All Forum Posts by: Account Closed

The best advice I can give you is invest in good on-site training.  I know some good ones.  If you are interested, contact me, and I'll share.

Why are you calling brokers?  Did someone tell you that's the way to get started?

@Account Closed  Put your fears aside.  There is no due-on-sale jail.

Kidding aside, if you want to learn more about sub2, email me privately.  I can put you in touch with someone who is an expert at it and teaches how to do it right.

Besides.  No lender in its right mind will call a performing loan right now.

No. You don't need a LLC to wholesale. However, you run the risk of exposing yourself personally to liability if something goes wrong, and if that happens, they can sue you personally for everything you own and may own in the future.

Scary post. The questions you ask concern me that you are headed for trouble.  What you mention you want to do can get you in big trouble with the law without the proper credentials or without the proper contract.

First, you won't get arrested.  Worst case scenario, you'll get fined.

Second of all, who knows what she will really do?  I won't worry about it until something actually happens.  She may have been just rattling her saber.

Unfortunately, you live in a state with a lot of starving attorneys and a state where everybody sues everybody for anything.  I don't know where you learned wholesaling, but if it was a free ebook or podcast, you need to understand what those things are.  They are free because they are infomercials.  They are designed to get you interested in buying training or to put you exactly where you are so you realize that you need training to do this correctly.

One of the things that distresses me most is reading here on BP about people that read and listen to all the free stuff, and then say they are going to try wholesaling or start with wholesaling.  The days of wholesaling being a beginner's strategy or something for amateurs or dabblers are long gone.

A starting point is to be a birddog for an experienced wholesaler.  That way, you learn and earn and avoid a jam like this one.

Alternatively, invest in training/mentoring from someone who has a track record of successful students.  Someone who can actually show you checks his or her students have received in this business, and not ones from 2 or 3 years ago, but recently. 

The best trainer I know in the business spends 3 days with you in your market getting you set-up in the business so you have money coming in when he leaves.  Now, that's what I'm talking about!

@Russ 

@Account Closed I leave it in-place.  I don't know why someone would want to replace it with financing in their own name, tie up their credit, and put themselves at-risk, but I guess they have their reasons.

A lot of people peddling this and that out there.  From what I read of your post, this person is just a reseller of information you can probably find on your own if you knew where to look.

What kind of training have you had so far, and what kind of results have you gotten from it?

I am not sure what you mean by assignable contracts.  If you mean buying a property "subject to", that is something I practice when it makes business sense for me to acquire a property that way. Essentially, you are buying a property with OPM.   I bought one like that recently.

It's a sophisticated strategy, and you really need someone to coach you through it.

Profit is pretty thin on the examples you cite.  That makes them a challenge to wholesale.

Wholesaling is about find a deal.  Not finding a property.