All Forum Posts by: Wendell De Guzman

I know...you are an investor and you want to make BIG money through shortsales. However, there is a good chance that MOST of the people in pre-foreclosure you encounter wants to save and keep their homes.

Why NOT make money with them also in addition to those people who are willing to do shortsales? How?

You can make recurring income by referring people to us in preforeclosure. We are a law firm specializing in foreclosure legal defense. Check us out at:

http://foreclosurelegaldefense.com and
http://foreclosurewalkaway.com

I am looking for my fellow wholesalers to share with us their "Best Wholesale Deal" ever. This is to inspire both newbies and experienced investors alike. Put here the numbers: ARV, repairs, your offer and your profit...and also describe why you think this is your best wholesale deal ever.

Let me start with my best wholesale deal ever.
This is not my most profitable deal.
But this is my best wholesale deal ever because this is a shortsale that almost never happened. But in the end, all the pieces fell into place and everyone in the transaction are happy.

It's a shortsale.
I bought it from the seller for $71K. It's worth $140K fixed up.
I almost did not sell it because a previous buyer who looked at it said I missed a repair item (it turned out that rehabber was exaggerating the repair amount) and I should lower my selling price. But by marketing it extensively, I found my buyer who paid me $88K for it giving me profit of $17K (he paid for all the closing costs).

The seller is happy because she can move on with her life and the bank did not go after her for the foreclosure.

Bank is happy because they have one less bad loan on their books (which by the way is a big liability for them because of themold issue).

The rehabber who bought it from me sold the house for $140K (in 8 months)...he made about $25K.

What about you?

I have cash buyers and I am looking for more inventory.
My buyers are looking for the following:

1. Single family homes
2. $100K to $400K ARV
3. Can be acquired anywhere from 50-70% of ARV
4. Substantial repairs OK (except foundation issues)
5. in Dupage county Illinois

If you are a wholesaler or real estate broker and you have pocket listings, reply to this post.

Jon, my apologies for my earlier posting. Now I know the rules and will comply by them.

Judith, I agree with Jon. You cannot be 'soft' on these people. I have been burned by tenant-prospects with their sad stories that I bought hook-line-and-sinker and I suffered the consequences.

About their upside down house, they can seek a foreclosure defense law firm to see what can be done.

Nice list. Thanks.
I also found buyers through Youtube.
You can search "We buy houses [county or city]"

Good answer Dawn A.
It depends on your marketing.
In our marketing, we emphasize that a full background check will be performed and we need about 3 times the rent. On average we need about 15-20 prospective tenant calls to get 1 tenant to move in.

Also, to avoid wasting time showing the property, we put a lockbox and we prequalify the tenant over the phone before we give them the LB code. We get a copy of their driver's license for our security.

By doing the above, we waste very little time leasing our properties. Our typical property gets rented anywhere from 1 week to 4 weeks (at the most).