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All Forum Posts by: Account Closed

Account Closed has started 10 posts and replied 34 times.

Post: Need Help Wholesaling

Account ClosedPosted
  • Developer
  • Central, NJ
  • Posts 34
  • Votes 7
Originally posted by @Jonathan Herron:

@Account Closed your title company cannot find you a buyer.  That is the purview of a real estate agent.  A title company can do the title search and issue a title insurance policy for the property.  For wholesaler clients I have the contracts allow for my client to choose the title company.  The act of acquiring a buyer is done by my client.  Further, the title company cannot typically require proof of funds beyond what the contract of sale allows.

 Jonathan Thanks for that.

I misunderstood what i was saying, im about to Work with New Western Acquisitions which isn't a title company they are the ones that are able to find me a buyer if i have a property under contract, and have the funds at closing. This is the part i forgot a confused myself with, However it still doesn't help with that i inquiry about a property if the owner is another investor looking to sell.

I guess what im asking is how does anyone tell if the owner of a property is the actual owner and not another investor or agent....?

Post: Need Help Wholesaling

Account ClosedPosted
  • Developer
  • Central, NJ
  • Posts 34
  • Votes 7
Originally posted by @Chris Martino:

Hi @Account Closed, when you say you are searching for properties for sale by owner, does that mean you are finding them through direct mail, door knocking, etc.. or are these listed online as "for sale by owner"?

 Hey Chris, for the most part i been online lately, my marketing has either been done by Bandit Signs, direct mail, dropcards, and i had lil bit success in the past but back then my mind wasn't clear on things like it is now and i refuse to door knock especially in the area im in, i tried it before it's not many owners motivated to sell, around my way is lack of owners just mostly people that are renting a property. The main place i go to is Zillow but there isn't any telling if any property that's fsbo is the actual owner ready to sell unless its a Realitor that has the property, if it matters.

Post: Need Help Wholesaling

Account ClosedPosted
  • Developer
  • Central, NJ
  • Posts 34
  • Votes 7
Originally posted by @Jonathan Herron:

@Account Closed I am confused how a title company is already involved in the transaction.  In NJ title is ordered by the Buyer and not the Seller.  I have never been involved in a transaction where the Seller ordered title.

 @JonathanHerron thats why if the seller says that then it sounds more like another investor that already took over the property. If im the Buyer A. Then its my job to have the title company who will find a Buyer B. Who will take over my Purches rights that i had with the seller then after if everything is closed i get my profit and the seller gets their asking price.

Am i right or wrong in this? Am i missing something?

Post: Need Help Wholesaling

Account ClosedPosted
  • Developer
  • Central, NJ
  • Posts 34
  • Votes 7

People of BP, I'm having trouble trying to Wholesale, i know what i'm doing far as setting up Contracts and all that, its more of finding Motivated Sellers of properties, every time i search for a property that's for sale by the owner, either i run into someone that already doing the same thing, took over the property and looking to sell it aka another Investor, or someone that has a Title Company already tied to the property and it puts me out of position to do anything after that. I had one guy tell me the last second that one of the properties he had for sale had a title company set up already and was looking for proof of funding so i stepped off it, i seem to run into this issue lately no matter what area it is, i'm looking to Wholesale in the Central, South Jersey and Philadelphia Areas, so any Thoughts, or Clarity from anybody who has ran into this issue too or am i not doing things the right way?? I'm also looking to partner up with anybody if they want to Co-Wholesale, it'll be a plus if you already experienced in it and it helps me get more experienced in that area.

Thank you.

Post: new and need guidance

Account ClosedPosted
  • Developer
  • Central, NJ
  • Posts 34
  • Votes 7
Originally posted by @Michael Burford:

hello bp anyone on here in the south jersey area willing to help guide me and talk over coffee.

im new to wholesaling real estate. im located in Delran area.

 Hey mike im from the South Jersey Area Burlington County. My Group Holds a Meeting Every Monday night in Cherry Hill, Message me if your interested in going & ill give more info on what we do if u like to...

Post: Credit score of 400 plus..

