he had overpaid. His own mother betrayed him (unknowingly of course).

The point is never take someone’s word for what a property is worth, especially someone who stands to make money off you.

I would befriend the agent- Tell her your plans about wholesaling, and after some rapport has been built just ask. Why would it damage the relationship if you explain why you need access. Tell her you don’t want to waste a lot of her time and this will allow you to do more of the work for her. If she says no, find someone else- also dont get to attached to just one Realtor, interview several.

But if she says no- then tell her no problem but that you will need all the sold comps for the area (give her your parameters for pulling comps) and just let her email them to you. Easy as 1-2-5

I don't know what your talking about- We are all Millionaires here, sorry!

JK- give us some further details about what you plan to do- your investment style (wholesaling, sub2, shorts, buy and hold) that will help give you some insight from investors who deal in that style of real estate...

Right- you cannot assign the contract on an REO.. But let me back up and ask a question...

How did you come to the ARV? If it was through the Realtor, shame on you!

Never take anyone else’s word for what a property is worth. Before you can make offers on the MLS you must know your area and what properties will sell for quickly.

Therefore, you need access to the MLS so you can pull your own comps, then only go back 6 months and not more than a half mile from the subject property (if possible-go out further if needed).

Once you get access to the MLS- (Just ask a friend who is a Realtor and tell them you only want to be able to pull comps) then take a month to drive out look at the properties, call the listing agent and get access, work your repair est.s then make a pretend offer.

Write up a purchase agreement but don't send it in, then watch the MLS to see what sells and for how much- Did your "offer" come in close to what was paid- could you have wholesaled it for a profit? Go through the motions- (may take longer than a month) This practice will help you "get it" and put you in a position to make offers effectively...

Just a thought!

First- You are not making the offers with your end buyers funds.

So if you have lets say a HML, you would just present the bank with the POF from the HML... However, you would close with your end buyers funds, but again you must find a title company who will do this.

Also if you can not find a buyer in time you should plan to close on the property, so have funding lined up in case you cant flip it by your closing date.

Or you can as Ted suggested use transactional funding- Check his signature-

Either way you will be paying two sets of closing cost (i.e. double close) but if you use the end buyers funds you don't pay for the money. In most states title companies that allow this will still have the end buyer sign a document stating that they understand their money is being used to fund both transactions, but you should have explained anyway and so it should be a non issue.

When I got started it took me three days to find a title company who did and understood double closings (with end buyers funds)...

First off why am I up so late- This is crap:)

Sorry- Right you can not assign an REO contract, banks dont like it.... There are ways around this like assigning an LLC instead, but I'll focus on the best way to do it a little later...

Second you can not make offers on REOs without POF.... Its going to be required, so you will have to find someone who will back you, a HML, or a transactional funder to give you one....

Okay, here it is- You get a contract accepted from the bank. You find a buyer who is going to pay you more than you put it under contract for.

You tell you end buyer- Look I'm a wholesaler and that means we will be using your funds to close this deal. Now most will be fine with it because they just want a good deal.

Next the bank is going to say you HAVE to use our title company to close.. Well there title company will most likely not allow you to double close this, so you call the banks title company and say- Listen up- we are doing this my way or deals off! Just kidding, you will say look I need to do a courtesy closing, when the closing docs are done please send them to XYZ (your title company) Sometimes the title company will say no, at least this has happened to me, so you just say listen I'm the buyer and its my right to close where I want (not really true unless your getting a loan, but it worked for me).. Usually the banks will agree, sometimes they will want you to pay all the closing cost for the transaction.

But once you have that taken care of you and your buyer show up to close, they sign the paperwork, then you and your title agent meet with the Realtor, or not (most Realtors don't show up to closings), and you sign. The agent distributes the checks from the spread and you walk away with money!

So double close is what I like to do, some people use transactional funding to do it- but make sure your title rep understands everything. Some title companies will say, sure we can do that and then jack it all up, so use who other investors are using... Hoped this helped...

This was not my idea... I stole it from Eric by searching the threads... I ended up with 14 buyers in one day...

Heres what you do...

You get, in this case, 45 properties from the MLS... I have access through a friend so this was easy to do...

then you post an ad on Craigslist, somthing to the effect.... FREE List of Properties- Foreclosures/Distressed Homes, buy them for pennies on the dollar! Visit XXXXX... (I used a simple html code to hide the crazy free web address given by moonfruit)

I then set up a free site on moonfruit. This took me about 20 minutes to do and you don't need html knowledge to do it, its all drag and drop. I turned this into my squeeze page. Then I waited, and by the end of the day I had 14 new buyers...