Who needs help getting started with wholesaling ?
Wholesaler · Orange County · Member since 2022 · 31 posts · 29 votes
Who needs help getting started with wholesaling ?
Most Popular Reply
Investor · Lakeland, FL · Member since 2015 · 344 posts · 606 votes
2yQuote from @Account Closed:
@David Dey Thanks for the info! When you cold call with your iPhone, do you use any kind of software? I know there's a software called smartphone.io where you can dial up to 3-4 people at a time, have the call recorded, and auto generate a phone number that isn't your personal phone.
If I personally dial them using smartphone.io, do you think that could lead to trouble down the road? I was planning on using that first, and then giving them my personal phone number after I identify people with motivation.
However, I think you may have more issues regarding recording the call without their express permission.
For me, my recommendation is to try and get a list that promotes the most motivation in the first place. (Vacant+tax delinquent, preforeclosure, etc..)
I do recommend very strongly before you go buying the same list everyone else is buying and worry too much about dialers and the such that you take the very first right of passage that I believe every investor should take.
DRIVING FOR DOLLARS.
This is also probably one of the lowest cost of entry while also being one of the surest paths to success.
Simply start going through the B and C areas of your town and start looking for signs of distress and abandonment.
Look for the tall grass, homes that you can see right through at the windows, homes with no curtains and no furniture inside, damaged mailboxes, mailboxes with no doors, missing mailboxes, cars with expired tags which have obviously not been moved in quite awhile, etc…
Once you have found 20-50 addresses, look them up on the county’s property appraiser.
Here is a link to a site that will pull up the property appraiser, clerk of courts and tax collector for every county in the country.
(I set it for Florida counties for you: https://publicrecords.netronline.com/state/FL )
Once you identify the owners (or in the case where it says the owner is an estate, look on google or legacy.com for an obituary which will provide you with the heirs) use a skiptrace tool like skipgenie.com (who has a cool price point of $99/month for unlimited searches) to find them and see if you can make a deal.
By taking these basic steps, you will learn how to actually identify deals, which will be invaluable over your career.
On the other hand, anyone not willing to put in this specific sweat equity, will ultimately be robbing themselves of valuable experience and might not be right for this industry in the first place.
I truly hope this helps.
41 Replies
- Member since 2023 · 1 post · 0 votes2y
I'm just getting started in the industry. I would appreciate any guidance you would offer.
- Wholesaler · Orange County · Member since 2022 · 31 posts · 29 votes2y
Happy to help, send me a message!
- New to Real Estate · Fort Lauderdale, FL · Member since 2022 · 52 posts · 34 votes2y
Hi, I had a quick question about getting the right CPA and the lawyer for the LLC.
After setting up the LLC using a website like Incfile, I would need a lawyer to go over the purchase and sale agreement, affidavit, and the assignment. How would I find a good lawyer to go over these documents, or would I just go on sites like Avvo to look for a good general real estate attorney?
And the same question to find a CPA, how would I get the right CPA to look over the earnings of the LLC?
And lastly, could I join some of the Facebook groups just to get a sense of what's going on in the Wholesaling community? I'm currently in Fort Lauderdale.
Thank you for your help!
- Member since 2021 · 6 posts · 5 votes2y
Quote from @Account Closed:
Hi, I had a quick question about getting the right CPA and the lawyer for the LLC.
After setting up the LLC using a website like Incfile, I would need a lawyer to go over the purchase and sale agreement, affidavit, and the assignment. How would I find a good lawyer to go over these documents, or would I just go on sites like Avvo to look for a good general real estate attorney?
And the same question to find a CPA, how would I get the right CPA to look over the earnings of the LLC?
And lastly, could I join some of the Facebook groups just to get a sense of what's going on in the Wholesaling community? I'm currently in Fort Lauderdale.
Thank you for your help!
In Florida there is a standardized contract called the Florida FAR/BAR "As-Is":
https://fill.io/FAR-BAR-Florida-As-Is-Contract-For-Sale-And-...
