All Forum Posts by: Johnny P.

You shouldn't be hoping for cash buyers here even tho im sure there are tons. You should use this site to learn how to find cash buyers. Go make 100 bandit signs that say "3/2 block 55k cash ##########" and build up your buyers list. When you get calls tell them the house has already been sold but you will contact them when you get a property that fits their criteria. Then ask what exactly they are looking for.

You can't just put one post online and expect to get a buyers list.

Wholesalers find properties for investors, birddogs give away leads because they don't have the skillset yet to close the deal. Or maybe they just don't have the time because of a fulltime job etc.

I was in the industry for 2 years and have good friends who are still in it.

This is an easy call, first off get Verizon, then get a droid. Tons of real estate apps, full flash internet, great service, and the camera is great for taking pictures and videos of properties. I have the droid x and just switched from the blackberry tour.

What types of properties do you plan to target? If you plan on targeting REO's you will need to put around 1k down then double close on the property. If you are targeting homeowners who are not in distress you need to sell to a cash buyer and can assign the contract with nothing in escrow. Just make sure you target homes that will sell to CASH buyers.

Eric how in depth does your course talk about wholesaling REO's?

I just posted the long version on my blog here - http://www.biggerpockets.com/blogs/1325

but here is the quick version -

My business partner chris minchin and I put a home under contract for 30k, marketed the home for 39K, and accepted a cash offer of 35k. We then assigned our contract for 5k to the end buyer.

Buyer paid closing costs and we got a check from the title company for 5k on our first deal. The best part was finding a buyer in 5 days! :woohoo:

She told me that he had no children or family to leave the home to, if this is true do I have any other options or will the bank take it.

I received a call today from a woman who is renting a home but the owner has passed away and the bank will be taking it back. The house is 5 mo. behind on payments but is in great condition and the renter wants to stay! Could be a great deal for a buy and hold investor but I'm unsure how to approach it since I don't know ANYTHING about probate homes. Any help would be appreciated thanks!

I didn't read the massive list of threads but just in case this wasn't in there...

Put out bandit signs for a property even if you don't have one! Tell them its sold and ask for their criteria. I would suggest something like "NICE HOME / 50K CASH / ###-###-#### "

This worked great for us last weekend. We put up only 30 signs and got at least 30 calls from cash buyers in 3 days!! It also gives the buyers the impression that your deals are so smoking hot they don't last!!

Is this an REO? If so how long is your inspection period and what did you put down in escrow?