All Forum Posts by: Philip Tun

I decided to get into wholesaling about 2-3 weeks ago and been trying my best to get leads. I have been talking to a for sale by owner and he needs to sell the house because he is moving out of state. I asked him if he owed anything on the current house and he told me he has a balance of 402k on a reverse mortgage. The comps around that area is about 430-470k. It is in a desirable area and also a good potential rental property. I know this because I literally grew up 5 mins away from him. I was wondering what is the best way to approach this owner to do a wholesale deal. I do not know too much about reverse mortgages, but i know this would be a good investment for someone. I am very new to wholesaling and been reading a lot on posts and books. So any information or advise is very helpful. 

I would agree with everyone else. The security deposit protects you from damages and skipped rent. If you are lenient to them once, they can see right through you and will take advantage of you. Tenants are no fools, a good amount of bad tenants know how to play the game and know how to pro long evictions. Just becareful 

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Hello Everyone, 

My name is Philip I am new to real estate investing and realized that there is so many different ways to invest in real estate and make money as well. I do not have too much experience investing so I would call my self a beginner. I did purchase a house in 2007 as an investment when i was 23 and held on to it thinking it would go up. I used as a rental property but at the end of the day i didnt have much cashflow. I recently sold the property last year because I thought it was a good time to sell. I took a loss but i look at it more of a lesson and experience. My recent purchase was in 2013 to live in, now I have a good 20% equity built in and plan to keep this property until i pay it off. 

My plans are to get into real estate wholesale but the more I research and dig, I feel that Southern California is a bad area to start, please correct me if im wrong. I finished reading the beginners guide book that was written in BP and felt that it was very informative. I plan to continue reading the posts in this forum to keep me educated. At the end of the day, I would love to network with people.

Thanks.

I am very new to this wholesaling and I found a possible seller, shes basically about to be foreclosed/auction on Monday Morning. Is there any way to get this wholesale deal to work and sell it off to a cash buyer? I know this is a last minute sale but I would like to see if I can work this out.  

Thank you.