All Forum Posts by: Steve Simpson

I was hoping some of you guys would be able to send a link or something but if you can't do that please email them to me at [REMOVED]

Thanks guys!

Just wanted to see what everyone's business card looked like. I know many people have multiple cards so feel free to show as many as you'd like.

Awesome! Thanks Irwin!

Mr Investor - I was thinking more about this and agree with you that it is probably wise to use state regulated contracts just to avoid any situation where a court tosses it out. I just didn't want to look like an amateur when trying to assign my contract to an investor.

Great story, Justin! Very inspirational!

I am currently negotiating a short sale with a bank for a home in Orlando. This is my first one and I just wanted to clarify what you meant by equitable interest.... Do you simply mean that after the bank had accepted your offer you were able to begin marketing the property?

If you are on the go and have an iPhone, there is a great FREE product that is somewhat similar to this spreadsheet. Search for 'NetVest Lite'. You won't be dissapointed.

It just occurred to me that some of you might be cautious to give out your contract materials online due to the fear of legal suits in case someone lost a deal because of your contract or something. I totally understand. If you would like to PM me, I'm sure we could work something out.

Please PM me!

I've used multiple terms searching these forums for some good info and/or examples of contracts to use when wholesaling properties and have yet to find anything very helpful. I understand that every state is different and you can't be too careful when it comes to legal matters, but I constantly hear these Guru's talk about how they have these 1 or 2 page contracts which are easy to read by sellers and yet cover their asses on the legal front. That sounds VERY appealing but I, for the most part, don't trust Guru's and would rather talk to someone who I see as having less of a vested interest in me purchasing something from them (like you wonderful people on this wonderful forum!).

Here in FL the standard residential real estate contract is called the FAR/BAR. It has a simple check-box for whether to allow or un-allow the assignment of a contract. I suppose it is possible to use these contracts for wholesaling deals, but I was just wondering if .....

Anyone had any forms or links to forms they felt like posting that they have used for wholesaling deals before? It seems like contracts are one of those things that many investors don't like to share, which I guess makes some sense. That being said, there are plenty of deals to go around and I doubt that anyone is wealthy simply because of the contracts they use. Then again I am a newbie...

Thanks guys!

I've searched for a good thread on phone call screening questions for possible motivated sellers responding to various marketing materials (bandit signs, classified ads, craigslist, etc.) but it seems like all the one's I find have multiple posts deleted from them. Not sure what that's about...

Anyway, just wondering if anyone had a good site with a list of good screening questions or just wanted to put share their questions on here.

I typically ask the following:
1. WHY they are selling. <= Most important in my book.
2. Where it is (This gives me a good idea about what it might be worth and if I even want to bother with it; I personally don't prefer to invest in low income neighborhoods)
3. What they think it's worth
4. What they want for it
5. Terms of their financing arrangements
6. How much equity they have in it (kind of goes along with question 4)
7. If it's listed
8. Various other questions depending on the responses they provide to 1-7

I'm sure there are some I'm forgetting but those are the essentials.

So, fellas, what you got?

It sounds like your problem has been solved, Andy, but just to help out others who are reading this:

One of my mentors has a giant red banner (Probably 7 feet wide and 2.5-3 feet tall) that Simply says "Owner Financing" and then his number that he places over the door of the house. He swears by this approach. Sure, the HOA probably won't like it, but by the time they get around to actually doing anything about it the place will already be sold and the banner will come down.
I'm a newb, but according to him (and it makes sense to me) simply saying owner financing rather than spelling out what exactly it is you're selling will drive more calls. Who knows, maybe someone who wouldn't consider your sign will call and find the terms of your deal satisfactory?

Without going into too much detail, I have an offer on a short sale property listed on the MLS which is considerably below the properties actual value and which I am 90% certain will be accepted by the bank. I would prefer to hold onto this property but am not sure if I'll be able to do so due to financial reasons. My backup strategy is to wholesale it. My question is, should I start locating prospective buyers before my contract is approved or wait until it gets approved? I don't want to look like an amateur with potential investors if for whatever reason I can't deliver.

I suppose I could tell them that I mighthave a property for them, but is that any better?