All Forum Posts by: Rick Pozos

I usually do not work with Realtors though on the buying side, and it is because they are accustomed to working with only the seller and buyer in a transaction.  It is not common in their world to deal with assinments and wholesalers. Nothing bad about Realtors. I love Realtors.

It is NOT illegal anywhere!!

You have to be the buyer in the contract. After you have a contract, you can do whatever you want with the contract unless there is wording in the contract that legally prohibits you from assigning. 

If someone asks why I put "and/or assigns" after my name, I let them know that title will be taken in an LLC and I am not sure which one right now(complete truth, I dont know who will buy the contract from me yet), but it will not be in my name personally. I let them know that if there is any issue whatsoever, please have their attorney review the contract and call me if there are any questions. I NEVER, NEVER, NEVER say that I am going to wholesale the property, just that the title will be taken in the name of an LLC. Also, I never say that it is MY LLC, just that title will be taken in an LLC. Right after I have a contract I execute an assignment contract with the end buyer. Get that assignment to the title company so that they know what is going on.

I have to agree. If you want a realtor, pay the 5 or 6%. If you want to save the 6%, then sell it yourself on craigslist.

Pick one and go with it.

If the house is empty and it says they live there, ask the neighbors. Neighbors are usually key in finding the owners of vacant houses.

If it is a rental house, go to where they live and knock on the door.  I do this. In fact I just did this the other day. Nobody was home, but all 3 of the cars had for sale signs on them.  I called and found out he was going through a divorce. He had a code violation on the house I was calling about, but he is interested in selling because his ex-wife is on the deed also. Potential deal. 

Beautiful.

This is about as simple as it gets. One card is for buyers and one is for sellers. I am almost out of the buyer cards so everybody is getting seller cards when I meet them.

I agree, I would negotiate a better price and you handle it as the new owner or let them handle it with an attorney.  If anything goes wrong or they are not 100% satisfied, they are coming after you for liability.  Maybe you could do some research for them about attorneys who do evictions. I would never get in the middle of something that is already ongoing.  It could be that the elderly couple was doing something unfairly to the tenants. You never know.

If they really dont want to handle the situation, a better price should be had for solving their problems.

I am NOT a lawyer nor do I play one on TV, so here is my unofficial legal advice.

Wholesaling is legal. Always has been, always will be. Legal in all 50 states and territories. Legal all across the world.

When you contract the property, YOU ARE A PARTY TO THE TRANSACTION, not a broker. The next day, you change your mind and say, "I dont want this property after all.  I think my buddy Rick would like to buy it. Rick is willing to give me 5k for an assignment fee". You assign the property, Rick closes, no problem.

Everything is legit.

You just have to be a party on the contract. If you find Mr Seller and find Mr. Buyer, they contract the property and give you a fee for that, then there is a problem. That is brokering. That is what licensed real estate agents do. 

I (and so should you) put earnest money down, I sign a contract with the seller, if I assign to someone, there is no problem because I am a party in the transaction.

Direct mail is not a once and done thing. You have to keep mailing out every month. 1000 cards cost $490 in postage. After 3 months if you get one wholesale deal that makes you 3k, then you doubled your money. Not a bad return.

Remember, this is not a get rich quick scheme.  Be patient and persevere!!!

I send out about 800 to 1000 cards a month and I end up getting about a deal a month from them.  But also, I hand out business cards everywhere I go, facebook page for distressed homeowners, website and everyone who knows me knows what I do. Try the cards along with other marketing.

I would send a postcard, then a letter and then a postcard again.  Somewhere in between all of that, I would go knock on their door(take someone with you). As said already, they are getting tons of letters because many people have that same information. To really stand out, make sure that your postcards and business cards are all the same bright yellow or orange or whatever color that jumps out at you. Keep sending to them every week or two.