All Forum Posts by: Jose Flores

@Sam Giberti great questions and congratulations on getting started.  It is said that if you want to go fast go alone but if you want to go far, go together.  I wish I had started partnering on deals earlier.  Second question;   The two different purchase contracts I use and recommend to my students are the Standard Real Estate Contract that your local real estate agents and brokers use and the Standard Purchase and Sale Agreement. The Standard Real estate contract that your local real estate agents is the one I use most often and the one I recommend you use. Sellers who have bought or sold a house recognize it and feel more comfortable signing it; attorneys deal with them every day so they prefer it be written on that contract; and your end buyer who in an investor will recognize and know that contract. The point here is because the standard real estate contract is so widely used in the industry it makes it a widely excepted contract to facilitate real estate transactions. The second contract I often share with my students is the Standard Purchase and Sale Agreement. I included this contract because I know some of my students want to get started now. Until you have built a relationship with a real estate agent and get from them a standard real estate contract you will use this. What I like about this contract is how simple and short it is. It is only a 2-page contract that communicates everything needed to get the job done. If your interested inbox me and I'll share it with you. Hope this helps.

Hey @Derrick Foggy for just starting out Zillow is all you need.  Find the following comparables:

- Sold within the last 6 months

- On the market now 

Pick the 3 lowest within a quarter mile and use those to start negotiations.  Hope that helps.  

Hey @Halie Richards You are asking a very important question, which is how do I improve my negotiation skills when speaking to a owner. For me this involves being able to identify the seller's interests and establishing legitimacy. Interests are the underlining reasons for motivation and serve us when trying to help find an agreement. Here’s the problem in a typical negotiation we are focused on what I want out of the deal, the price I need to be at and we lose focus of their interests. And when we do that we cannot explain to them the connection between what their needs/interests and our service. Legitimacy or fairness is the fact everyone wants to feel like they are getting a great deal and when you insist on Using Objective CRITERIA, you active legitimacy into the negotiation which strongly pursues the seller. I teach my students to build these concepts into their scripts. Then test them and revise as needed. Last tip I have is preparation. You must prepare before meeting with any seller. The side that has more information about the item to be negotiated and about the relevant market or industry has more power in the negotiations . This will make you more confident and gives you a sense of control at the bargaining table. Preparation is all about leveraging this power. Let me show you how to do it. And of course I have a step by step process for you to follow because I believe in developing systems and checklist to improve your effectiveness and to later automate your business. Here is an overview the steps.

Step 1: Find Comparable Sales

Step 2: Bring an estimate rehab checklist with you

Step 3 Property records

Step 4: Prepare the contract 

Hey @Account Closed First I have friends who swear by mentors and that one person who you can learn from. But for me I never felt that way. I like learning from a lot of different people without the expectation that one person is going to take me under their wing. But no matter what your perspective is there are many ways to get that support and guidance you seek. Here are a couple of ways:

1. You don't need to meet someone to be mentored by them. When I was getting started and still to this day I am mentored by people I have never meet. Through books, memberships, and podcasts I gotten peoples' best thoughts and ideas. The best part is that they are there for you to review and revisit as much as you want.
2. Don't look for one look for many. Don't put so much pressure on one relationship. If you're only getting advice from person you're missing out on different points of view.
3. Be specific not vague. Ask very specific questions here on bigger pockets or else where and you will shorten your learning curve.
4. Earn respect and trust through action. If there is someone out there that you really want to learn from you have to be a devoted fan. So buy their books, join their programs, engage in their community.
5. Work your butt off. Hustle, problem solve, be resourceful, and be consistent.  Hope this helps.   

Hey @Terry Moran Here are a few suggestions to get you thinking. First, learn the process which could be explained in these simple steps:

Step 1: Market to motivated sellers

Step 2: Sign purchase contract with the seller

Step 3: Find cash buyer

Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit

Step5: Close Transaction via Assignment or Double Closing and Collect your check

Second, learn has much as possible about the 5 skills needed to be a Pro at wholesaling. They are marketing; estimating repairs; contracting; appraisals; and negotiating.

Last, spend 80% of your time marketing.

Hope this helps. Good luck. 

Hey @Jermey Carraway  I haven’t tried this program but here is some advice when finding a mentor to help teach you.  When it comes to Training Programs I always judge them on the Free materials. Their Free materials are a sample of the paid course or membership. If their Free stuff doesn't "wow" the paid version will not. Second, is there ongoing support. Is their monthly coaching calls; can I text or email questions and expect a response fast; can you review my marketing; scripts; or systems and provide feedback?. These are important features you want. Last, am I in a continuous sales funnel? The last thing you want is to buy a service to get trick into buying a more expensive version and then tricked into buying a even more expensive add on. Just be careful and do your homework. Hope this helps.

Hey @Darius Thompson what you should have done when you were negotiating price for the house was this:  

"Mr. Seller I am a professional real estate investor and I will be working with some money partners to complete an extensive renovation on this property. Given that I sometimes take title to the property and other times one of my partners will. I'm telling you this because the contract will read "Danielle Spears and/or assignee". Also, I will need to place a lockbox on the property to confirm my numbers with contractors and show my money partners."

This allows me to knockout two birds with one stone. I make his contract assignable and get a lockbox on the house to show all my cash buyers. Hope this helps. Good luck!!

Hey @Tony Thomas Here are a few suggestions to get you thinking. First, learn the process which could be explained in these simple steps:

Step 1: Market to motivated sellers

Step 2: Sign purchase contract with the seller

Step 3: Find cash buyer

Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit

Step5: Close Transaction via Assignment or Double Closing and Collect your check

Second, learn has much as possible about the 5 skills needed to be a Pro at wholesaling. They are marketing; estimating repairs; contracting; appraisals; and negotiating.

Last, spend 80% of your time marketing.

Hope this helps. Good luck. 

Hey @Krishonda Johnson what you are feeling is completely normal. Preparation is going to help you reduce some of the fear and anxiety.    First, I wouldn’t focus on waiting for a realtor to call you back with a deal. Motivated sellers who want to get rid of their houses at a deep discount are the lifeblood of any real estate wholesaling business.  Motivated sellers is all you want to talk to!!!  Second, I would start thinking about the systems and scripts that you will use as calls start coming in. For example I have a phone script; a negotiations script; a checklist to prepare for my appointment to view the house; a checklist to estimate rehab costs that I bring with me to my appointments; and comparable analysis sheet to share with the owner. This is just a few examples to give you some ideas. Getting great deals is the result of preparation. Have every step you walk the home owner through calculated. This will increase your confidence and make you seem very professional. Hope this helps. 

Hey @Jovani Escobar First I have friends who swear by mentors and that one person who you can learn from.  But for me I never felt that way. I like learning from a lot of different people without the expectation that one person is going to take me under their wing. But no matter what your perspective is there are many ways to get that support and guidance you seek. Here are a couple of ways:

1. You don't need to meet someone to be mentored by them. When I was getting started and still to this day I am mentored by people I have never meet. Through books, memberships, and podcasts I gotten peoples' best thoughts and ideas. The best part is that they are there for you to review and revisit as much as you want.
2. Don't look for one look for many. Don't put so much pressure on one relationship. If you're only getting advice from person you're missing out on different points of view.
3. Be specific not vague. Ask very specific questions here on bigger pockets or else where and you will shorten your learning curve.
4. Earn respect and trust through action. If there is someone out there that you really want to learn from you have to be a devoted fan. So buy their books, join their programs, engage in their community.
5. Work your butt off. Hustle, problem solve, be resourceful, and be consistent.