Real Estate Investor · Dayton, OH · Member since 2013 · 55 posts · 3 votes
How exactly do I negotiate the time length that I can have to sell the property. Won't they be skeptical since I can't buy houses fast like my advertisements say? I need tips!!!
Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
13y
I think 21 days from signing a contract to closing is a fairly quick closing.
There is a lot to take in on this subject, I would really suggest listening to the 80+ Flip 2 Freedom pod casts on iTunes. That will be the fastest way to get a good understanding of the process from start to finish.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
13y
Hopefully, somewhere in that conversation you make it clear you're not actually going to buy the house at all and that all you're really doing is looking for a buyer. Like a real estate agent. That's when the "how long will you give me" question can be discussed.
Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
13y
I think 21 days from signing a contract to closing is a fairly quick closing.
There is a lot to take in on this subject, I would really suggest listening to the 80+ Flip 2 Freedom pod casts on iTunes. That will be the fastest way to get a good understanding of the process from start to finish.
Real Estate Investor · Upper Marlboro, MD · Member since 2008 · 289 posts · 80 votes
13y
Javon Rice I agree with Tim G. I think 20-30 days is a good time frame to get deal closed. It usually takes my title company around 1-2 weeks to get results from title search. I usually can have my buyer close within days of title being clear.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
13y
Originally posted by Javon Rice:
Jon Holdman in that discussion how would you say it or explain it in an easy understanding way?
An approach that is, IMHO, deceptive, but preserves the illusion you're buying:
"I need 21 days in order to do my due diligence and get approvals from my partners, the contract is contingent on getting through this work with a 21 day deadline."
The truthful approach.
"I am going to try to find a buyer for this property. I have a list of people who area ready, willing, and able to buy properties like yours. I will have that buyer closing on your property within 21 days."
You're already pulling a bait and switch by advertising something like "I buy houses fast with cash" when in fact you can do nothing of the sort. If you're now at the point where you're about to put the house under contract you need to be honest. If you claim you (or your buyer) will close within 21 days, you better be ready to close. If you can't find a buyer, buy it yourself. If you are unable to do that, say so.
Specialist · Grand Rapids and Kalamazoo, MI · Member since 2013 · 391 posts · 116 votes
13y
Honesty is incredibly important. Not only for your business, but for credibility of investors as a whole. When you lie to people (or let them think something that is untrue), you tarnish your name and reputation, as well as the reputation of the industry as a whole.
Be honest. Once you have enough skill and a good buyers list, you will find success. If you lose a deal due to being honest, it's probably not a deal you should have gotten anyway.
Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
13y
Lets just pump the brakes here.
I'm not pitching anything. Flip 2 Freedom is free.
Podcasts seem to be pretty popular and helpful resources, BP has their own and I have listened to several and enjoyed them all.
Still, BP does not have nearly 100 podcasts dedicated specifically to wholesaling. Flip 2 Freedom does, and you can listen to it while driving, working out etc.. we can explain it all here in a million threads one day at a time or we can lead the student to a resource that can give them 24/7 access to it.
The other reason I endorse this podcast, it is the reason I am successful at wholesaling. The second reason, I stopped taking advice from people who weren't doing exactly what I wanted to be doing and only listened to those who were successful in my field of interest. I spent over a year spinning my wheels with bad advice that came with the very best of intentions.
I apologize if I come across as rude or disrespectful, it took me over a year to get my first check and it was one of the most challenging journeys I have ever taken in my life. I am very passionate about helping new wholesalers to earn their first check and have helped several this year already. All of my posts here are to motivate, encourage and guide wholesalers towards a path that will work in their market. That is my passion and why I chose to participate on this forum and will continue to. If it means I hurt someones feelings then I need to work on my people skills and be more considerate that is okay. We all need to work on things, but... I'm not going to ignore the fact there are fantastic resources beyond this forum that should be utilized.
This shift is what allowed for the results below.
2012 - One deal totaling $1250.00
2013 - 10+ deals totaling $90,000 in wholesale fees, one fourplex and one SFR that I kept instead of wholesaling.
When it comes to anything to do with being a landlord or rehabbing, two areas I'm new at but want to know more this place is my go to source and its been a huge help.