BiggerPockets

I would recommend doing some reading in the whole sale forums. Network with people here, many are very kind and willing to help.

Don't spend the money on Larry Goins Ultimate Buying Selling Course. I believe they try to sell it for $1,200. You can learn the same strategies and techniques in his book Getting Started in Real Estate Day Trading. It is well written and I would say is one of the best Real Estate Books I have read.

What you do not under stand, visit the BP forum and I am sure some one would be more then happy to assist you.
LeJonR

You will get a lot of "live", true and current information from this forum.

When you do, you may have to go after the properties nobody wants to mess with. These usually take a lot of time and have headaches and in the end you may lose the deal, but these are good teeth cutters and prepare you for anything,

With the new potential changes in seller financing would Larry Goins program still work

Fifthy Riches

The law probably will not pass but even if it does Goins has work arounds that will be easy to implement.

Hi Adam,

First, don't fret. Yes, you can make money. The how is up to you. I am a newer REI as well. I shopped the gurus when I first started. That's actually how I found this site - researching a guru! Being new, I understand that you want to get started "yesterday". That fire inside is good, because you are going to need it.

However, you have to translate that fire into action. Everyone is right. Scour this site! I have honestly had a $10,000 education for FREE. When questions pop up, ask them. You will get great answers and excellent food for thought.

To me, with wholesaling, the bottom line is don't reinvent the wheel. DIFFERENTIATE your wheel from the others.

I'm certain that you know the basic wholesaling steps...

You have to find a farm area, get to know it inside and out, including house values. As one member here says, visit 100 homes until you don't need anyone to provide comps to you. One or two well selected 1 x 1 mile radius farm areas can be mini gold mines for you. You just have to get out there and look, compare and make calls.

While you are doing this, locate buyers. Research this on this site. You will find all that you need to locate them.

I recommend prequalifying HML / Private Money, even if you do not plan on using it. You may end up with a deal where you need cash fast... having a list of those who will work with you and knowing what their qualification are for a deal will be priceless. And there are plenty of lenders out there, you just have to look.

Then you can work on locating properties within your farm area. All the steps on locating properties can be found on this site.

You're issue is competition. Don't let them psyche you out. All the big guns were toy pistols at one point, just like you.

I think you need to study your competition... and then DIFFERENTIATE yourself from them. Being in a larger market, there is more opportunity. Look at Tampa... how many wholesalers are successfully working it? If you feel more comfortable, look outside of LA. That area is like Chicago, there are tons of smaller towns outside of city limits. There are plenty of deals to go around...

Another thing, remember, this is your business. Creating a business plan with long and short term goals are very important. Setting well defined "hours of operation" are important as well. And stick to them like you are going to a second job. That's what I tell people... "I can't, I have to work". And if your current job doesn't allow, locate a partner who is willing to go into this with you.

No matter what, don't give up, because it's your drive and intensity that is going to matter the most.

Good luck,
Danielle

Hi, Hud has given them until the end of July to either implement their version or go by the HUD intrepatation as they intend to implement it. HUD has extended the time for comments. Bill

I received this today:

CALL TO ACTION:
Dear REIA Members:

The following information is extremely important!
HUD Issues Problematic Rules Interpreting SAFE Mortgage Licensing ACT
HUD has proposed to eliminate ALL seller financing unless the seller lives in the home or becomes a licensed mortgage originator. The proposed HUD Rules interpreting the federal SAFE mortgage act can be viewed at www.regulations. gov Use the search parameter "HUD" and the keyword "safe". Please review and comment regarding the impact of this broad interpretation of the law.

"In addition to establishing HUD's responsibilities under the SAFE Act, through this rule, HUD proposes to clarify or interpret certain statutory provisions that pertain to the scope of the SAFE Act licensing requirements, and other requirements that pertain to the implementation, oversight, and enforcement responsibilities of the States. HUD solicits comment on the proposed clarifications and on the regulations proposed to be codified."

History:
As you may recall, we lobbied hard last year to maintain the right for individuals to make up to five seller financed transactions per year before being subject to mortgage originator licensing, etc... However, that law was passed subject to the Department of Housing and Urban Development' s (HUD) approval of the law as "compliant" with the intention of the federal law. If any state does not have a compliant law, the SAFE act allows HUD to implement licensing for the state. HUD has since issued proposed rules. In a nutshell, seller financing would no longer be allowed for non-owner occupied homes.

How YOU can help:
We learned about the publishing of the rules very late in the process... and the deadline for comment is upon us on February 16. However, we desperately need for thousands of REIA members across the country to go on record with HUD on this issue. We will be working to try to affect this law in other legislative ways, but cannot hope to gain traction unless our members have clearly communicated that they are opposed to this portion of the rules. This is your chance to be counted on this issue.

PLEASE SUBMIT YOUR COMMENTS TO HUD! We have less than one week to flood this system with comments.

Follow these simple steps:

1. Logon to www.regulations. gov You will see two white boxes for searching
2. On the left box labeled "Document Type", pull the menu down and select "proposed rules"
3. On the right box labeled "Enter keyword or ID", enter "safe mortgage". Then, press search
4. Locate the blue search result "FR-5271-P-01 Safe Mortgage Licensing Act: HUD Responsibilities Under ...." To read the rules, click on this title. You will be taken to another page. You will see "views". You can click on PDF file or another symbol which will show you the rule document online.
5. On the right of the screen, click on "submit comment"
6. Complete the form providing required information and your comments and then submit

What do you say?
Say what you feel, but say it politely! The message should include that you would like the definitions in the proposed rules to be changed so that private individuals can originate and service loans on properties they personally own. Some ideas from others:

• bank loans are not available on some types of properties
• the tight lending climate has made bank financing "out of reach" for many
• seller financing is an "age old" tradition based on private property rights
• these rules would prohibit even partial seller financing - i.e. a "seller second"
• according to HUD's "Residential Finance Survey" in 2001, roughly 40% of all non-farm residential properties in the US are owned free and clear
• an estimated 6 million Americans own a property other than their own primary residence
• an estimated 4.5% of Americans own three or more properties, many purchased solely as investment properties
• 40% of non-owner occupied residences are mobile homes which are more difficult to sell with bank financing
• approximately 5% of homes in US are for sale or for lease... seller financing may be key to liquidating this inventory

The continued success of our industry as we know it is threatened by these proposed regulatory changes. Please do not hesitate to follow the steps above and make your voice heard.

Soooo much for larry goins,lol

Bill,

So because there is not a established interest in the property such as a credit check, lease options would not be included under this new law if passed?

Thats confusing If I may say, because even when you rent there is a credit check and a down payment but when you originate an agreement under Lease with the option to buy,it would need to be done by a originator ( I believe that is the title) if the seller performed a credit check? Now with a lease option, if you were to collect a down payment would that effect if it need to be constructed by a professional or not? Thanks for the responds in advance Bill!