Account ClosedPosted
  • Developer
  • Central, NJ
  • Posts 34
  • Votes 7
Originally posted by @Mark Sewell:

Maybe you can work for some other investors in your area?  Drive for them, do some door knocking, appointment setting, some other part-time stuff that they need done.  Start chipping away at it, and learn while you earn.

 The Beginning of your statement sounds like bird dogging but i get what your saying.

and overall these are some great advice and all these apply to all of those that have this same problem right now, i always believed that  trying to get loans searching online or asking around which isnt a bad thing to do but the likely chance of someone getting a loan to help them out with a credit score this low is unlikely as some of ya said, so there is only one way to do that and that is to work and pay the debts off, mainly the utility bills that need to get tended to especially if you wanna live in your own space again, or if its for the first time.

We all had some unfortunate circumstances in life, Death in the family, force to get bills put in your name by someone so they didn't take the blame of not dealing with those bills themselves, and that's someone you don't wanna live with trying to push everything on you  and make it your responsibility, sad reality but at the end of the day it gonna be your responsibility anyways later on. So if you dont want to be in this situation, work and pay off the debts regards of how your situation was before. It will be a challenge but it will help in the long wrong say 5 years from now if you stay the course Financially.

In my case i worked few jobs and i knew i had to pay my debts off, im still paying them now, at one point when i was ready to pay but couldn't pay because my check wasn't a lot and company's wanted me to pay the whole bill off i couldn't do that, some people will run into that problem, if you got a cable bill that some cable provider wants you to pay off the whole bill you can do that all you have to do is save up into the next week depending on how you get paid at your job weekly bi-weekly.

Again it's only one way to get your credit score up if its lower then in the 400s or lower, working and paying off the debts.

Post: Credit score of 400 plus..

Account ClosedPosted
  • Developer
  • Central, NJ
  • Posts 34
  • Votes 7
Originally posted by @Account Closed:

Agree with @Wayne.

Real estate is not a fast way to get rich.
It takes a long time to build a portfolio.

Work hard to find two jobs, any job include Macdonald’s job.

Start to have a habit to pay all the bills on time, pay off all the debt gradually to build up your credit score back to 700’s.

After two years of W-2 job with 700's credit score, you can get a 3.5% down payment FHA loan to buy your first property.

 Your right its not an easy thing to start in, regardless what these gurus say.

Post: Credit score of 400 plus..

Account ClosedPosted
  • Developer
  • Central, NJ
  • Posts 34
  • Votes 7
Originally posted by @Alexander Felice:

fixing that credit problem is #1

if someone has no income, no cash, no experience, and bad credit, they will have to prove to the world they can fix these problems first. Fixing the self created, and self limiting problems is the most valuable, because these are the simplest problems, and the ones that will have most impact on your ability to help other people fix their problems.

a good credit score is reference that you can properly manage resources, without it, it's hard to convince someone you have that skill.

I had terrible credit when I was younger, it's a roadblock for sure, but one that isn't too hard to beat with a little focus and tenacity.

There is still a lot that can be done while you're preparing: Educate and network

 Yeah but that person can end up having Student Loans killing their score and maybe a utility bill.

Post: Credit score of 400 plus..

Account ClosedPosted
  • Developer
  • Central, NJ
  • Posts 34
  • Votes 7

BP People, what would you do if you wanted to get any loan or hard or private money lending but your credit score was 400 something and you weren't able to get anything to help get started in your real estate venture and wasnt able to build up your credit score because of lack of income, not able to land a job or borrow from friends and family, what would you do in this situation???

All Experts chime in for those new who haven't begun real estate yet or struggling right now.

Post: Looking to Invest in my Local Area

Account ClosedPosted
  • Developer
  • Central, NJ
  • Posts 34
  • Votes 7
Originally posted by @Chad Gallagher:

You guys should swing by our Trenton meetup we are launching May 23rd with Matt Faircloth.  I posted it on the BiggerPockets events page.  Should be a good crew of local investors that you can get valuable insight from.  

 Thanks for the info chad.