All Forum Posts by: Priscilla Z.

Noooo, sorry, I didn't explain all of the details! This guy pays his wife alimony and child support, but she's shady and has been making his life miserable and he wants to make sure he's covered, since she might come after him for more money. He's definitely an honest man, or else I wouldn't even be willing to look into this for him.

What I meant by "should be paying" in my previous post was the RENT MONEY.

I'm posting this question for someone who asked me, so I said I could find out by asking people on these great forums!

Okay, so I've spent the past hour reading the wholesale forum and I'm back to post again. I obviously have A LOT to learn! I know my question was asked many times before...so I will just continue reading through pages and pages of posts so that I can learn from the questions others have asked!

Guess I'm getting a little impatient.....waiting for that first deal to come, but things are coming together better for me now...
I LOVE BIGGERPOCKETS!

This is what I want to do. Wholesale. I'm trying really hard to learn and so that the FEAR does not prevent me from succeeding in this business. I need some practice so can someone give me the simple steps to wholesaling?

From my understanding so far I want to:

1. Have a list of investors ready
2. Find deal
3. Put deal under "assignment" contract (30-60 days)
4. Send deal to investors
5. Get contract from investor that is interested?
*This is where I'm stuck. What kind of contract? Isn't my assignment contract good enough? Wouldn't I just be assigning that first contract over to him?
6. Get earnest deposit?
7. Wait until he closes to get paid?
*If I understand correctly I don't need any "closing costs" to come out of my pocket???

I hate asking so many questions but I guess that's why I'm here....TO LEARN....

Thanks!

Thank you all. It looks like I will get into rehabbing, just not now. From all of your advice I think I have the right idea...I just need to establish some capital so it's not so risky. I do have some capital, but it's definately not enough.

I've been trying to wholesale a couple of properties so I can get moving, but I haven't closed my first deal yet. I'm getting a little impatient, but I'm not giving up yet.

Thanks again for all your advice....I'll let you know when I do jump into rehabbing, just doesnt seem to be the right time for me now.

Okay, I'm new to this, came into this thinking WHOLESALE. Have not made my first deal yet, but don't worry, I'm not discouraged, I know I have to keep on keeping on!

However....I've been thinking about taking out a hard money loan and rehabbing a property. I don't have my own capital to invest myself, but I do qualify for a Hard Money Loan. One that will add on the payments to the loan at the end, so I wouldn't have to make a payment during the rehab. They would also give me rehab money.

I'm skeptical, and I don't know whether or not I want to jump into this. It sounds fun and exciting, but will it really work?

My idea is that....there are ALOT of properties here in Florida that won't make it to FHA standards. I know this because I was house hunting six months ago and all I was approved for was FHA, which limited me.

Now, my credit is awesome and other opportunities have opened up. I also know, from working with people on a daily basis, that there are ALOT of people approved for FHA looking for houses right now....and maybe they can find one, I can rehab it and make it FHA standards and they can buy it from me?

I have contacts for all the rehabs that would need to be done to a property. My partner already has two rehabs under his belt, his own houses, but still, rehabs. Also, I have built a team with a realtor, investor, and mortgage lender that I trust.

People....I am young, ...and inexperienced. I'm here to learn from all of you, advice please!

Jon...thanks for the advice! I did call the lady, got her information, and was able to give her a ballpark figure of what my investor can offer her, however....she wants wants her full price. She's asking for $55K and we offered between $35K-$40. She's really motivated to sell so maybe she'll think of us again if she gets really desperate....she doesn't have a mortgage on the property so this sounds like it would be a good opportunity....we'll see if she comes back.

Tiara....thanks for the information, I will be checking it out tonite. Please keep me posted on your progress! Good luck!

Hi Chris! I'm new here too Just wanted to say hi and wow, you're from Washington! I grew up there! Olympia.....now I'm living in the Sunshine State....FLORIDA! It's sunny and beautiful and there are so many investment opportunities. I do miss Washington though....havent been back in ten years.

Good luck and hope to talk to you about our investing journey!

Hi Jon, so did you close some deals in December??? How long did it take you if you did???

Oh I'm so excited! Last week I decided to actually get my business going, so my partner and I chose a name "TANO HOMES". We have a website/blog, email address, business cards, and a phone number. I began advertising for us, and just with a few emails that I sent because of some ads I have on craigslist I got a reply this morning! This lady is interested in selling her home.

I have no idea what to do. Why, because I dont have any experience. My partner is out of town and he's the one that's been studying how to do this, but I don't really know how. I have a form to fill out, and I have a contact that I network with who has investors. So, what do I do? Should I call the lady and fill out the form to get all of the house information and her information? Then do I call my contact and tell him the situation?

I'm so excited! I've barely done any advertising and I already got a call! I'm looking for someone to guide me. My partner returns in three weeks and I'd love to have a deal closed by then...we were starting to get a little discouraged.

I'll be anxiously awaiting some advice from those of you that are experienced. Thanks!!!!