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All Forum Posts by: BJ Henderson

BJ Henderson has started 20 posts and replied 74 times.

Post: Wholesale documents in NC

BJ HendersonPosted
  • Raleigh, NC
  • Posts 86
  • Votes 26

You'll need a purchase contract and/or an assignment contract. Nothing too major. Don't complicate it. I'm sure can find the documents on here or search the net and find them. Once you do that find an investor friendly lawyer to review the documents.

Just Google lawyers in your area and set up an appointment to make sure they are investor friendly. I've dealt with a lawyer that wouldn't go through with my deal because my "assignment fee" was too high for his liking. Needless to say, I got rid of him and found one that understood what it is I do.

Escrow money can be whatever you want/whatever you decided with the seller. There's no real answer there. I've done $1, $10, $200, $500, and $1000 before. All depends. If they don't mention anything about it I put $10. Sometimes they see the $10 and ask for more. 

You'll learn as you go! Don't be afraid to make mistakes.

Best wishes!

Post: Hard Money Lender to start Wholesaling?

BJ HendersonPosted
  • Raleigh, NC
  • Posts 86
  • Votes 26

Oh ok. Well I'm not too familiar with your market, but if you get it under contract at 70k and with repairs at 30k if it were me I'd assign it at 75k. If you can get it lower than 70k great. More money for you if you assign it, but I wouldn't recommend trying to wholesale it at 85-90k if repairs are 30k.

Post: Hard Money Lender to start Wholesaling?

BJ HendersonPosted
  • Raleigh, NC
  • Posts 86
  • Votes 26

You could either put it in an LLC or a Trust and then assign it to an end buyer when it's time to close. Make sure you do your research on it first though.

One thing you didn't disclose is what repairs would be? 

Once again...persistence. Use this platform to get all the knowledge you need and go for it. The main thing is knowing what a deal is.

If you want to do a flip first I'd recommend connecting with wholesalers in your area or whatever area you're looking to flip in and ask them to add you to their buyers list.

Build a relationship with them and when they get deals they're looking to wholesale be their go to guy. Once again YOU must know how to analyze a deal.

Some wholesalers don't know what they are doing and just get excited that they've got a property under contract only to find out nobody wants it because the numbers don't work.

Post: Marketing For Motivated Sellers

BJ HendersonPosted
  • Raleigh, NC
  • Posts 86
  • Votes 26

Bandit signs, driving for dollars, craigslist, Zillow, Door knocking, bird dogs, handwritten letters, and networking.

Pick ONE! 

Stay consistent and don't over-think it. Test, tweak, and master.

Get comfortable with talking to sellers and building rapport. Practice makes progress.

Post: Biggest Fear for Newbies

BJ HendersonPosted
  • Raleigh, NC
  • Posts 86
  • Votes 26

Fear will definitely hinder you from achieving whatever it is you're looking to do in your real estate business if you don't learn how to use that energy positively. 

When I got started I feared putting out signs for my marketing, talking to sellers, spending money that I might not get back, worrying about people not wanting to sell me their home because of my skin color, not having the cash on hand to buy it, not pulling up to the house in a luxury car, etc, etc, etc...

All these things are just inside your head. Even if some of your fears do hold some weight...who cares!!!! For those things that do hold weight, there are plenty more that don't.

Until I was able to grasp that mentality NOTHING, and I mean NOTHING happened for me in my business. NOTHING but heartache, disappointment, and self doubt.

Get educated, take action, and tweak. The journey from where your are now to where you're trying to go is beautiful if you just take the leap.

You will never know everything you need to know. The only way you're going to learn is by getting yourself out there and making mistakes.

Hard money or private money would probably be the best way to go. Don't let the banks not potentially lending you money slow you down from investing in good deals. 

As a matter of fact...I'd say it's probably better for you to "figure out" how to get funding without the use of banks. 

When you do the sky is the limit!

Stay positive, stay focused, be persistent, and don't give up when you hear a NO. 

Learn how to analyze deals correctly. If the numbers work I guarantee you will not have any issues finding the funding needed.

I'm sure there are plenty of reasons why they don't. I think the biggest would be fear, followed by thinking they need loads of money to get started.

I have had many a conversation with peers who I "try" to explain what it is I do whether it be wholesaling, lease options, flipping, or renting out homes, and to be honest they just don't get it.

I've been told..."Real estate investing is a tough business." Or..."You need hundreds of thousands of dollars to make any kind of real money doing that.

Their lack of knowledge of the industry coupled with what they've been told by imposters that know nothing about real estate really makes for an upsetting conversation for me often. 

There was a time when I wanted to share my knowledge with many of my peers, but then I soon realized even when you show them the checks they still continue with the lives their accustomed to living because of the work involved.

@Folashadé Shelton I can understand that. 

There's definitely a lot going on right here in your own backyard.

Best wishes!

Post: Wholsaling Real Estate Investing

BJ HendersonPosted
  • Raleigh, NC
  • Posts 86
  • Votes 26

Craigslist, Zillow...posting ads to buy houses in CL. Contacting For Sale By Owner (FSBO) properties.

Driving for dollars. 

Networking- Joining a local Real Estate Investing Club/s, The Mail Person, Friends, People who work in the field.

Contacting FSBO signs in the area, handwriting letters to pre-foreclosure leads you can get from the county website or door knocking.

There are numerous ways. Be creative and be persistent.