All Forum Posts by: Wendell De Guzman

Jim is my favorite real estate agent.

He sold ALL the properties I listed with him at 99% of list price.

What's more is that he sold ALL of them in LESS than 30 days.

How does he sell houses quickly at almost asking price when other agents struggle to do this?

In our Facebook LIVE Event tomorrow, Wednesday, Dec. 21 at 1 PM CST, I will ask him to reveal his "secrets". This is all F.REE. Go here to attend our LIVE Event:

http://Facebook.com/TheDiligentWholesaler

If you can't attend tomorrow, you will get the replay video on our Facebook page. Just "LIKE" the page so you will get notified when the replay is up. 

Thanks and see you tomorrow!

Jeff,

I've wholesaled over 100 houses since I started wholesaling in 2005 (I actually started in real estate in 2003). We just closed on a wholesale deal today and will close on another one this Friday. 

The 5 keys in succeeding in wholesaling are:

1) Know your numbers - I am a landlord and rehabber first before I wholesaled my first deal so I am familiar with property values (ARV) and repairs. Most newbie wholesalers shoot down their credibility by not being familiar with the numbers and they overestimate ARV and underestimate repairs.

2) Know your market - you should know which parts of your city/town the A, B, C, D and F areas (see below for my definition of these areas). Based on this, find out the hot areas for rehabbers. Where are they going to and look for deals in those markets.

3) Know how to market to find deals and find buyers - direct mail is just ONE way to find deals. You can find deals by networking with other wholesalers who might have deals already. You have bandit signs, you can do Google PPC (pay per click) or you can market on Facebook. Here's our Facebook page to give you an idea of how to market on Facebook. We provide tons of value and we attract other wholesalers with deals and we attract buyers as well.

4) Know how to prescreen buyers - you should ONLY deal with buyers with cash or can qualify for hard money.

5) Know how to control the deal. There are many ways to control the deal. People say you can't wholesale a HUD deal or an REO deal. You can - but not by assigning them. Assigning a deal is just one of the 5 ways out there to get a deal under control and ensure you get paid as a wholesaler.

 Here's the update:

https://www.biggerpockets.com/forums/522/topics/38...

Updates - Week #3 in my Quest to Buy 20+ Houses with No Money Down:

1) We were able to persuade the seller to have the 2nd mortgage and when we do sell the properties off, his second will move to first position. That's good negotiation from my acquisition guy.

2) The financing is still the "sticky" point in this. I've talked with 2 right now which can do the deal:

  a) Private lender - can finance it at 12% interest + 20% of the profit on the back end. That is a ridiculously high cost of money.

b) Crowdfunder that has a "portfolio loan" - they can fund all 20+ but they don't allow a second mortgage so this is also out.

I am being referred to another portfolio lender. Hopefully they are willing to do the deal. I will give that update next week.

 Levi,

Sorry for the confusion. I am buying all 20+ using financing. And then selling enough to be able to keep 6+.

The updates to this is here:

https://www.biggerpockets.com/forums/522/topics/38...

In 1 hour this will start. See you there.

Robert Kiyosaki, author of the book “Rich Dad Poor Dad” - coined the term “Power Investing”.

Power investing will help you generate MASSIVE PASSIVE income.

What is Power Investing?

Power Investing has 2 components:

1. Quick Cash Generator; and

2. Passive Income Generator

Normal investors focus on #2 so they buy rental properties and focus on passive income. The problem is: unless you have a high paying job and you save 80% of your income, focusing solely on passive income is a slow, painstaking way to become wealthy.

You need a quick cash generator – for Kiyosaki, it’s having a business – so that it generates MASSIVE amounts of cash which can then be invested in properties that convert that cash into PASSIVE income.

In my webinar on Tuesday, Dec. 13 (12 NN CST or 8 PM CST), I am going to reveal 3 Quick Cash Generators in real estate that you can use to produce MASSIVE amounts of cash. I will also reveal 2 PASSIVE Income Generators that convert that massive cash into passive income. The combination of these 5 techniques will produce MASSIVE, PASSIVE PROFIT for you.

By the way – rehabbing or flipping houses is NOT one of those Quick Cash Generators I will talk about. Although rehabbing or flipping produces $20K or more in profit, rehabbing takes a lot of work and takes 6-12 months to finish. The 3 Quick Cash Generators I am going to talk about in my webinar will allow you to generate $5,000, $10,000 or even $20,000 in 30 days or less.

One of the Passive Income Generator I am going to talk about does not deal with tenants, toilets or contractors. If you’re a tired landlord, you should attend just for this technique alone! And if you love being a landlord, the other Passive Income Generator I will talk about will help you DOUBLE your passive income from your rental properties!

If you want MASSIVE, PASSIVE PROFIT, so you can make 2017 your best year yet, attend the webinar by going here:

https://app.webinarjam.net/register/34665/7fe7a21b01

(there are 2 time slots - 12 NN CST and 8 PM CST)

See you there.

Wendell

P.S. As a BONUS for attending the webinar, I will share with you a "Downpayment Funder" - that's right: there's a lender who can fund even your downpayment. They don't require any collateral nor any real estate experience. If you're a newbie and you have no cash in your bank account, this "Downpayment Funder" is what you need to get started.

Last week, I posted Week 1 of my "quest" to buy 20 houses with no money down. You can read the details here:

https://www.biggerpockets.com/forums/522/topics/38...

Week 2 onwards, I will just put my updates on one post instead of starting a new discussion thread every week.

Week #2:

Seller said he wants to protect his second mortgage position specially if some of the properties get sold. I told my acquisition guy working on the deal to tell the seller that we will do the opposite of subordinating the mortgage. We will make his second mortgage (seller financing), into a first mortgage on properties that are left. I will let our acquisition guy figure out with our attorney how to put it in the contract.

I am also looking for financing. One option is getting a portfolio lender that can finance the net amount (less the seller second). When I calculate the LTV (Loan to Value), the LTV is a safe 58%. That's on performing properties - on properties already renovated and rented. We will talk to a portfolio lender next week.

 If you read more closely you will see that I am lining up the funding.

I have done over 100 deals (biggest deal of which is a $6M acquisition) and the way I do it - is I don't wait until I have every single thing ironed out before I proceed. Someone smartly calls it "READY-FIRE-AIM". If you analyze the path of successful entrepreneurs and real estate investors - they follow the exact same formula. You can put a deal under contract and raise the money while doing your due diligence. It works for me - I have a wide network of people - and I believe that if the deal is good, the money follows.

Listen to my podcast here on BP- http://biggerpockets.com/show65