All Forum Posts by: Jena Martin

Originally posted by Ralph Scott:

Hi Jena

And welcome to BP.

Believe it or not, your questions have been asked before, and BP is a great place to find those answers.

Rather than respond to your many questions directly, I suggest you use the BP search facility. Simply select "Articles" from the drop down list, and type "wholesale" into the text box. You'll find many articles written by BP members on the topic. If you can't find all the answers to your questions, then try asking specific questions in the forums.

Have fun.

Hi Mr. Scott
I already searched this topic in this website and other websites as well. But all of the articles and forum threads I found were about Wholesaling in General. They explain what are the major steps. They're like introductions.
I already know the major steps in Wholesaling. (Find a bargain, secure a Purchase Contract, Find a rehabber/buyer, Then sell for a profit) It's simple. But the questions I asked are the ones I stil need to know cause they're technical questions.
Mr. Scott, based on your title which is Real Estate Investor, I assume you already know all the answers to my questions. Please answer each of them. I can't find the answers. I already searched for Forum threads, I even brought a book, but they all do not answer my specific questions. They all answer the general questions.

Jena

I want to wholesale a property. I'm a college student and I have no money at all.
I heard that you can wholesale a property without any money down. Is that true?

Can you please tell me each step on wholesaling?
Like how to get a Purchase and Sale Agreement. Will I be able to get one cause I don't have money at all? Will the seller entertain me cause I'm just a college student?

I think I've read somewhere in the internet that you need a real estate license in order to legally do wholesaling. Is that true?

How to buy foreclosed property from banks? Can you write the steps?

Can I buy foreclosed property? I'm just 20 and I don't have money at all.

Will the bank entertain me? I am afraid that they will think I'm just a kid and not someone to do business with.

Who will I approach in the bank?

What will I tell him or her?

Is the "Purchase and Sale Agreement" the only thing I need from the bank?

How will they sell it to me? Will they even consider selling it to me, someone who doesn't have money at all? Someone who's just a college student and doesn't have a job?

Are they going to need proofs that show that I have the ability to buy it? I know that I'm not paying them, but my future buyer will pay them. But will they still look for proofs (job, bank account) that I have money because why would they entertain someone who literally has no income?

How will I find a buyer whom I will sell it for a profit?

I've read in your book that the buyers I should look for are inverstors who renovate houses? Where will I find them? (I know of advertising in the newspaper) What are other ways to find them? I don't have a single contact. I'm just starting out.

If I found one, what are the things that I would tell them? Will they entertain me cause I'm a newbie?

How can I negotiate with them the Assignment Fee I am going to receive? How much percentage is the norm?

How am I going to protect that Assignment Fee? What if they just wait till my "Purchase and Sale Agreement" is expired so that they can avoid giving me an assignment fee?

If I don't find a buyer for properties that I secured a Purchase and Sale Agreement for, will the bank entertain me next time cause I wasted their time?

Please tell me every single (in order) step I should do from start to finish including what things I will tell the banks and buyers.
:D