All Forum Posts by: Micahel Lorent

Jon,

If I may ask, what are those local investors in your area doing that generates them all of those deals per month? I mean, I get the marketing thing, but just how extensively do they do it?

I didn't expect autopilot anyway. I want to take it step by step, and focus on just generating one deal, and then the other, and then the other.

I've been reading old BP posts and other articles all over the place, and I just want somebody to tell it to me straight: what's the real deal with wholesaling? I know it's more of a business than an "investment", but some of the success stories just seem fishy to me.

I've heard of people saying they're doing two, three, four, or more deals per month! Is that a load of baloney? I must admit, I did think it was going to be easy......but now that I learn more and more, I'm getting a whole new respect for this wholesaling thing.

I'm still up for it and, in fact, I'm already working on putting together everything I'll need (marketing lists, driving, mailings, ads, getting an agent and an attorney for questions and advice, et cetera). I definitely WANT to put in the work and WILL put in the work.

But the thing is, I'm hearing about people that might wait MONTHS or over a YEAR before getting a deal, and they'll wait that same time until their next deal.

So what's the real deal? How many deals are you really finding? I want to work hard but I don't want it to be for nothing. With as hard as it is increasingly seeming, I think I'll be lucky to just find a deal, period.

I already have about five buyers on my list that say they are cash buyers and can close quickly and want me to "inform them of any upcoming deals"

I did this in a few days.

Mostly, I used the newspaper and called up every number I could see for people buying houses - alot of them are rehabbers, not wholesalers, so it works. And I also called up landlords with the "for rent" ads.

I got a buyer from CL too.

And soon, I'm going down to the county office to request some list information and I'm going to go Driving for Dollars!

Ah, this site is great!

So do you mean that if you bring a good deal with NO markup, you're good, and if you do markup, you're not?

Or do you mean that the MLS is not the source for deals, or that they'll think you aren't a serious hunter?

Tom,

Do you find that investors look positively on wholesalers? Is it easy to do business with them or do they feel that you are "taking" something for nothing?

I'm not saying that the law isn't important; I'm just very heavily anti-overly intrusive government, but I suppose that's a different issue.

Thanks. So wouldn't I have to add "and/or assigns" and add also that it is also subject to the approval of "my partner" as an escape clause?

Is there any particular part of that contract that you ignore or fill out a certain way when you do it?

Thanks for the help. I think the legal mumbo-jumbo is the most confusing part of real estate to me.

Thanks, Jon!

That does seem to be what I need, but it does go a bit over my head. I'll try to decipher it, though.

Tom,
There's a whole list of contracts on there; I'm not sure exactly which one you are referring to.

And sure, thanks for the offer!

Thanks again.

Thanks!

I have my first buyer on my list! I posted an ad on Craigslist, stating that I was selling a "fixer upper"; then I got a caller. He can pay cash and close in a week; I told him the property was "sold already" ( I don't like to lie but I don't know how else to get buyers) but I'd contact him with more deals when they came along. It's exciting!

Tom, would you have a copy of the Purchase and Sale agreement that you use? If you do, I'd really appreciate it!

Thanks!