All Forum Posts by: Jose Flores

Hi @Hersh M. I am a big fan of Robert Kiyosaki and have read a few of his books.  I recommend reading is his books.  However, his real estate coaching program is something I would stay away from.  It is set up as an up sell latter.  Giving you broad stroked answers to real estate investing strategies and then up selling you into their next in depth course and the cycle continues.  Before you know it you have spent 10k in education and still don't have a system to follow.  They also recommend using credit cards to buy houses which as a Dave Ramsey budget guy is a terrible idea.  

With all that said I do believe education is critical, but be a critical consumer.  There is a great wealth of knowledge here on BiggerPockets and many of the members love teaching and building with others.  I also would check out @Brandon Turner posts and books.  I have learned so much from this guy.  Hope this helps.  

@Alfred Clarke Jr that's great.  You are definitely on the right track in this business.  Keep learning and asking questions.  They are major keys to building wealth.  Take care.  

@Arvind Saxena you should be able to still wholesale it.  You just need to consider the lien into your purchase price.  For example I recently wholesaled a house that had a 10k lien  for a business loan.  I explained to the seller that I would take care of the lien and give them 40k for the house.  My end buyer paid 60k for the house.  I got on the phone with the lien holder and got them to settle the 10k debt for 6k and at closing three check were written.  One for 40k to the seller; one for 6k to the lien holder, and one for 14k to me.  All using the end buyers money.  I also do it all the time with back tax liens.  Hope this helps.  Good luck!!!

@Cordell M. I have found that the fastest way to link up with wholesalers in your area is to call "We Buy Houses" signs in your target market.  What's more important is to think what you can do for them not what they can do for you.  This mindset will open many doors for you.  Good luck!!

@Christine Mwai The two ways I structure my wholesale deals by using an assignment or a simultaneous closing.  An assignment is a contractual agreement between the wholesaler and end buyer in which the wholesaler assigns her purchase agreement to the end buyer for an assignment fee.  A simultaneous closings is a real estate strategy in which two simultaneous transactions occur during the closing on a piece of property.  Benefits of an assignment is that there is no closing cost.  The benefits a simultaneous closing is the privacy that the seller does not know what you are selling the house for and the buyer does not know what you bought the house for.  Hope this helps.  Best of luck.  

Jose

@Victoria Riggs That is correct.  I do it twice a week in Buffalo, NY.  

Hey @Billy Davis I include a clause in my assignment contract that states "Assignee's inspection period shall expire upon execution of this Assignment."  Also, I always collect a NON-REFUNDABLE 2k deposit.  It gets tire kickers out the picture.  Last, the contract will have the original price and is one of the drawbacks of an assignment.  Both the seller and end buyer will know what you are making on the deal.  And that's why I prefer a double closing.  Hope this helps.   

@Victoria Riggs I suggest you contact a local real estate agent you have a relationship with and ask for an electronic version of the contract everyone uses.  

@Alfred Clarke Jr The principle that is so critical here is that you communicate to the person what you can do for them not what they can do for you.   I would say something like this "Hey Mr. Wholesaler I am interested in learning the business and I just mailed 500 yellow letters to abandon properties and absentee home owners.  I am calling a couple local investors to see if anyone is interested in partnering with me on any  of my marketing efforts.  I would schedule the appointments around your schedule in exchange for you walking myself and the seller through the wholesaling process.  I would be willing to split the profits 50/50.  Mr. Wholesaler is this something you would be interested in?"  This communicates to your potential mentor that I have done my homework on the topic of wholesaling and even started marketing.    I am willing to share my leads with you and potential profits in exchange for your expertise. It also communicates that you are a go getter who is serious about getting into the business.  Hope this helps!!!

hello @Alfred Clarke Jr

I would check out your local real estate investing club.  Also, call all the "We Buy Houses" signs in your target neighborhoods.  

Good Luck

Jose