All Forum Posts by: Nicholas Hooyman

Hi, I'm starting to get calls from my first direct mail campaign!  Curious, as a wholesaler, should I be putting contingencies into my purchase and sale contracts?  If so, which ones?  Inspection?  I'm wondering for two reasons: (1) is there a way to hedge against losing my earnest money in case a cash buyer falls through, and (2) are my cash buyers going to want that? 

Thank you in advance for your time. 

Oh great, sounds good.  Thanks!

Hi Rosetta, 

Could you keep me posted about your 203K experience?  I want to put one of those together at some point and I'd love to learn from your journey.  Let me know if you have any questions on the tax side, I can provide free advice in return.  Good Luck!

@Chris Policicchio, these are both exactly the options I was looking for.  I appreciate you doing the legwork on this for me.  If you need any tax advice I'd be more than happy to help for no charge.  Thanks again.

haha I love it, thanks for including me in your journey! I haven't gotten an iPad yet, I just switched over to Apple for my phone and am so happy with the user interface. The iPad is the next step for me too, so that's good you know, thanks!

Hi guys. Can someone direct me to where/how the best place(s) to go for this before I send out my direct mail campaign? It's been awhile since I've been back on here. Some great improvements by the way, I'm excited to be back and to have a great 2017 with you all. If anyone needs anything don't hesitate to reach out!

I agree with Sam T. , MileIQ is very easy, inexpensive, and all you need. If you let it track your location even while the app isn't on, it'll log every drive in the app until you swipe left (personal) or slide to the right (business).

Thanks Mindy!  I just became a PRO member a few days ago, and am looking forward to contributing to the community.

Hi all,

I'm curious about how to wholesale to out of state sellers. Normally, after the purchase agreement is signed, the seller will go to escrow, present a valid government ID, and sign a memorandum of contact to verify they are the owner of the property. When they're out of state, how does the process work with the document process? In order for me to sound confident over the phone, i want to be able to answer their question thoroughly when they ask for the next step after the purchase agreement is signed. OR, does anyone know of a place to go to research, in depth, the escrow process?

I recently read Nasar Elarabi's article about mistakes to avoid when you're a newbie wholesaler.  Well, I'm a newbie wholesaler, so this is of particular intrigue to me.  My question is about something he said in his article:

"...be careful of separating the real from the pretend buyers by simply asking for a non-refundable earnest money deposit from your buyer."

Specifically, I'm wondering this works... pragmatically.  Let's say I have a purchase and sale contract already signed.  I find an end buyer who I want to assign that contrac to.  Do I set up escrow and give the title company the contract and the end buyer delivers the non-refundable security deposit to the title company?  Then I get that deposit when I deliver the contract?  Is the amount of the deposit my entire spread in the deal or is it just a portion of my spread and I get the rest when the deal closes?  

Any help would be much appreciated.  Thank you for your time.