All Forum Posts by: Jaime Farias

I got my 1st round done and got around 75k in 0% credit. They also helped me get my FICO to around an 820 or so. I still got 2-3 more founds in my 1st year. I worked with Michael Richard

Old post, but I wanted to ask of those in the know. I know that the method of letting it go to auction won't work anymore as excess can only go to those who were a defendant in the judgement. Is this when the court date was set?> or when the lis pendens was recorded? Plus, if the investor got the deed and let it go to auction but cant claim the excess, who can? will it escheat by rule? The original owner ??

CLAIMS FOR EXCESS PROCEEDS.

(5) to each former owner of the property, as the interest of each may appear, provided that the former owner:

(A) was a defendant in the judgment;

(B) is related within the third degree by consanguinity or affinity to a former owner that was a defendant in the judgment; or

(C) acquired by will or intestate succession the interest in the property of a former owner that was a defendant in the judgment.

It seems that many of the guru program's are very responsive to questions thru customer service when you buy. But disappear if you try and cancel. As far as the content/info, I thought it was very good. He has many difft strategies. The easiest one is the option contract method. Just get a deal under option contract and sell the contract. I don't know about other states, but in TX you can sell contracts unless the wording prohibits it. I had 2 attorneys verify. 

What changed in TX is that you can't market a property for sale if it's under contract like most gurus tell you. However, you can market the contract. So instead if writing out a whole purchase and sales agreement, you just fill out an option contract and assign it and have the assignee execute the purchase and sales agreement. 

Be clear with the seller as to what you may do. It just gives you more options. For example, if you decide that you want to keep the property to hold or seller finance, you execute the purchase and sales contract yourself. But it turns out it's just not gonna work for you, you may have an end cash buyer who would want that property and you assign the option contract to them.

Jodi Kaili,

I have to admit that I had seen the 10 hr wholesaler program for a while and thought it was typical guru fluff. I did go thru the content of the 10 hr Wholesaler, and it's really great info. It's only 2 modules and very easy to understand. There is nothing gimmicky about the program. It's basically virtual wholesaling, by leveraging other wholesaler's inventory--you can actually do that in your city. I don't think it's fair to Justin to post the specifics. I have taken many courses and his was one of the best ones and by far the most affordable. His only took about 3 hrs to go thru. I have taken some courses where it took days to go thru the content. I will say that if you're not interested in being a "10-hr wholesaler", his program gives all the tools for being a wholesaler in your home area. Great info.

My strategy will be to follow Mitch Stephen's method's to pick up inventory from other wholesalers to purchase and owner finance out anyway. Justin's program will help with any strategy as well.  

I hope posting links is allowed. This is the new law in TEXAS

http://silblawfirm.com/real-estate-law/the-legality-of-wholesaling-real-estate-in-texas/

Even though I can purchase,  I am starting with wholesaling doing assignments. I was told to get a home under contract via the Option to Purchase contract (include a consideration fee given to the seller) and getting all signatures done with a copy given to the seller. Then finding an end buyer and filling out a Purchase Agreement and the Assignment Contract.

Well, I consulted an attorney and he says this is NOT how it is done. :-/  :-/  He says even if you are planning to assign, that the wholesaler needs to have: 1. Option to Purchase Contract signed with seller and wholesaler  2. Exhibit A -a page with the legal description of the property  3. A purchase agreement between wholesaler and the seller.  He says now I can find an end buyer and have him fill out the Assignment Contract and at this point he will now own my Option to Purchase Contract and my Purchase Agreement.

I have properties(sellers) coming to me and about 5 cash buyers waiting for wks! But I'm spinning my wheels bc of these contract issues.

Thought?? Texas folks please as I need to follow TX laws.

Thank you.

JF