All Forum Posts by: Luigi Ontiveros

Get a list of every title company in your area and call each one until one is willing to do the assignment of contract or double close for you.

If not, go to your local Real Estate investors meetings and ask around what title companies other investors are using to close their deals.

If you search hard enough , you will find what your looking for.

Hey guys,

Hope your days are going well.

Is there a form or addendum that gives you the specific right to buy a shortsale exclusively when putting in a cash offer to the bank? (if the bank accepts the offer of course)

The objective here would be to avoid the bidding war from numerous buyers submitting their highest and best offers and eliminating competition by you being the only offer to the bank.

I am dealing with an unlisted property and getting ready to submit the offer via a broker.

Thanks in advance for your input.

Plain and simple.

Anybody that achieves success strictly wholesaling, over exceeds the mental and emotional fortitude necessary be successful in most other aspects of real estate IMO.

Wholesaling is NOT an easy task but with a definite purpose, a plan in action, determination and perseverance, it can be done and can be very rewarding.

It is not for the faint of heart nor for anybody with a weak purpose.

It is much easier to be an agent than a wholesaler, believe me, my wife is an agent.

You are in my prayers Sherry.

And we know that God causes all things to work together for good to those who love God, to those who are called according to His purpose. Romans 8:28

I am planning on wholesaling this deal. The buyers I have in mind are most likely looking to repair and update the property and resell it. (The property isn't in bad shape , but needs updating) So the buyer would most likely want the properly vacant at closing or soon after closing.

Hey guys,

There is a motivated seller which has accepted my discounted offer for their property. However, there are tenants in the property with a lease which expires until April of 2012.

How do you handle a situation like this? Is there a way to terminate the lease sooner in order to facilitate purchase process?

Any advice is extremely appreciated.

Thank you,

Luis

Manuel, I want to commend you for having the courage to get started.

I want to add that, if there are houses in your target market and there are people living in them , wholesaling IS possible.

I don't believe that giving it a try for 3 months, seeing if it works and if it doesn't work just giving up and calling it a day is the right attitude to have as you get started.

You must go into wholesaling with the attitude and belief that failure is not an option. You will achieve, no matter what the cost or the time, or die trying. If you are not yielding the results you are looking for, then , change your approach and change it indefinitely until you do achieve the results your looking for, but never give up nor give in. Endure all opposition, negativity and persist through obstacles and the results will follow.

Just my .02 cents.

Good luck!!

I have a property under contract and I've received an offer from a buyer via C.A.R form (California Association of Realtors)

How would I handle the assignment? Do I just send the buyer the assignment of contract and ignore the C.A.R contract or do I sign both the C.A.R contract and the assignment of contract as well?

Thank you for your help.

Luis

Welcome to BP!!!

What part of SoCal are you in?

Thanks for your helpful feedback guys!!

The deal was as follows: Estimated ARV= 180K
Estimated Repairs= 50K
My price= 50K

It was a gorgeous deal and I was wholesaling it to a local buyer for 70-75K

But like you say Joel, the time and money invested into the whole lawsuit would have minimized profits, emptied my pockets and filled the attorneys.

I'll will take J Scott's advice and without a doubt report the agent to the RE Commission.

Other than that, I'll invest my time and money into marketing, finding motivated sellers and closing deals.

Thanks for looking out guys!!!