All Forum Posts by: Tracy Ellison - Bey

Hey @Damian Williams, wholesaling is pretty simple from an overview stand point (find a great deal from a motivated seller, get it on contract, find a cash buyer to flip the contract to). It takes a lot of action and practice to get good at doing those 3 things, but you have to start somewhere. Start with step 1: "Finding a great deal". What have you done so far?

Hey @Cameron Smith, Cobb county has their probate records online for you to search through easily, the other counties you'll have to continue to go down to the offices in person, or the other option is to just buy a list of probate leads from data sources. Google "probate leads" and you'll find a few choices to chose from. Hit the list consistently and follow up until the deals are ripe and ready to go in the probate phase.

Hey Angel, sounds like you took the "reverse" wholesaling way of doing things. The one thing about building a buyers list first, is to know exactly what those buyers are looking and how many homes they are capable of purchasing in a given month/ year. If you vet your buyers correctly, you would then market for homes that fit the buyers criteria so that you know they are ready to pull the trigger on those exact home(s) and price they were looking for. 

On the flip side, I prefer to find the deal first, and make the buyers chase me for the awesome 'needle in the haystack' deal I've grinded it out to find and negotiate. Find the hottest cash sales zip codes, talk to a bunch of home owners there, follow up, negotiate, and only contract homes that you have structured killer deals with. 

Have the buyers you talked to bought homes in the area where your deal(s) are located?

If so, what was their feedback on why they aren't looking to move forward with the purchase? 

There's cash buyers in every cycle of the market whether they're looking for cash flow, value add, or appreciation for investing profits, but do you have what they are looking for?

Hey @Morgan Hoke and @Dean Butler doing a google hangout sounds great. Sorry for the late response, I haven't logged on to BP in a few days to see these notifications. I'm 11hrs ahead of eastern standard time where I am, so anytime early mornings before 10am est  or late evenings after 9pm est would be best for me.

Send me over a PM here or on FB Messenger @nobletrebey and we can schedule for sometime this week. 

Cool, let's jump on a video call @Morgan Hoke, I'll make sure you get off and running with your business.

Hey @Morgan Hoke, welcome to the wonderful world of real estate investing! Finding a mentor to walk you through step by step would be the fastest way to the goal. I'm also not against buying courses with a proven plan and all the needed materials, but spending thousands is definitely not necessary. There are lots of choices on courses, just choose one that fits your budget and your best fits your vibe/ niche way of doing things. I bought courses and partnered with mentors on deals and it played a huge part of me gaining the confidence to actually get started with producing deals knowing someone was there that already knew what they were doing and had answers along the way. Seminars, youtube videos, and reading forums helps but rarely gives you the full picture all at once. Just make sure not to get caught up in the analysis paralysis of learning and never talking action. A large percentage of newbies get stuck there for years. Start with searching for deals by negotiating with sellers and learn what makes deals "good deals". Once you find an awesome deal, buyers will chase you down for it lol. You will make mistakes along the way, just be ok with that and learn along the way. If you need help, I'm available. 

Hey Vanessa, the shortest path to success in wholesaling is to get a mentor, or partner with someone who is actually successfully doing wholesale deals. Many folks who are not doing wholesaling will deter you from doing it before you even get started. There are many different ways to become successful in real estate and wholesaling is absolutely one of them when done right. 

I wouldn't recommend getting a license unless you are looking to primarily become an agent/broker. If you want to become an investor, just start being an investor. I was license for 5+ years hoping it would get me closer to becoming an investor. Once I actually started wholesaling, I ran circles around every agent I worked with previously in just my first year of investing. 

Now I've surrendered my license back to the real estate commission, as I could write a book on all the investing restrictions that were being thrown at me for being an agent. Not just from wholesaling and lease options, but owning and managing my own properties even if they are in my companies' names. 

If you want to chat further just send me a personal message. I'd be willing to help you out as much as I can on being compliant, and focused on the things that will get you to the goal. 

Yes being an agent and investor is definitely tough to comply with all the disclosures and clearing things through your broker. Ofcourse brokers are in business to make money from the Agents' work of representing others so they won't exactly be excited about the idea of you investing as a principle in the deals. 

I do all types of investing strategies all around the county and internationally now, not just wholesaling, but I'm sooo thankful for what wholesaling and lease options allowed me to learn as an investor along the way. 

All my deals actually creatively and quickly solved a problem for the sellers, with everything disclosed. No sly talk needed, just giving them multiple offers and allowing them to choose what's best. Alot of the times they already tried selling traditionally unsuccessfully and didn't want to go that route again. 

If you're looking to do investing yourself and you're an agent, I would suggest you just make a choice on which side you want to be on. I actually just took my own advice and surrendered my license today back to the real estate commission. I feel so much more free now! Being an agent just never fit my lifestyle personally. Good luck on your choice. 

Vacant properties would be the 1 list for me. By hitting this list I get probates, lien defaults, tired landlords, divorced, etc. And because the house is vacant it's almost a guarantee that the property is a liability to them rather than an asset. Then I show them how I can help them quickly turn it back into a benefit.  

Hey @Meagan Dorsey I'm a licensed agent. But I'm an investor and wholesaler full-time. When you contract to buy a home, you are in fact the buyer at that moment. You can choose to move forward with buying the home for yourself, or you can assign your rights of purchasing the home to another buyer, as long as your contract states you can do so. There have been several occasions on deals I've wholesaled where we didn't assign the contract, and we actually closed on the property using a double close, or even transactional funding. Then re-sold the property same day. Hopefully that helps you feel more comfortable with your husband getting in the business using this strategy. If you have any other questions, or still feel that this isn't "right". I'll be happy to chat further with you guys.