All Forum Posts by: Sean L.

If you want to become an REI investor because you spend more money than you make, there is no fix for that. If you have no cash, bad credit and no net worth. You should fix you first them invest in real estate. 90 percent of the people in this game do not understand the difference between investing and retailing real estate The smart ones in this game invest in income.

It is and it is not a great time to try and become a wholesale investor. It depends upon your market. If you are in a high foreclosure market like SWFl. The bankers are the only ones creating equity.

You do not need any course and any Guru type mentor. The problem with Guru's in 99 percent of them give the other 1 percent a bad name.

You need the following to wholesale.

1. Keen market knowledge. Most newbie's have no idea about values. Pick your farm market. and drive nothing but CLOSED SALES. the only sale that matters in real estate is a closed one. the rest are dreams that may or may not come true.
2. Marketing to get sellers to call you
3. the legal document to gain you an " equitable, executable interest in the property.
4. Marketing to get buyers to call you.

I bet you could do all that in style for 5 to15K and really be what you want to be. or you could give your 5 to 15K to some guru who preys on others dreams, not the real estate market.

You should probably look into getting a real state license. Almost all of the real investors I know have an RE license. The disclosure in very simple. The access to data and trends in priceless. Most Guru's will steer you clear of that. WHY? Because they do not want you find out they are full of Sh&T. I am not telling you to be a rank and file realtor. An Investor with a real estate licenses has inherent advantages that the unlicensed does not.

BAMMMM!!! I second the helloutta that...

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Just search this forum and Google. There are many slick ways of building a buyers list. I have a list I built of over a 1,000 in 90 days.

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Originally posted by nationwidepi:

First step is to take off your caps locked key. Posting in all caps is like yelling.

LOL

:lol:

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Will is correct, although I may be new to short sales, I have been getting referral fees for various RE transactions for years. All I am doing is referring a deal over to the listing agent and getting paid 25% of his commission. He is issuing the check to the broker of record of my mortgage company. So everything is on the up and up.

$2,500... Not much. Back in the day $2,500 would go towards a Breitling watch or bottle service at a nightclub.
Nowadays I am stoked to get a check no matter how small or large it is.

Cheers!

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Update:

The owners have listed the property with a relative so it is not the lender who is listing the property.

I spoke to the agent and he is going to give me 25% of the commission on the sale so I am going to write the offer and see where it goes.

Let me know if you guys have any more suggestions. Thanks for all of your advice.

Cheers.

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I have a client who is renting a property that is currently in foreclosure. He loves the home and would like to purchase the property.

The current owners have agreed to allow a short sale although my client just called me and said that some real estate agent called him and needs to come and take photos of the home because it is going on the market. The lender is listing the home.

Question:

I would like to transact a short sale to wholesale and profit off of this deal. I am new to short sales, thats why I am asking.

What would be the exact way to go about this?

Thanks for all of your advice.

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Can you wholesale deals right off of the lender(s) REO website?

Anyone doing this?

Looks like it can be done by way of double close with a good title company.

Correct me if I'm wrong or if anyone has some insight on this method, please do tell,

Thanks!

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Great responses. Thank you very much for your input!

Cheers to drinking beers!!

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What are some different ways to go about seeking out a **GOOD** REO agent to work with in supplying information regarding properties and gaining access to the MLS in your local area?

I am not a licensed California real estate agent so there is no way other than what's mentioned above to go about locating deals on the MLS.

Any suggestions or creative ways to go about doing so would be greatly appreciated.

Thank you!

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Originally posted by Mr_Investor:

I'll admit the woman in the avatar is hot :mrgreen:

HAHA...

Sorry, I suppose my post is about as contributing as Mamma Mias

:lol:

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All Forum Posts by: Sean L.

Sean L. has started 5 posts and replied 25 times.

Post: What is the best way to get started with Wholesaling

Post: BUYER'S LIST

Post: HOW DO YOU WHOLESALE A FORCLOSURE?

Post: Short Sale Question

Post: Short Sale Question

Post: Short Sale Question

Post: Wholesale off of Lender REO Site

Post: How to locate a good REO RE Agent

Post: How to locate a good REO RE Agent

Post: Mamma Mia??