On line 75 you can check the Assignment option.
Just use that form unless it is a creative finance deal.
I also think you are focusing on the wrong thing. Get a deal first. Once you have a deal someone will help you with paperwork. Maybe the buyer or the title insurance company. - New to Real Estate · Fort Lauderdale, FL · Member since 2022 · 52 posts · 34 votes2y
@Alexander Babenchuk Thank you for the Contract! I did want to make sure that in the process of getting deals, I don't break any law. I was looking up if cold calling and text blasting is legal in Florida, and it says it's illegal unless there is consent before, which would basically outlaw cold calling and text blasting.
I don't know a lot of other wholesalers in the area, so I was wondering if anyone else knew if this was legal or not.
Thanks again for the contract! I appreciate it.
- Contractor · Tampa, FL · Member since 2023 · 4 posts · 7 votes2y
Newbie here. Looking to network with other wholesalers as well, to any degree. Have been cold calling, driving, networking and trying to kickstart my entry to the industry. If anyone in the Tampa / St. Pete area would like to chat over coffee, hop on a call, or simply connect via socials, please reach out to me!
I've been primarily focusing on Tired Land Lords, and am contemplating additional marketing channels.
Thanks @Jack Lander for the post and positive gesture in supporting the community! - Investor · Lakeland, FL · Member since 2015 · 344 posts · 606 votes2y
Quote from @Account Closed:
@Alexander Babenchuk Thank you for the Contract! I did want to make sure that in the process of getting deals, I don't break any law. I was looking up if cold calling and text blasting is legal in Florida, and it says it's illegal unless there is consent before, which would basically outlaw cold calling and text blasting.
I don't know a lot of other wholesalers in the area, so I was wondering if anyone else knew if this was legal or not.
Thanks again for the contract! I appreciate it.
The law says "A person may not make or knowingly allow a telephonic sales call to be made if such call involves an automated system for the selection or dialing of telephone numbers or the playing of a recorded message when a connection is completed to a number called without the prior express written consent of the called party." (Fla. Stat. Ann. § 501.059).
It’s not illegal to cold call or text without express written consent. It’s illegal to use a dialer without express consent.
I use my iPhone. - New to Real Estate · Fort Lauderdale, FL · Member since 2022 · 52 posts · 34 votes2y
@David Dey Thanks for the info! When you cold call with your iPhone, do you use any kind of software? I know there's a software called smartphone.io where you can dial up to 3-4 people at a time, have the call recorded, and auto generate a phone number that isn't your personal phone.
If I personally dial them using smartphone.io, do you think that could lead to trouble down the road? I was planning on using that first, and then giving them my personal phone number after I identify people with motivation. - Investor · Lakeland, FL · Member since 2015 · 344 posts · 606 votes2ySo if the software is giving you an “unfair advantage,” by automatically allowing you to call more than one number at a time.
Quote from @Account Closed:
@David Dey Thanks for the info! When you cold call with your iPhone, do you use any kind of software? I know there's a software called smartphone.io where you can dial up to 3-4 people at a time, have the call recorded, and auto generate a phone number that isn't your personal phone.
If I personally dial them using smartphone.io, do you think that could lead to trouble down the road? I was planning on using that first, and then giving them my personal phone number after I identify people with motivation.
However, I think you may have more issues regarding recording the call without their express permission.
For me, my recommendation is to try and get a list that promotes the most motivation in the first place. (Vacant+tax delinquent, preforeclosure, etc..)
I do recommend very strongly before you go buying the same list everyone else is buying and worry too much about dialers and the such that you take the very first right of passage that I believe every investor should take.
DRIVING FOR DOLLARS.
This is also probably one of the lowest cost of entry while also being one of the surest paths to success.
Simply start going through the B and C areas of your town and start looking for signs of distress and abandonment.
