All Forum Posts by: Account Closed

I got the system a year ago. I posted 3 deals for sale. They claim they have thousands of buyers but I received NO CALLS - not a single one.

DON'T WASTE YOUR MONEY WITH AMERACO'S finditfundit

Chris, another list that is really good is building and health code violations. The list is not readily available but you can definitely get it if you do a little bit of legwork.

Here's the phenomenal thing: the postcard I send to property owners with building code violations has a 10% to 30% response rate. This is off the charts. The reason for this HUGE response? No one else is sending them mail unlike pre-foreclosure leads like NOD and 30-60 and 90 days late.

Let's connect. I can share with you the postcard that I use as well as other details on how to get a list of properties with building and health code violations.

Eric,

You need TRANSACTIONAL FUNDING for REOs. Banks prohibit assignment of contracts. You need to have the funds to close on the deal.

One more advice Pedro.
You can work with more experienced wholesalers and help them market their properties. Doing this will help you learn how to market properties and if you're successful in finding buyers, you can make money.

Wholesaling works and is the fastest, safest way to making money in real estate. Send me a friend request and let's connect.

Brian,
Nick is right.
The most tax credit you can get is $8,000.
It's 10% of the purchase price with a maximum credit of $8,000.

Joel K. the 70% rule is a just a rule of thumb. Jon is correct in telling you the assumptions behind that rule. Great job Jon.

The 70% rule does not work in a slow or declining market. It does not work in a hyper hot market or during real estate bubbles either.

It does not work when doing owner financing also.

Another way to get REOs before they hit the MLS is by getting in touch with asset managers of your local banks. If you prove yourself as a buyer, you will get houses from banks directly. I am working on 40 houses from a local bank right now.

You can't buy properties "no money down" at auctions. There's a deposit required. Beware of the 'gurus' who tell you otherwise.

Having said this, I have acquired over $13 Milion worth of real estate, majority with no money down. Here's a HINT: I did not buy a single one of them at the auction house.

I like your payment structure Dave. It makes a lot of sense. Thanks for sharing!

In general I prefer to do my negotiation (or have my shortsale negotiation company) do the negotation with the bank. Agents love the fact that they are relieved of the time consuming process of doing the shortsale negotiation. All they need to do is find buyers (which is really what they're there to begin with) and using Dave's formula, they make 6% commission.

Maybe she just farted and she did not realize it...it's her gas (lol)

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