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All Forum Posts by: Tony Ho

Tony Ho has started 10 posts and replied 33 times.

Post: How should I go about this deal?

Tony HoPosted
  • Wholesaler
  • El Paso, TX
  • Posts 33
  • Votes 7

my real estate friend back in Honolulu, Hi has found a 3bed/2bath houses, fixer upper, under market value. I'm in eel paso, Texas and I would like to turn this into a wholesale deal. I'm not sure if it's a fixer upper or b/h yet. But can someone help me with the process? What's the role of each individual(my realtor, me, and the buyer)? Do I have to pay first with my realtor or can I just go as usual like a regular local wholesale deal?

Post: Mentorship for $$

Tony HoPosted
  • Wholesaler
  • El Paso, TX
  • Posts 33
  • Votes 7

Would you charge someone fee for mentorship? Today, i went and met this local real estate investor and he said that he will help me (im a new investor) but for a fee anywhere from $100-500. I told him that i could learn the things that he offers from BP.

Post: New to wholesaling!!!

Tony HoPosted
  • Wholesaler
  • El Paso, TX
  • Posts 33
  • Votes 7

believe me when I say it's so much easier to get buyers than sellers. Also you don't need a license to wholesale, but in some states you are going to need a real estate license just to wholesale so you don't break the laws.

Post: Seller still has mortgage

Tony HoPosted
  • Wholesaler
  • El Paso, TX
  • Posts 33
  • Votes 7

Can you offer to a seller less than what he/she owe on the mortgage? 

I have been to see 2 different homes and they both have a mortgage on them which is higher than the 70%, so any offer that I give would be a loss to me and my buyer, and if the deal does not go through then it would be a waste of time for the seller also. 

One of the sellers also said that she had the house appraised, even though I offered her cash she would not budge.

This is really the hardest part in wholesale, finding sellers...

Post: Split deal contract?

Tony HoPosted
  • Wholesaler
  • El Paso, TX
  • Posts 33
  • Votes 7

is there a contract for 2 wholesalers to split the assignment fee? What is it called?

Post: My first adventure

Tony HoPosted
  • Wholesaler
  • El Paso, TX
  • Posts 33
  • Votes 7
Originally posted by @Kory Thaut:

@Tony Ho First, thank you for your service.  It's such a blessing to the committed men and women of our armed services.  

2nd, wow, what a busy day for a part time investor.  Are you working with cash offers? That might sweeten the deal with the potential of a quick close.  You might need to use some short-term hard money but it works.  

 Yes I told the sellers that I am offering them cash, but they were not motivated sellers so it was a tough deal.

Thank you for your support!

Post: My first adventure

Tony HoPosted
  • Wholesaler
  • El Paso, TX
  • Posts 33
  • Votes 7

Today I went to do a drive-for-dollars, I don't know if I did this right or not. I went through an area newly developed, so there were no old and run down homes, but there were homes for sale and rent. So I took out my phone and did a quick tax assessor and found out that the owners are out of state. I took down the mailing address and thinking of sending them a postcard asking about the house, is this a good move since the house is in a new area?

Also, I went to meet with an appointment, this house was on craigslist for 92,000. It needs at least 6,000 for rehab, I also found out that the owner has a mortgage for 80,000. She would not go lower than 90,000. So as a wholesaler, I bid my farewell and told her to please keep me in mind and rethink my offer if there are no other. I was originally aiming for 75,000, knowingly I would not make much from assignment fee and it would be a tight call for my buyer so I did not want to continue. She said an investor was harassing her with phone calls with an offer for 20,000. 

Then, around the corner, there was another house for sale by owner. I was glad, then i made a phone call there and scheduled an appointment within an hour to check out the property. The house ARV is around 110,000, he got an offer for 89,000. My first issue with this was, he is not a motivated seller, he is a retired investor who just want to sell all of his properties. That right there is what got my offer denied (80,000). The owner wanted to sell the house to next door neighbor (89,000 offer), but it wouldn't go through until April (so i hope that he will call me back and accept this offer). I also called some FSBO from craigslist and came across other wholesalers, i took this opportunity to make friendship and ask for mentorship from the other wholesalers.

Then before the sun set, i found a not tally broken down house, but the front window curtain was broken, so i took this chance and dropped a note on the door.

I learned a lot in one day, i hoped i would be able to make at least one deal but the knowledge i received from my failure was awesome. I am doing this part-time because I'm an active duty Army. I hope to learn more from everyone from BP and help to give me advises to take my real estate investing career to financial freedom.

Post: Have wholesale properties to sell?

Tony HoPosted
  • Wholesaler
  • El Paso, TX
  • Posts 33
  • Votes 7

I will keep you in mind for any properties that I come across. how fast can you close?

Post: Wholesale Marketing

Tony HoPosted
  • Wholesaler
  • El Paso, TX
  • Posts 33
  • Votes 7
Originally posted by @Manfred Schaefer:
Originally posted by @Alexander Forrester:

I hear of people sending out a large number of letters or post cards to market their wholesale business. Where do people get these lists of addresses? What are the costs of this? Thank you

 listsource.com Will get you around 300 names for their minimum $50 fee.

 Are the people in listsource's names are people who are selling or renting their home?

Post: Seller ask for payment?

Tony HoPosted
  • Wholesaler
  • El Paso, TX
  • Posts 33
  • Votes 7

I am going to see a house tomorrow and this is my first deal. What if the seller ask for payment after the contract is finished? What do I tell him? I have buyers that might be interested, but I don't know how fast they can close the deal