Look for the tall grass, homes that you can see right through at the windows, homes with no curtains and no furniture inside, damaged mailboxes, mailboxes with no doors, missing mailboxes, cars with expired tags which have obviously not been moved in quite awhile, etc…
Once you have found 20-50 addresses, look them up on the county’s property appraiser.
Here is a link to a site that will pull up the property appraiser, clerk of courts and tax collector for every county in the country.
(I set it for Florida counties for you: https://publicrecords.netronline.com/state/FL )
Once you identify the owners (or in the case where it says the owner is an estate, look on google or legacy.com for an obituary which will provide you with the heirs) use a skiptrace tool like skipgenie.com (who has a cool price point of $99/month for unlimited searches) to find them and see if you can make a deal.
By taking these basic steps, you will learn how to actually identify deals, which will be invaluable over your career.
On the other hand, anyone not willing to put in this specific sweat equity, will ultimately be robbing themselves of valuable experience and might not be right for this industry in the first place.
I truly hope this helps. - Member since 2023 · 1 post · 1 vote2y
Quote from @David Dey:
So if the software is giving you an “unfair advantage,” by automatically allowing you to call more than one number at a time.Quote from @Account Closed:
@David Dey Thanks for the info! When you cold call with your iPhone, do you use any kind of software? I know there's a software called smartphone.io where you can dial up to 3-4 people at a time, have the call recorded, and auto generate a phone number that isn't your personal phone.
If I personally dial them using smartphone.io, do you think that could lead to trouble down the road? I was planning on using that first, and then giving them my personal phone number after I identify people with motivation.
However, I think you may have more issues regarding recording the call without their express permission.
For me, my recommendation is to try and get a list that promotes the most motivation in the first place. (Vacant+tax delinquent, preforeclosure, etc..)
I do recommend very strongly before you go buying the same list everyone else is buying and worry too much about dialers and the such that you take the very first right of passage that I believe every investor should take.
DRIVING FOR DOLLARS.
This is also probably one of the lowest cost of entry while also being one of the surest paths to success.
Simply start going through the B and C areas of your town and start looking for signs of distress and abandonment.
Look for the tall grass, homes that you can see right through at the windows, homes with no curtains and no furniture inside, damaged mailboxes, mailboxes with no doors, missing mailboxes, cars with expired tags which have obviously not been moved in quite awhile, etc…
Once you have found 20-50 addresses, look them up on the county’s property appraiser.
Here is a link to a site that will pull up the property appraiser, clerk of courts and tax collector for every county in the country.
(I set it for Florida counties for you: https://publicrecords.netronline.com/state/FL )
Once you identify the owners (or in the case where it says the owner is an estate, look on google or legacy.com for an obituary which will provide you with the heirs) use a skiptrace tool like skipgenie.com (who has a cool price point of $99/month for unlimited searches) to find them and see if you can make a deal.
By taking these basic steps, you will learn how to actually identify deals, which will be invaluable over your career.
On the other hand, anyone not willing to put in this specific sweat equity, will ultimately be robbing themselves of valuable experience and might not be right for this industry in the first place.
I truly hope this helps.@David Dey you mentioned "once you identify the owners" - what is the best / most cost effective way to identify the owners?
- Investor · Lakeland, FL · Member since 2015 · 344 posts · 606 votes2yThe property appraiser/assessor is the cheapest resource to find the owners of a property.
Quote from @Mason Sergent:
Quote from @David Dey:
So if the software is giving you an “unfair advantage,” by automatically allowing you to call more than one number at a time.Quote from @Account Closed:
@David Dey Thanks for the info! When you cold call with your iPhone, do you use any kind of software? I know there's a software called smartphone.io where you can dial up to 3-4 people at a time, have the call recorded, and auto generate a phone number that isn't your personal phone.
If I personally dial them using smartphone.io, do you think that could lead to trouble down the road? I was planning on using that first, and then giving them my personal phone number after I identify people with motivation.
However, I think you may have more issues regarding recording the call without their express permission.
