All Forum Posts by: Erick Tran

Thank you very much for both of yours reply.

@Mark Pedroza If he file "Notice of Petition to Administer Estate", would I be able to get the title insurance? I am not feeling safe unless I have the title insurance. 

Hello guys,

I am talking to a son of the property's owner. The father has passed away and he left the house to his son according to his will. The son have not change the name of the owner of the house to his name because it cost money with the attorney. Is it possible to buy the house now or do I have to wait until the name is change and then buy it. I am living in the San Francisco Bay Area. If so, How can I do it?

Any help is greatly appreciate!

Thanks,

Erick

Welcome to BP @Account Closed,

There is a lot of material here on BP that you can learn. I started a year ago and found all the info I needed right online. I didn't have any coach or any mentor (still don't have one). I just learn the concept, started looking for deal on craigslist and analyze anything that possible a deal there until I got my first deal. For me, the key was to talk to people since I was an introvert my whole life before I decide to join REI. Anyway, learn the process and follow it. You can post any question to BP and you will get your answer. A lot of people will tell you that wholesale is illegal because they don't understand it even closing agents. I have a lot people told me that it is illegal but it is not. I am pretty sure that It is legal in Florida because I know one person who is doing very well in Tampa Florida. You can also look for wholesaler from your city on BP and connect with them too.

@Alejandro Flores I think you misunderstood it. 80-20 rule is 80% mentality and 20% of physical work. It's not how you divide up the money. I usually do 50/50 if there is a partner too. 

Welcome to BP @Samuel Yi,

I am a wholesaler in San Francisco Bay Area. I don't know much about that group but I got plenty of knowledge and other information at local group which are free. I would say that try the free group first before you spend money on a group. Save your money for marketing. 

Hello @Alejandro Flores, good job at getting that deal that far. Keep going and you will run into it. One advice for you is that wholesaling is more of using 80-20 rules.

Good luck! Let me know if you have any question. 

Welcome @Andrew Franzen, don't hesitate if you have any question.

Hello @Olga Huxoll,

There are two way to make quick cash, wholesaling and fix and flip.

If you want to build long term then you can buy and hold (rentals). 

Hope this help!

Hello @Ryan Phillips

I am a wholesaler and to me that doesn't sound good at all.

First, I started without any money. So I have to wait for months with my my money tied up and I can't use it to market for more houses. Delaying the growing of my business.

Second, Rehab is a BIG variable. It depends on the view of the cash buyer. We may not agree on how the rehab should work and how much time it will take and how much money. If the cash buyer coated the house with gold then it take years to sale or even a loss. Where will my money then?

Third, I don't know if it just me but I have met so many cash buyer that all they care is their profit. I remembered when I started I got one cash buyer that refused to pay me 6K after I have spent 4K in marketing to look for a property. I gave him over 20K profit because I subtract it from the arv before I minus the rehab and my fee on that property and he still want more. He want to assign for 3K which give me a loss of 1k. So I did what I need to, cross his name out of my buyer list and sell it to a different buyer. 

Fourth, the idea is reduce the risk for the cash buyer. However, it reduces the growth of the wholesaler, create a risk of wholesaler not getting any money back, and it will ruin the relationship of cash buyer and wholesaler since everyone want more money for themselves. 

The idea will work great on theory or between wholesaler and cash buyers who really care more for a relationship than their profit.

Welcome to BP @Rick McGeeney, we are here to help if you have any question.