All Forum Posts by: Sage Jankowitz

I have a rough idea by checking the assessor's database to see when the properties were last sold. If the property was bought in 2004 I know there isn't close to enough equity there.

So I've compiled a list of properties in my target area after driving around for hours and hours and I've checked each for equity. Now I can't decide if I should send a letter/postcard or give them a call. And if I give them a call, how should I open up the conversation? I want to get an idea for motivation early on, but don't want to come on overly aggressive.

What do you think the best strategy is initially? What has worked for you?

Steve, the Israeli government and other donors offer a free trip to Israel for anyone under the age of 26. It's called Birthright Israel. It includes airfare, hotels, food, guided tour of the entire country, and everything else is 100% included. I pay for nothing.

I don't blame any attorney for not working with me. Just like any business they are providing a service and deserve to get paid for it.

Having said that, I am a firm believer in building relationships in business. Before RE I worked in the film industry. My former film producer bosses worked with their attorneys for years and years. The more they worked together the more they both accomplished. They sent clients to one another, they helped each other out when the other one was down, and everyone won.

I'm going to do the same thing with RE. There's a good chance I'll have to get contracts through other means, but once I have some capital I plan to find a lawyer that I can grow and work with.

Oops, did not mean to include the word 'mortgage' there. Just plain fraud. I was told it could be considered fraud because if I use the end buyers funds I'm concealing my finders fee. However I do it, I have to use my own funds according to this lawyer.

As for transactional funding, it's not that I'm against it, but I'm skeptical that it's necessary. This is the 5th RE lawyer I've spoken with and the first who said I would have to use transactional funding to double close. In fact not a single investors/wholesalers I've spoken to has mentioned this at all.

I've been working so hard with this wholesaling thing for a month now. I have 35+ cash buyers lined up and I know my farm area. Me and my father have worked together on a blitz marketing campaign when I return from the states on the 24th and I plan to implement 3-4 strategies in the beginning, reevaluating every 6 months and adding an additional 3-4 at that time. I have everything together except for my contracts. I have copies of assignment/double close contracts from wholesalers in texas, california, and elsewhere, but not where it counts....IN MY STATE (MA)!

Anyway, I've spent the last two months trying to find a RE lawyer that will work with me and provide me with the contracts I need. I can't pay them out of pocket up front, but I've offered to pay all fees after my first deal. In addition I've offered to refer my wholesalers, investors, and anyone else that is in need of RE legal advice their way. I've explained that I will also need their help down the road in setting up a business entity and later on with rehabs and buy and hold situations.

At first I found RE lawyers that wouldn't even give me the time of day. They were downright rude and egotistical. No interest in my concerns or what I was trying to accomplish. Then I found one that said they would work with me. That was over two and a half weeks ago and they haven't returned my calls or emails since.

I recently came across a second one and met with them. First off, they appear to work with a number of "high profile" investors in the area. They claim that assignments are very tough to pull off in MA, that I can't charge a fee in that situation, and that most investor's lawyers won't work with them. I was told an option contract with a fee would be fine. I asked what the discrepancy was, and I wasn't given a clear answer. As far as I know they are the same thing.

I then said, well I can double close on all properties with my end buyers funds. I was told that the funds must be my own and if the investor brings funds to the table for the A to B transaction it could be considered mortgage fraud. She said if I were to double close, either I would have to pay in cash for the A to B or go the transactional funding route which I'm not doing. Essentially I was told I can only do an option contract, and it appears that will cost me a couple thousand.

I also was told that they wouldn't give me the contracts until I brought them a deal. Now as far as I know, I need a contract to have a deal. And if it's a deal and I go to this lawyer, what's stopping them from taking it for themselves or sending it on to another colleague of theirs? There would be a good chance that in one way or another, I would lose any deal I brought them before I could receive the contracts.

I understand on the surface it might seem like I'm asking a lot from a RE lawyer, but here's my take: I'm an extremely motivated force that will not stop until I get what I want. I'm going to give this person business for THE REST of my career. I'm going to refer them to MULTIPLE clients who will use them for the rest of their career. I'm going to work with them to set-up a business entity, for rehab contracts, for buy and hold contracts. In one month I have over 35 investors and a ton of other RE contacts who would love to connect with them and I'm getting the runaround. It's all very frustrating.

I've considered going to experienced wholesalers in my area and asking for their contracts, but outside of offering them more investors (which likely isn't a MAJOR concern for them), I don't know what I can bring to the table. Does anyone have any thoughts on this? I'd love to use a very simple contract off a website, but legally that puts me in a really horrible situation. I want to feel secure in my contract and know that I'm protected from a liability and legal standpoint.

Sorry for the long vent, but when I started this venture I had this little ember in me that wanted to get a deal together. At this point it's a forest fire and I need to get these contracts and ASAP. I'm heading to Israel on Monday and I really want them ready to go when I get back on the 25th. I'm very tempted to call every RE lawyer in my local phone book and see what happens...

BP community, I would love to hear your words of wisdom on this one. Really could use a little guidance right now...

To take it a step further...Do some research on your local hard money lenders. Find the HML that is making ALL the deals in your area. There's usually a couple that have made hundreds in the past year.

Then simply search your areas registry of deeds for that HML. Every single property that your HML is involved with is linked to an investor in your area.

There are a ton of other ways, but that's a great starting off point. Now go out there and get them!!!

Thanks Justin and I appreciate your input.

Kind of shocked you were the only one to respond to my post though!

Welcome Roland! This forum is an unbelievable resource and just a wonderful community.

I'm in Newton, MA and I'm wholesaling too, we should absolutely connect. I've sent you a colleague request...

There isn't a "golden rule" to finding hundreds of distressed sellers annually, but there are a handful of ways that will net you a few deals every year.

My question is, if you had to rank your top 5 MOST EFFICIENT methods, what would your list look like? Here's a list of some methods I've found through BP/networking/Ryan Webber/various readings, but please feel free to add more and rank your top 5 based on your local market.

NOTE: (I've put RW next to any marketing techniques I've found through Ryan Webber's posts on BP)

-bandit signs
-flyers
-yellow letter campaigns
-HUDs and REOs
-tons of bids on the MLS every week (RW)
-foreclosure auctions
-walk the streets
-offer referral fees to utility workers, pizza guys, and other locals in the community
-county clerks office for tax rolls/lis pendens/liens (RW)
-obituaries (RW)
-connect with divorce lawyers/bankruptcy lawyers
-postcards
-connect with burnt out landlords and out of state landlords
-bail bondsmen
-estate sales
-probate/trustees
-advertise in newspaper/local newsletters/billboards/bus stops

I have spent the last month building my buyers list as big as I can. I currently have 35 cash investors after my first month. I'm going to Israel this coming week and I look to implement 3-4 techniques in my farm area immediately upon my return...

Thanks for your thoughts Brian. I plan on working the wholesaling angle really hard and I don't want to get involved in rehabs until I have enough capital to cover all repair costs even if I use a HML. Might be more like 8-10 deals before I get there, but it's good to know where that fits into the big picture.