All Forum Posts by: Jorge Caicedo

Jonathan, i usually put a financing contingency in my contracts so I don't see where he'd have a problem w/ that. As i type, I just sent out blast e-mails to about 50 people, not counting Craigslist or my local REIA site!
Correct me if I'm wrong but at the time the contracts are faxed should I do like snowbird said and, if my buyer wants to front the EMD, deposit it w/ the title co? at the closing, the seller could get this paid to him, correct?

Snowbird, thanks but I HAVE NO MONEY TO PUT UP! This is my concern, unless maybe my end buyer wants to put something up?

OK, 2 gutted and vacant props. On the 1st one, seller is asking $220k(mort balance owed) but the ARV is $415k w/ repairs running roughly $35k

On the 2nd one, seller is asking $139k(mort balance owed) w/ an ARV of $254k w/ repairs running roughly $42k. I just got these deals so they're not under contract yet and the owner is in Atlanta. Now, here's the fun part: HE ASKED IF I WAS GONNA WHOLESALE THEM, I SAID YES AND NOW HE'S EXPECTING AN EARNEST MONEY DEPOSIT. IN ADDITION HE SAID HE NORMALLY DOESN'T LIKE TO DEAL W/ WHOLESALERS. I'm really starting to get a bad taste in my mouth w/ this wholesaling crap(I can't win) but he's motivated so... anywhoo, what should i do, I have no earnest money to put down and besides, he's in Atlanta and the contracts will have to be done by fax. How would i get the earnest money to him in the first place. I see the potenetial in these deals but I'm not sure how to go about it. Your help is GREATLY appreciated

Jason, I see your point BUT having put props under contract only to be told by buyers that the price is too high has forced me to do that. If the buyer knows what you're looking at as far as a deal is concerned, he/she may have some advice or suggestions to give to facilitate an easier close, this is a skill newbies don't have. Also, I feel that more wholesaling "gurus' should place way more emphasis on negotiaitions as this is the heart of whether or not a deal is made. A wholesaling course or guru should give examples of "role playing" between a seller and wholesaler which would make the process a lot easier. I can't be the first person to have thought of or suggested this.

UPDATE* Well, got a call off of an ad I recently had deleted due lack of calls. It was a 4/2, 1700 sq ft. fixer upper in Chalmette, which still had the bathtubs, toilets and studs still in it. Guy was asking $40k I offered $25k and that wasn't good enough for him. Talked to a few more buyers and they said that $30k was max they'd go, figured I'd contract @30k, market it on the net, assign for $35 and aim for a $5k fee. Well the guy is stuck on $40k apparently b/c a house up the street w/ less sq footage sold for more. I explained that $30k was fair b/c of the extra labor that'd be involved plus the market was at a bit of a standstill there. Anywhoo, he refused the my offer of $30k but said he'd stay in touch. I thanked him and told him I wouldn't waste any more of his time.

As an aside, I encountered this plenty times: Like this guy, when I ask people how soon they need to sell and they say "immediately", only to turn down an offer. My wholesaling attempts in the past were apparently nothing but sellers such as this, which is why I cringe everytime I hear the term "motivated seller". Apparently, he wasn't motivated enough.

Too, if I may offer a tip to other newbies: check w/ your buiyer first and make sure he/she knows the specifics of a deal b4 doing a contract, that way, you'll be able to explain yourself better to the seller. Will keep everyonr updated until my first deal is done.

Hello Eric and flipper 101 this is Jorge, ya know ,mr. 'no such thing as motivated sellers" guy? anywhoo, i ran an ad which got me a call for a lead that i'm working on(seller says he's motivated but his asking price implies otherwise-typical) and also went driving around looking at abandoned props, made a list of addresses and will try to find the owners thru information. if anything comes out of that, i.e.. an assignment of contract., i'll be less skeptical of the 'motivated seller' mantra and u guys will definitely be the first to know. come on motivated sellers..i know you're out there

wow!..now if only Louisiana had those kind of numbers lol

Eric this is what I normally ask: 'How soon do you need to sell?
How much are you asking? How did you arrive at that figure? Is there a mortgage on it? Any liens?" You'd be surprised at how many people AREN' T as desperate to sell as you'd think. Tell me what you think of these questions and what else I should add or what I'm leaving out. I'm gonna work up answers to questions I have gotten from sellers to prepare myself b/c I know they're gonna ask them lol..

ok well does anycourse or any one in particular cover the dialogue aspect of wholesaling and how to control the conversation? What about role playing, between a seller and a wholesaler do any of the "gurus" cover that? I know how to run the numbers, i know how to market, I think this is where I'm lacking..any help is appreciated b/c I'm certainly not getting it from any locals...

ok Eric so tell me what constitutes a deal. I would assume a sufficient amount of equity plus enough of a spread for my end buyer to make at least $20k on,even w/ my assignment fee, correct? What u don't understand are the types of sellers I've encountered, hell a few buyers I talked to didn't even know what wholesaling was, I had to explain it to them! The sellers ask me stuff like, "how much can you put down"? "are you gonna buy my house"? "can i talk to my lawyer"? "don't you need a license to do what you're doing?" and so on..........have you or other wholesalers encountered situations like this? this is why i'm skeptical of this technique