All Forum Posts by: Tyler Bobo

Ask a lot of questions, find out their real motivation, and keep them talking.  The person talking is the one doing he bonding.  I let them know I can certainly buy the property fast but it has to be a solid deal that makes financial since.  Then if we don't come to terms they're not upset, and we can stay in touch in case they are ready to sell later.

Irena, the reason wholesaling off the MLS does work is because there are so many bad Realtors. I have bought a LOT of properties off the MLS that were marketed bad and misrepresented. I'm a Realtor so I'm looking at homes all the time, and sometimes I see one in person and think, "Wow, that Realtor messed up!"

Melody, keep looking at the MLS but other places will be more likely to keep you from the multi offer situation, so look in many places. I've written many a cash deals that the agents didn't require proof of funds and many of owner finance deals where they never requested credit or other documents. There are a lot of inexperienced agents out there that just assume I wouldn't write a cash deal if I didn't have it. I bet if I asked 100 agents in my market what a wholesaler is MOST of them wouldn't know the term. (It's not super common here.)

Any good agent when presented Multiple Offers will want to make real sure they go with a solid offer, and not lose out because they chose the wrong one.

Maybe you could partner with someone to show proof of funds? I have a line of credit on a property at a bank where I only have $50 in the account, and when I need proof of funds they write me a letter saying I have it available in my account. So if there's good deals on your MLS and you're missing think of options you can legitimately get the proof of funds. Welcome to Real Estate!

I haven't done this personally but have seen other people do a long term lease (like 99 years) for communications companies to put a cell tower on the lot, thought that was awesome!

Adding a storage unit(s) to your rental properties to rent. (Keeps the property clean and tidier and adds some income)

As a Realtor I've had reasonable luck on that for listings.  In my market just knocking on doors in a random neighborhood might take a ton to get a good investment out of it but you never know.  If you are knocking on specific doors rather than blanketing a neighborhood you may do a lot better.  I've heard of doing doors on the foreclosure list with good results but I'm worried about being face to face with an upset or potentially violent occupant so I send letters with low results.  I have better luck sending letters to vacant or run down properties.  

Definitely need a good tax person.  I sell a lot on owner finance and love it but would be wondering the same thing if it was my primary residence.  I think you would not have to pay taxes on the gains, even if it took years to collect.  My concern would be that if you had to take the property back, and resell it, then you might?  Good question!

I think most commercial lenders will want you to have skin in the game but it may be possible as there's so many different products.  Possible work around is use the hard or private money lender as a partner with some sort of equity. 

I'm on my way..

Right Dennis, a judge can say it's an installment sale even if the paperwork specifically says it's not, because of how you structure it.  As far as having verbal agreements, that is a tough one too, because someone could stand in front of a judge and complain the papers said one thing but you had a verbal saying something else, if a judge believed it (which it would be true) he would be pretty upset at the attempted deceit.  I believe you can do a lease with a landlord tenant relationship, and sell them an option, and I don't know why you couldn't have the option be sold to tenant on an installment sale.  Again... ask a lawyer:)  I am always uncomfortable with anything being verbal though, so much can go wrong there..

Sounds like you're all over the board on what you want to do.  Mobile homes, duplexes, heloc or no heloc, 2 loans or one... Keep listening to every episode and reading success stories online.  When you hear a strategy that sounds interesting research it in your market, make very sure you know what the rental market if that's what you're going into, check the VRBO sites continuously to know that market if that's what interests you.  Don't buy a property if your not super sure it will work for your intended purpose and/or you have a good backup plan.  Backup plan may just be that you can afford to pay the bill if it sits vacant or doesn't sell, or that your partner can if you go that route. Keep learning, you'll find a strategy in that fits your taste and your market.

Yes you can do that, good idea to talk to a lawyer or an expert in your area because the documents you'd want to use could vary by area.  I would probably use a regular lease as one contract, creating a "Landlord Tenant Relationship" giving you full rights as a landlord to evict if the lease is broken, etc, and then a second document like an "option" to buy if such and such terms are met.  Here (and probably everywhere) there is a set of laws governing Landlord Tenant relationships versus Buyer/Seller relationships, so if your documents are not very clear on when that changes a lawyer can tear you up for trying to evict a "tenant" when they say he has equitable title, because some of it was going towards the purchase...  So best to talk to an attorney familiar with these things in your area.  I would feel comfy writing one up for myself here but if I was anywhere else I'd want another opinion.