All Forum Posts by: Timothy Rogers

Thanks Steven. Great explaination. I will tell my wife. Thanks again.

Bill Gulley Thanks Bill.

Hello,

My wife's co-worker has a home in Savannah, Georgia that is upside down. She owes 45K, but property is worth less. She lives in Dallas and was renting the property out. The tenants moved out and squatters moved in and destroyed the property. She wants to know if she does a shortsale will she be taxed on it. I told her I would present the question to the BP forum. I did not want to give her an answer when I am not really sure myself. Please help her and myself with the tax question.

Thanks,

Tim.

Luis A. You are right for the most part. My spouse has a full time job and it would have been difficult to wholesale fulltime in the beginning without my spouse income. It became my fulltime business due to no jobs during that period for me. Also Luis, lets realize that most americans earn $35K or less year working fulltime. Most americans know $35K or less is not a great income, but they work to keep food on table and bills paid. I like the idea that I can earn $35K working for myself instead of punching the clock and wasting time away on a job. Wholesale income is not limited though to a certain income range. I know wholesalers that have made $20k in a month. I have earned $10k in a month. You have to bust your butt daily in the wholesale business and I don't mind doing it...knowing I am earning it for my family instead of a corporation. There are highs and lows in this business, but like it.

Samantha M. no they did not scoff. I asked for their criteria and they were glad to be added to my list. Buyers just want a deal. They don't care if you are a new wholesaler, because they are still going to do their due diligence before they commit to a deal.

Chuck Gabriel quickest way to build a buyers list is go to courthouse auctions. Those buyers at the courthouse are true cash buyers. When you buy at the courthouse you have to have the check ready to go when you purchase at a courthouse auction. So, go to the auction with business cards and introduce yourself to the investors that are bidding. If you get a deal first and it is a great deal you will find a buyer with no problem. Just market on craiglist, youtube, and to local real estate clubs and it will sell quickly.

Samantha M. Yes, I do. I have a scope of work for a flip and for rental.

Samantha M. this site has help me market my deals better. By reading what investors are looking for in a deal. When I first started wholesaling I did the typical formula (ARV * .70 - Repairs= Max Offer), but I started noticing investors wanted the complete cost of a deal. So, I begin putting closing and holding cost, scope of work, profit from flip and ROI in all my marketing package to my investors. That has made a big difference in my business.

Chuck Gabriel first thing you should do is sit down with a real estate attorney. I paid $250 for consultation with an attorney to show me how to write a contract from a wholesaler perspective and all the Do's and Don't in wholesaling. As for resources to finding properties. I would do the "driving for dollars". That means getting in your car and driving through neighborhoods looking for vacant properties and for sale by owner signs. Also sign up for all the free trial lead services you can find on the web that have motivated sellers in the New Orleans area. I know www.myhousedeals.com have a free trial. I wish you the best of luck.

Samantha M. The breakdown on postcards: 100 sheets each sheet has 4 postcards. Spent $12 for pack of postcards at office depot. You are starting out right by being honest. You will close more deals just by being honest.