All Forum Posts by: Kim Anderson

To make sure I understand… you birddog for a guy and he helped you to create a direct mailing piece, which you sent to 50 people. Your contact info was on that mailing piece and one of the homeowners has now called you about selling their house.

Basically, there should be some communication on his part on what you should do once the calls start to come in (since he had you put your phone number on the letter).

He really needs to train you regarding what information he wants you to gather from the homeowner (in order for him to further determine if he wants to buy the house). Ask him if he has a script or just a list of questions that he wants you to ask homeowners when they call. In addition, ask him how he wants your to present the situation to the homeowner. He really should be giving you guidance on this.

Since he helped you to create the letter, it seems that you are working closely together on this; so don't be shy about communicating your concerns and/or questions to him directly.

Wow, Steve, what a fantastic thread!

Compiling all of this must have taken a considerable amount of time. It's very much appreciated!

Too bad I can only give you 1 vote.

It's awesome that you've taken the time to write your goals down! Thanks for sharing them with us. You will find that this site is a great place to get questions answered as you are progressing with your wholesaling.

Here are some additional ideas for building your buyers' list:

http://www.biggerpockets.com/forums/93/topics/23272-top-ten-ways-to-secure-a-buyers-list-

Josh, the vids are a great idea! I look forward to checking out the various tips that you will be sharing with us.



Elisha, check out this Sticky thread regarding the influence points:

http://www.biggerpockets.com/forums/25/topics/33352--forum-influence-voting-system-


And this post talks about the awards:

http://www.biggerpockets.com/forums/25/topics/34171-site-upgrades-new-site-awards-profile-redesign

The HUD-1 is prepared by the title company (or whatever closing agent you use) and it itemizes all the closing costs associated with the real estate transaction. It just basically gives a breakdown of what the various charges and credits are for both the buyer and seller.

With back to back closings (whether you bring the funds for the A-B transaction OR your end buyers' money is used to fund the A-B side), there will be two HUD-1 statements. One between you and the seller and the other between you and your end buyer. Neither the seller or end buyer will see what is going on, except of course after everything is recorded.

Also realize that when you start talking to some of these leads, they may in fact be wholesalers like yourself. This isn't the ideal (you want to definitely have your own buyers), but don't rule out the possibility of doing joint ventures with them. They may have the buyer you're looking for.

I hear what you're saying, Abraham... I wouldn't take only $10 and perhaps you wouldn't. But a motivated seller would. They will do this becasue they are really, really, really motivated. When I have wholesaled, I have not put down more than $10 to get a contract with a homeowner.

Of course, there may be those homeowners who will agree to your price, but will want more money down... $100, $500, $1000 or more. But, pretty much everything is negotiable, so it then becomes your call on what your counter may be. But, yes, there are those that will do it for $10 and not look at you crazy.

This is true of most companies that provide transactional funding, although there may be a few out there that don't have this requirement. Keep looking... Google "transactional funding" and check out every website to see if the property has to be purchased in the name of a company. You don't really need to talk to anyone initially... the POF form will say whether a company name is 'required' or not. There are also some members on BP that provide transactional funding, so you can check with them. Worse-case scenario is that you will have to go ahead and get the LLC.

Borrowing the money from someone is certainly an option. And you're right, it is a big risk for you but also for them because there is nothing whatsoever to secure the loan with.

John gives a good suggestion for the EMD if you don't have it yourself and can't borrow it:

Your end buyer can supply the earnest money deposit (since you should be getting a non-refundable deposit from them anyways). So hopefully you have been building your buyer's list and have someone in mind for this property.

You will definitely need to figure this out if you don't have an end buyer yet because, once your offer is accepted, the bank will typically only give you a few days to present the EMD along with the signed contract and addendums.

Thanks, Rich!

Well, there I go "lurking" again... :cool:

I have been following this topic, but have not responded before now. I guess Marc sums it up for me as to why I don't post more often:

If I don't have anything additional to add to the discussion, then I don't chime in. But then Rich turns around and says:

So, I have to admit, I never thought about it in this way.... that my responding in agreement to answers already posted (not only just voting up the post) can have a positive effect on the discussion as a whole.