All Forum Posts by: Richard L.

@David Bradley Hey David, there’s a lot to get into but I can give you the basics on what I do.

1) propstream- I use it to get my list such as preforclosure, tax liens, vacants, etc

2) batchskiptracing.com - that’s where I use to skiptrace all my list and I use promo code ttp for a discount.

3) once I skiptrace I use mojodialer (some people like use xen call) and I submit my list there and start cold calling

I also use sms blast to find leads. That’s preety much it, finding deals is really a numbers game. Try to get more leads every week, build a pipeline and keep making offers. Thanks

Just a quick question, I am a wholesaler from NY and I've decided to reinvest in another market. Recently attorneys have been killing some great deals and I think its time to move forward. 

I heard a lot of great things in NJ and I am only 25 minutes away from Bergen County. I just want to know if anyone is familiar with the market. I heard a lot of great thinks about Jersey and already planning on going to a meetup. But I wanted to know if the process is the same as NY. I know people use title companies and attorneys, I am just not sure if there is a difference between NY attorneys and NJ attorneys, or does it just depend on who you are dealing with. 

Also which area of Jersey is title closing? And when it comes to the title can I just do I draw up the papers for the seller or does someone else do. Thanks to everyone who helps, and if there is any more advice, that would help as well. Just want other people's opinions to see if its even worth it to invest in NJ or at least expand there. Thanks and much appreciated. 

@Will Barnard

Thanks! Can you explain and go more into depth about the new entity. I’m still a bit confused? How would it work and what are the steps to get it?

So I have another deal I am working on, and I need help from experienced wholesalers. I know some people just like coming on to these post to bash on wholesalers, so just want to let you guys know that I am 20 and still learning. So if there is any input or advice, you can kindly let me know and I will be open to hearing. Thanks! 

So I have another deal I am working on in ny, it is a single-family home, and I and the seller agreed on the price. However, since I am wholesaling it, the seller's attorney and my attorney have been going back and forth for a week and it has made the seller very impatient. 

Here is the response from the sellers attorney:

My understanding is the following 

1) Inspection is already done. If not, lets do it before contract

2) If he wants to assign to an LLC he owns etc that would be okay- also, please send proof of funds, as I dont have that in file

3) 45 days is find - Probably better to do 60 B/C of tenant see #4

4) My understanding is that the deal was made with the understanding buyer wants it vacant we may need to add more time to closing in the event a summary proceeding is necessary. I dont believe it will be- but I think my seller and tenant have spoken and tenant wants about 60 days notice- which if we go to contract now would work

5) We need at least 5% down on this. 

First Issue-
We cleared up most of the problem, with the tenant and also the earnest deposit we increased. However, how should I go about sending proof of funds? I don't necessarily have the money, but I have cash buyers at the moment, I am just hesitant to give them full details ( such as the actual address) because before I use to trust buyers before signing and then they would go between me and the seller and take the deal away from me. Any advice?

second issue-

I did go to see the house to do due diligence, so I am assuming that's why they don't want an inspection. But I still want to have an inspection contingency for the buyers who come look at the house. I am confident I can wholesale the house, but the inspection contingency allows me to actually showcase the house.

If they don't want the contingency, should I just take it off, and just ask permission for access at the house. Currently, there is a tenant in there who is willing to move on a 60-day notice, so how would I go about that. Do I talk to the seller and tell him, to tell the tenant that I need to go see the house a certain date just for my "funding partners" to take a look at it. (p.s this is my first deal dealing with an actual tenant inside.)

Thanks for any advice given, and if you want to bash me I understand and I don't mind it, Please any experience wholesalers who have any input, I would appreciate it. Thank You and Happy Holidays.

@Derek Carroll

Rockland county.

@Richard Lema

Okay so I think he’s was just desperate since he wants to sell before the year ends. I made the earnest money not refundable so I can at least give him 3% of what o offered just in case I fail to find someone. But where I live hassidics are all over the place and it’s more of a rental market than anything. Wish me luck. Sorry if you guys have a bad view on wholesalers I really try to help sellers and never think about profit but more about the ethics and business. I guess I have a lot to learn in this business and am open for more guidance and mentorship. Thank you

Hey so what do you suggest. I’ve been wholesaling like this for the few months and I got this contract from experience wholesalers in Rockland County who do wholesale deals consistently and my lawyer never had an issue with it. 

I still want to be able to help the seller but I’m only 20 so Im not as experienced as some people in BiggerPockets. Any advice?

Hey guys quick questions. I have a potential wholesale deal at hand here in NY. The seller told me he wants a non-contingent offer, due diligence made prior and does not want an escape clause. Unfortunately, my contract has a three week period where if "my partner does not approve" where I have a spread of 14 business days. Basically the seller does not want any escape clause. So what do you guys suggest? I always have trouble dealing with sellers in NY, but this one made it clear. 

Should I remind him that I am taking all the risk here and that I am paying cash so this is just for me and my team to be protected. And this is how we always did it. Or should I take a NY contract and just ask his lawyer to add that I can assign it, ( I'll tell them so I can assign it to my LLC) and I just need access to the home between now and the closing date.

Any advice from NY wholesalers? Or any wholesaler doing deals in NY?

@Blair Poelman Thank You for the advice, and really appreciate it. I was hoping if I could ask you a question too, If you were young and ambitious (knowing what you know now) How would you approach starting off in real estate. I would love other point of views. And thank you for taking your time to post.

Hey guys, so recently I had a sit down with a real estate broker and property manager. I told him how I am young and ambitious, and told him about my plan which was to try to get a loan and open up an LLC, and look for rental properties.

He told me how a lot of young people are very ambitious, and that these ambition can blind them from a better approach. 

He told me that if he was my age, he would get a real estate license, and work for a company; learn the in and outs of the industry, know what a "good deal" looks like, and learn to build your own listing; so I can have most control. 

He told me that working with other agents, also under a company can give me the connections and the resume; so when time comes to invest and ask for a loan, you have the backing to make yourself seem as a legitimate investor 

He really opened up my eyes, and made me see a whole different approach to the real estate industry. I was hoping if any one had any additional advice. I love the idea of real estate, but I am 19 and I'm the type of person who thinks he know everything and is past his time, but I genuinely want guidance, and I really am thinking of getting my license and working under a company for a few years so I can raise capital on my own and also added benefits that come with it. 

What do you guys think? P.S