All Forum Posts by: Tj Hines

I doesn't think same day deals are tough to find. It all depends on the area you are farming.

As far as using hard money and transactional funding. The simplest way to do this is find an off market deal. Then contract that off market deal with the seller.

Once you have a legal agreement with the seller, immediately start marketing the property to try and find your end buyer. Once you have a serious buyer in place then simply assign your contract over to him for a fee. This simple strategy will cost you no money or credit out of your pocket.

Hope this helps!

Hey Mario,

Believe it or not in most of the time these properties are in the foreclosure process but have not yet been foreclosed on. I know here in Florida, depending on the lender it may take a couple of years to actually go ahead and foreclose on the property. So the answer to your question is YES you can still let the owner that their property hasn't been foreclosed on.

A way to find out if the owner has not been foreclosed on is ask the owner if they have received a letter regarding a specific sale date where the property will be auctioned off down at the court steps. If they haven't received this letter then there is still time for you to purchase this property.

The sad news is the only way you can purchase this property is by getting the owner to do a short sale. This is where your expertise will have to come in hand. You have to educate the homeowner on all of the BAD things that could happen if the bank forecloses on the property. You MUST know all of the fear factors, this will be very helpful.

2nd step to that is you must know how to negotiate with other lenders negotiators which can become very trying and frustrating. I would honestly do some research to see who are the top short sale negotiators are in your area and delegate that work to them. They will charge you a flat fee or in most cases if they are good at their craft they will have the bank pay their negotiation fees.

Hope this helps! Go get em'

Hey Brian,

When dealing with sellers you have the upper hand.
TIP: Don't mention anything about escrow to the seller unless they mention it. Believe it or not 90% of the time while they are reviewing the contract the thought of putting escrow money doesn't even cross their mind.

Now if they do something about escrow offer to put up whatever you want and let them know they will hold escrow with your title company. Once again believe it or not the seller 95% of the time never care to check to see if you did put the money in escrow. I'd say if it's only a $100.00 or less then go ahead and put it up if you have it. The higher amount you put in escrow usually lets the seller know how serious you are about purchasing the property.

Dealing with bank owned properties escrow required is usually $1,000 bucks.
Dealing with private sellers you definitely want to try and minimize your risk by putting as least as possible in escrow.

Now you should always put a clause in your contract to protect your deposit and this is what it should say: Seller must pass free and clear title, if not then buyers escrow money is refundable

IMPORTANT: You always want to have your end buyer put up at least $1,000-2,000 in escrow this lets you know you have a serious buyer. If your buyers can't afford to put anything in escrow, TRUST me don't waste your time because they won't CLOSE! You should always have your end buyers deposit non-refundable unless you as the seller can't pass them free and clear title. If they buyer can't close for any other reason than that you keep his escrow money and you move on to the next.

As far as the lingo in the contract goes yeah you should go ahead and eliminate [i]with signing of contract and balance at close)."

Hope this helps!

The first thing you could have done on your end is, was get the property under contract with the seller once you've realized you had potential deal, that could yield you a nice spread. This way you would have control the deal and explain to the buyer you have this property under contract to either buy and sell it.

Tell the buyer this once you have it under contract: I have this property under contract with the seller. I have the option to either buy it and sell it. Depending on the price you are looking to offer on it.

If you want to be even more transparent with em' Let him know what you are expecting to make if you decide to sell it. If he is still getting a good deal does it matter if he is buying from you or the owner? If he wants to buy directly from the owner have him pay you an assignment fee(finders fee) anywhere from 5-10K if the spread allows. Your buyer will see on the HUD 1 settlement where he is purchasing the property directly from the seller and you will be on the statement being paid as an assignment depending how your title company words it.

Hope this helps!

All marketing in any business is a test of trial and error. I would say try that and if you are not getting the response you are looking for, then simply switch some of the wording up. Be creative and use a USP that people aren't using in your business to get the response you are looking for.

Target homes anywhere from 20-50K and you will have lots of luck. Don't be afraid to go into the neighborhoods that you won't live in. These are the areas that are goldmines to investors.

Good luck!

No you don't need an agent to put in offer for you on you house YOU found not the agent. Use a standard as-is agreement between you and the seller. Keep the agent out of it. You found the property without them you don't need them. It's kind of saying hey I don't know you from a can of paint, but I want to give you some money. NEVER let an agent trick you into thinking your doing something wrong by you dealing directly with the seller. Investors do this day in and day out.

You will come to find out in your wholesale business the Realtors are not your best friends.

Hope this helps!

I'm not understanding...... she is receiving 10k at closing that can most definitely help with moving costs. Right now she doesn't have any cash in her pocket. All she has is the $800.00 every month to live off of. At least this way she will have some cash in her pocket when she moves with $800 coming in.

Good Luck!

Find out where your local foreclosures auctions are being held and make yourself to go down there and mingle. You will find about a half dozen to a dozen investors that all have cash to buy. The sad thing is everyone can't win the bid on the property and the ones who lost are left to dry. This is where you come in and clean up. Offer your current deals to them, if they are not interested gather all their contact information and store them in your cash buyers data base.

Also find out where the local housing authority is located and retrieve the section 8 list. This list is composed of all landlords that have cash to buy endless amounts of properties.

Hope this helps!

You can go use [b] Clear Title and they are investor friendly plus nation wide.

You can get a assignment of contract from local wholesalers in your area. You don't necessarily have to get one from the title company.