For me, my recommendation is to try and get a list that promotes the most motivation in the first place. (Vacant+tax delinquent, preforeclosure, etc..)
I do recommend very strongly before you go buying the same list everyone else is buying and worry too much about dialers and the such that you take the very first right of passage that I believe every investor should take.
DRIVING FOR DOLLARS.
This is also probably one of the lowest cost of entry while also being one of the surest paths to success.
Simply start going through the B and C areas of your town and start looking for signs of distress and abandonment.
Look for the tall grass, homes that you can see right through at the windows, homes with no curtains and no furniture inside, damaged mailboxes, mailboxes with no doors, missing mailboxes, cars with expired tags which have obviously not been moved in quite awhile, etc…
Once you have found 20-50 addresses, look them up on the county’s property appraiser.
Here is a link to a site that will pull up the property appraiser, clerk of courts and tax collector for every county in the country.
(I set it for Florida counties for you: https://publicrecords.netronline.com/state/FL )
Once you identify the owners (or in the case where it says the owner is an estate, look on google or legacy.com for an obituary which will provide you with the heirs) use a skiptrace tool like skipgenie.com (who has a cool price point of $99/month for unlimited searches) to find them and see if you can make a deal.
By taking these basic steps, you will learn how to actually identify deals, which will be invaluable over your career.
On the other hand, anyone not willing to put in this specific sweat equity, will ultimately be robbing themselves of valuable experience and might not be right for this industry in the first place.
I truly hope this helps.@David Dey you mentioned "once you identify the owners" - what is the best / most cost effective way to identify the owners?
When you pull the county on the site I listed above you can go to the property appraiser and click on “go to data online”
it should take you to search page, where you will type in the address.
whej you get the property, it should pull up the owner, mailing address and subject property address.
also, it should list the sales history and chain of title, where it should mention who they bought it from and how much they bought it for.
this ought to help you understand what you h
ave to work with.
for example, the last real sale on the picture listed was in 2008 for 325k, so unless there was additional money borrowed on the property, there ought to be some equity.
- New to Real Estate · Atlanta GA · Member since 2023 · 17 posts · 5 votes2y
Thanks @Jack Lander
Yours guys response are so very helpful.
I am just starting out on wholesaling lands as well, and recently had a few leads, but most of them feels like not going to work, one that I am not sure is that the property is from tax sale and the redemption period is over, but owner never done quite title action, I know without the correct title action, I probably will have a hard time to find buyer. Is that something worth pursuing? Or can add in as a step in closing?Thanks.
- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes2y
Quote from @Jack Lander:
Happy to help, send me a message!
Don't redirect people to your Private inbox. It is awesome you offer to help people. If you make people ask their questions here on your post, you will reach far more people than individually answer them in your private messages.
I would just make this thread an all-around Q&A hub on all questions wholesaling. And I will also help answer all questions anyone has!
- Member since 2021 · 6 posts · 5 votes2y
Quote from @Account Closed:
@Alexander Babenchuk Thank you for the Contract! I did want to make sure that in the process of getting deals, I don't break any law. I was looking up if cold calling and text blasting is legal in Florida, and it says it's illegal unless there is consent before, which would basically outlaw cold calling and text blasting.
I don't know a lot of other wholesalers in the area, so I was wondering if anyone else knew if this was legal or not.
Thanks again for the contract! I appreciate it.
Cold calling is legal without a robo-dialer provided they are not on the Do-Not-Call registry and between appropriate hours. Door knocking is legal. Mailers are legal.
I am not encouraging you to break the law, but 1/2 the industry does things that are not legal. Robo-dialing, blast SMS, breaking into vacant houses.
If you want to make an omelet you need to break some eggs. - New to Real Estate · Fort Lauderdale, FL · Member since 2022 · 52 posts · 34 votes2y
Quote from @Alexander Babenchuk:
Quote from @Account Closed:
@Alexander Babenchuk Thank you for the Contract! I did want to make sure that in the process of getting deals, I don't break any law. I was looking up if cold calling and text blasting is legal in Florida, and it says it's illegal unless there is consent before, which would basically outlaw cold calling and text blasting.
