All Forum Posts by: Anore' Allen

I am currently under contract with a seller and I paid zero Earnest money (although I am not planning on assigning the contract, we will close first with our own cash). Most of the time if they're hounding you for a deposit they are not truly motivated. 

Buyers can flake out, so do put earnest money in escrow, and never give it to the seller. I feel like earnest money is just to show the seller you're serious, it makes them feel good but so does a sold house. 

I rarely ever get asked to put money down by private sellers, when I say rarely I mean 1 out of 10 MAYBE. all the worries about wholesaling start to vanish once you take action, turns out the things I worried about were easily overcome by positioning myself professionally and building rapport. 

I don't have any scripts to send but I can tell you this: don't go asking about how many bathrooms it has, what's the lot size, etc you can find that online. If you're gonna spend time on the phone the only thing you should be doing is building rapport and figuring out why they really want to sell. 

Separate yourself from the crowd. 

I never understood why Wholesaler get so much flack, syndicators for commerical deals pool money from investors and I know some who don't put any capital into the deal, just investors money, so what's the difference? I'm clearly missing something. 

I just think it's about perception the guy in the suit is looked at in a more positive light than the newbie who just came from some guru seminar. 

Tie it up for as long as you can but always intend to close, it's probably smart to have investors or lenders lined up before you out something under contract, it's the most ethical thing to do in my humble opinion. 

As far as 90 days being too long or "playing games" I'm not sure if I agree because the time on a contract is usually longer for a harder to sell property, so I guess it depends. If I'm wholesaling I shoot for 45 days if I'm rehabbing I'll usually put it under contract for 25-30 days, and yes we always close before we resell;-)

I think people put too much emphasis on the title "Wholesaler" I'd buy from one if the deal is good, I'd buy off the MLS if the deal made sense for my company as well, the reason I buy doesn't change because of the person's title.

I've been seeing a lot of posts about raising money to do deals and I have a few questions

1. When you plan on purchasing with capital from "fund raising" what do you do if the buyer asks for proof of funds? 

2. What do you say when the sellers asks how you're going to purchase the property? ("I'm going to speak with my partners"??)

Exactly, I prefer face to face networking anyway, but BP is a valuable source for information. 

@Adam Hoffer I do have a lender but I haven't been to any REIAs, I was a part of a real estate meet up group but they person who started it is deciding to go another direction. 

I hear that 90% of the people who attend the REIAs aren't even doing deals (not to be harsh), so i'm looking for avenues that connect me with serious investors who actually have a track record. I'm past the studying part and don't want to get pitched anything from gurus, i'm ready to get the ball rolling.