All Forum Posts by: Wendell De Guzman

J Scott, this thread is so cool. I visited a property today and we're thinking of wholesaling the property to a builder. I can use this info on evaluating what we'll acquire the property for taking into consideration what a builder vs. a rehabber will do. Thanks!

Dion DePaoli, this is NOT fee-splitting. The client has a direct retainer agreement with the attorney. We BILL the attorney our administration, client support and marketing fee. It's the same thing when an attorney pays for the use of a billboard. The client pays the attorney when he finds the attorney through the billboard. The attorney pays the billboard owner. No fee splitting. Think of us and our affiliates as the billboard owner.

Also, you did not check out our 2 services. You jumped to the conclusion it's a scam without doing your research. Our foreclosure legal defense service is for people who want to save and keep their homes. You should have seen the details if you checked http://foreclosurelegaldefense.com.

Our foreclosure walk away service is for people who wants to do a shortsale on their home and they want to fight the court at the same time in order to avoid the deficiency judgment (banks are not willing to forgive the deficiency judgment on rental properties for example). We can do a straight shortsale if they want to. The details of this program are what you've checked at http://foreclosurewalkaway.com.

By the way, in our foreclosure walk away program, we pay for the litigation costs not the client. There is no "self-dealing" here also because we do not take title to the property. The borrower still owns the property like in a traditional shortsale. It's just that by going to court, our shortsale acceptance is much higher vs. traditional shortsale.

Everything that we do is disclosed to the client with extensive documentation and everything that we do comply with the Mortgage Assistance & Relief Act as well as the Foreclosure Advisory law. Our company has been doing business since 2007 when foreclosure defense was not well known. 300 clients and 6 years later, we're still here precisely because we follow the laws and our business is NOT a scam.

Call me in our office at 630-968-2120 or call me on my cellphone. You can even visit our office also (these are disclosed in our websites).

Where are you at in your journey in wholesaling your first deal?
Here's another way to find good deals. Look for your city's building code violations list. It's harder to get and that's why MOST investors don't look for it - and this means practically NO COMPETITION for you.

With code violations, I literally got a deal for $1 and I sold it the next day for $3,000 profit.

Linda, you need a PRIVATE LENDER not a hard money lender. Your buyer (lease to own tenant) might not be able to get the financing quickly enough or his financing might fall through. By having a private lender who is willing to lend you money at low interest (8%), you will protect yourself from the possible downside of your buyer not being able to qualify for the financing.

Another possibility is rehab the house using hard money and look for a real buyer with financing in place (no need for tenant-buyer).

Who are the real estate wholesalers in Dupage county Illinois here in BP?

The most important thing is to get the CASH into your business FIRST. So focus on those activities that will create the money or the revenue. Putting up an LLC is not one of them.

Focus on building your buyers' database and knowing your market. Focus on finding good deals. Connect the two. Make money. Then put up the LLC from the money from your first deal. My point is spend 99% of your time on making the money and 1% on other things that are important but do not generate revenue (like putting up an LLC).

Get a check writer authorization from your tenant. This means you can write a check from the bank account of your tenant. This will save you time and aggravation chasing the tenant for his rent payment.

This happened to me ONCE but never again. Here are some tips on how to find buyers real quick...

1. You can search the MLS for closed deals and look for properties sold cash (you have to do some digging) because you want to look for CASH BUYERS who can close quickly

2. Ask other real estate people (real estate agents, mortgage brokers, real estate investors) in your network on who the real players are in your market (they are the ones who can close on real estate transactions quickly (one week or so)

3. Google or search in Youtube the phrase "We buy houses [city] or [county]". Pick the ones advertising (paid search). Most likely, they are the real players in your market. Then call them.

You should do the above 3 things anyway as means to find cash buyers on an on-going basis so you will have a lot of buyers in your database.

Two days ago I found a house and when I went down the basement...there are MUSHROOMS growing on the floor. Needless to say, I did not try to see if the mushrooms are edible :-)

Just wait until the contract expires. Legally, the first wholesaler has an equitable right on the property until his offer to purchase expires.