I don't know a lot of other wholesalers in the area, so I was wondering if anyone else knew if this was legal or not.
Thanks again for the contract! I appreciate it.
Cold calling is legal without a robo-dialer provided they are not on the Do-Not-Call registry and between appropriate hours. Door knocking is legal. Mailers are legal.
I am not encouraging you to break the law, but 1/2 the industry does things that are not legal. Robo-dialing, blast SMS, breaking into vacant houses.
If you want to make an omelet you need to break some eggs.Haha nice! Thanks for the info!
- Member since 2023 · 2 posts · 1 vote2y
Thanks for the support Jack. Its cool of you to offer it.
I had to Create a new account, lost old one..regardless...im new and wanting to learn.
I have a question...do you know the process for a canadian to wholesale us properties?
I mean it's the same as virtual..im just trying ro piece together everything. been really looking into wholesaling and qould much prefer the us market as an entry for me to get into real estate. And i just saw your post so figured id ask. Any info would be great!
- Rental Property Investor · Erie, PA · Member since 2015 · 1k+ posts · 2k+ votes2y
What are a few of your favorite wholesaling/RE deal-finding books?
I'm not so much interested in becoming a wholesaler but I am very much interested in learning the best ways of locating off-market deals to purchase.
- Member since 2021 · 6 posts · 5 votes2yThe process for Canadians would be the same for Wholesale, unless you bought the property and were the seller. If a foreign national is a seller they would be subject to a FRIPTA withholding of approximately 15%.
Quote from @Steve Green:
Thanks for the support Jack. Its cool of you to offer it.
I had to Create a new account, lost old one..regardless...im new and wanting to learn.
I have a question...do you know the process for a canadian to wholesale us properties?
I mean it's the same as virtual..im just trying ro piece together everything. been really looking into wholesaling and qould much prefer the us market as an entry for me to get into real estate. And i just saw your post so figured id ask. Any info would be great!
- Member since 2023 · 2 posts · 1 vote2y
Quote from @Alexander Babenchuk:
The process for Canadians would be the same for Wholesale, unless you bought the property and were the seller. If a foreign national is a seller they would be subject to a FRIPTA withholding of approximately 15%.Quote from @Steve Green:
Thanks for the support Jack. Its cool of you to offer it.
I had to Create a new account, lost old one..regardless...im new and wanting to learn.
I have a question...do you know the process for a canadian to wholesale us properties?
I mean it's the same as virtual..im just trying ro piece together everything. been really looking into wholesaling and qould much prefer the us market as an entry for me to get into real estate. And i just saw your post so figured id ask. Any info would be great!
Thanks for reply. Yeah I guess youre ight, I was just trying to get more information on the banking aspect and finding title company...and boots on the ground...just want to make sure I'm following all legal requirements. Maybe I'm over thinking everything.
- Investor · Lakeland, FL · Member since 2015 · 344 posts · 606 votes2ySo I’m trying to do this as non self serving as possible.😁
Quote from @Karl B.:
What are a few of your favorite wholesaling/RE deal-finding books?
I'm not so much interested in becoming a wholesaler but I am very much interested in learning the best ways of locating off-market deals to purchase.
I wold tell you to look up any books or courses on utilizing public records to find deals.
If you learn to use public records correctly, you literally have a business in a box. You will have all the information necessary to find deals, buyers, and even the money to put it all together.
Deals: why would someone either abandon a property or let it get into a distressed situation?
I call them the “4 d’s.”
1) Death- the big D!!
2) Divorce- family issues are one of the biggest reasons for a property to be abandoned or distressed.
3) Disaster- (this could be financial, such as loss of job, loss of income due to illness or other reason, etc… or natural disaster, such as the hurricane, tornado or any of the other disasters around)
4) Detention- jail, or legal issues.
all of these are public records.
