All Forum Posts by: Victor Etongwe

Hey Michael,

You'll have 2 contracts.

The buying contract should be a standard purchase agreement with a clause or addendum that allows you to assign the purchase agreement.

When you go to sell the purchase agreement to an investor then you will use an assignment contract there.

Final note I recommend attending a local REIA so that when you find a deal you'll have a few people you can call for help. It's a lot easier when you have a deal to find people who will help you get it across the finish line. Hope my answer helps.

What happened Nelson?

Awesome Barry!!! Any numbers on the deal?

@Michael Quarles

I'm having a little bit of difficulty seeting up the auto responder on textpeople.net. Can you give me some pointers?

This is nutty lol

Nathan the truth is it all really depends. I have been at it for a little over 60 days and I haven't got a deal yet, but I have learned a lot. Wholesaling is really a business, and you should give it atleast a year. If you really get your marketing going from what I have read you should be able to do a couple deals in that time.

Equity just refers to ownership. If you have 30% equity in a $100,000 home then you have $30,000 in ownership and your lender owns the other 70K. If you 80% equity in a $100k home then you own $80k and your lender owns $20k. If you bought your house with all of your own cash then you have 100% equity. Hope that helps

Michael Quarles

Laura I work in Commercial real estate, and I will say that a 10% cap rate on any deal is awesome! Also your cashflow is more than the BP recommended $100 per door so it sounds like a good deal. Like Marco Santarelli said just do your due diligence with the management company, and cross your I's and dot your T's. Outside of that the numbers look great from what I've seen.

Tim there are a lot of different ways, and everyone has their preference. A mentor once told me that when looking for motivated sellers try a few different strategies, and see which one you are more comfortable with then focus! Consistent marketing is the key.

For me personally I've been using the mls (very competitive now), bandit signs, and I'm starting my first yellow letter campaign this week.

-Vic