Buyers- it doesn’t matter if you are a investor or buying for yourself, but there will be a deed. (All these cash buyers lists come from this source, and it’s just as easy for you to do it yourself for free.
Money- I don’t care if it’s Bank of America or a
👉private lender👈 if they lend money, they will record a mortgage or a deed of trust… public records.
obviously, it’s as simple as I say, just not as easy.
I have developed my particular system over 25 years, and do teach this stuff. (The self serving part) but anyone with this kind of information is what you should look into. - Investor · Lakeland, FL · Member since 2015 · 344 posts · 606 votes2y
Quote from @Account Closed:
Quote from @Alexander Babenchuk:
Cold calling is legal without a robo-dialer provided they are not on the Do-Not-Call registry and between appropriate hours. Door knocking is legal. Mailers are legal.
I am not encouraging you to break the law, but 1/2 the industry does things that are not legal. Robo-dialing, blast SMS, breaking into vacant houses.
If you want to make an omelet you need to break some eggs.Haha nice! Thanks for the info!
Someone mentioned that half the industry uses dialers and to make an omelet you have to break some eggs.
All due respect, that is horrible advice.
While I agree, MORE than 1/2 the industry does use dialers, it is still breaking the LAW!!
Don’t do it!! While many will not get caught, I don’t recommend you do 90 in 35 mph area. Everyone else is doing it is not an argument against prosecution.There are now lawyers that are building practices, solely based on suing spam callers to the tune of 1500 per call.
And yes I know a number of people in our industry hit with thousands and thousands of dollars for just this issue.
- New to Real Estate · Atlanta GA · Member since 2023 · 17 posts · 5 votes2y
Hi Jack, a quick question, if a buyer is ready to buy your contract, other than the assignment contract, what is the best way to handle EM? Should I ask the buyer to get a casher's check made payable to the title company that does the closing? Do I need to ask buyer to actually send/fedex the check to title company or how to make sure the title company has the casher check? (e.g. if the title company is a national company)
Thanks!
- Wholesaler · Orange County · Member since 2022 · 31 posts · 29 votes2y
Quote from @Chad C.:
Hi Jack, a quick question, if a buyer is ready to buy your contract, other than the assignment contract, what is the best way to handle EM? Should I ask the buyer to get a casher's check made payable to the title company that does the closing? Do I need to ask buyer to actually send/fedex the check to title company or how to make sure the title company has the casher check? (e.g. if the title company is a national company)
Thanks!
Hey! I usually have my buyer sign my assignment agreement and put down non refundable EMD of 5k.
You would send the signed assignment agreement to the title company and ask them to reach out to the end buyer to provide them with wire instructions so they can send emd in more quickly than mailing a check or dropping it off.
- Member since 2023 · 25 posts · 12 votes2y
Quote from @Jerryll Noorden:
Quote from @Jack Lander:
Happy to help, send me a message!
Don't redirect people to your Private inbox. It is awesome you offer to help people. If you make people ask their questions here on your post, you will reach far more people than individually answer them in your private messages.
I would just make this thread an all-around Q&A hub on all questions wholesaling. And I will also help answer all questions anyone has!
For the contract itself, what clauses do you put in it to protect you if there's a problem during inspection or if your investors won't buy it?
- Member since 2023 · 1 post · 0 votes2y
Hi Jack, and to whom it may concern,
I want to break into remote/distance wholesaling with boots on the ground. I am in WA, and want to target TX (Houston, San Antonio), and have potential boots on the ground.
1. Anyone with experience using DealMachine app? What is your overall takeaway from using it?
2. Do I need to find a title company from TX (where wholesaling is taking place) or are there online title companies that can assist?
3. Correct me with I am wrong: "under contract" is with motivated seller? assignment is with buyer?4. Should I use LegalZoom or a real estate attorney to help draft said contracts/legal documents?
Thank you Jack, and all who reply.
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