All Forum Posts by: Jackie Lange

Living in Panama, I forgot about the USA holidays until I opened my inbox to get bombarded with Labor Day Specials.

So, I thought I should do a Labor Day special too... but this one is a F.R.E.E book and a F.R.E.E audio lesson to help you jump start your real estate business or make it even more successful.

One of my favorite books by Jack Miller is his WINNING book... it is all about how to achieve financial freedom.

The book contains many valuable lessons including 110 insightful rules for success.

A few years ago, legendary real estate investor Prentiss Yates did a 1 hour audio review of the book which also includes the most important lessons Prentiss learned from the book which helped him achieve extreme success.

YOU CAN LISTEN TO THAT AUDIO HERE

Click on the link below to get your free copy of the Winning Book

https://crewealth.infusionsoft.com/product.html?code=96c781

Enjoy the lessons! Let me know your biggest take away.

Best of Success... and Freedom,

Jackie Lange

Just use www.Click2Mail.com

with your own list.  They have yellow postcards.   Very affordable.

Never use someone else's list which is sold to hundreds of people potentially. 

a preforeclousre list is usually NOT the best source for wholesale flips.  Most of the houses on a foreclosure list have little, if any, equity.  You may run across a few with older deed dates (ie... equity), but that would be rare.  

Also, in today's market, many lenders are waiting a long long time to start to file a notice of default.  So there is a very large deficiency plus penalties and interest and late fees.  These fees are often enough to push the total payoff to more than the house is worth.

Always remember... if you get your leads from a "list" then everyone and their brother has access to that list too... which means lots of competition!!  It is much better to do your own marketing to find wholesale flips deal opportunities that no one else knows about.

I sold all of those houses and recently sold a few more.. all in less than a week at full retail prices.  The Dallas market is hot hot hot.

About wholesale flip deals...

The closing costs are small change compared to the profit potential of a wholesale flip.  Closing costs are usually passed on to your buyer anyway.  Most title companies will not charge full fees for both sides of a simultaneous close. 

If you do an assigment of your contract, you are usually limited to profits of less than $5k.  Otherwise, the buyer's greed glands get swollen and they could go around you on the deal and cut you out completely. ( yes that really happens unfortunately)

If you assign your contract, the seller knows what your profit is too.  It could kill the deal if they think you are making too much money on "their" house.  

With a simultaneous close, neither the buyer or the sellers knows what your profit is so there is less chance of losing the deal.. and all the profit.

The chances of you getting paid a $20,000 or $30,000 or $50,000 assignment fee for a wholesale flip deal are slim to nothing.  But you can realistically make that kind of profit on a wholesale flip if you negotiate a really great contract then do a simultaneous close.  

This is not theory!  I know because I've done thousands of wholesale flips.

An assignment fee is a good way to get started but you need to transition in to doing simultaneous closes.  You'll make more money.  And the seller and buyer will not know how much money you make. 

For privacy, you really do NOT want to put the property in to your entity. Any idiot can look on the Secretary of State web site to see who owns the entity.

It is much better to use a land trust for holding title.  Total privacy.

And you absolutely do not want to do seller financing with a 2 year balloon unless you have a buy-in clause to pay an extra $.... to extend for an additional 2 years. And another 2 years and another 2 years.  

In 2 years, we will probably be in the middle of a real estate crash.  The property will probably be worth less than you are buying it for.  So you need an extension.  But only take the extension if the cash flow is really really good. Otherwise, walk away.

i don't think I can put a link up or the admins at BP would consider it marketing then take the whole post down. 

I'm answering your question! I get absolutely nothing to recommend that you take David's class.  

my advice would be to take David Tilney's property management class which also includes master leasing.  You will save yourself a bundle in taxes if you do not structure your company as a propert management company and master lease instead.  Plus you'll will learn how to TRAIN tenants and pick the right ones who stay for many many years.

You should never wait until the last minute to "back out" of a deal.  How would you feel if someone did that to you?

Build your buyers list first.  Ask then where they want to buy.  Then go looking for houses in the areas where they want to buy.

Your contract should be written so that you have 1-2 weeks for inspection.  If you don't find a buyer during that 2 weeks, then it is time to notify the seller that you will not be closing.  Notify in writing, send certified mail so you have proof. 

You could find a buyer who wants the house but at a lower price, so that is time to renegotiate with the seller.  Sometimes it works out, sometimes now.

Hopefully BP does not consider this an ad. It is not.  I'm not selling or giving away houses.  Just providing information.  

Get Free Fixer Upper Houses

Sound too good to be true? In most cases it probably would be. But many takers disagree.

Sicilian town of Gangi wants to replenish a dwindling population.

The small Sicilian town of Gangi is nestled in a lovely central part of the island and needs new residents to replenish its dwindling populace. The local government decided to give away free homes to individuals and businesses that are interested in a unique fixer-upper. The hope is that this will add businesses and increase interest in the town.

In the official release, the town of Gangi, population 7,000, explained that anyone who is assigned a free house will bear the expenses for the transfer of ownership. The requirements say that the new owners will have one year to present a plan of renovation and that work must be completed in three years. This will not be quick or easy as many of the houses have been vacant for decades. To put it in other terms: It’s your problem now.

Even so, the line of interested people keeps getting longer and longer. They have been arriving faster than the government can give them away. Many of the takers are foreigners.

The decision to give the homes away came after several decades of people leaving Sicily to live the American dream and later the South American dream.

Marcello Saija, the director of a network of emigration museums in Sicily, told The New York Times that between 1892 and 1924, roughly 1,700 immigrants from Gangi landed in Ellis Island. By the 1940s, New York was passed over by Argentina as the new hot spot for a new life.

With all the increasing interest in the homes, the local government has the luxury of being selective. Their preference is not to limit the homes to those with money, but to people that are interested in improving a house and to improve Gangi.

The city isn’t the first to make such an offer. In the United States, Gary, Indiana, Indianapolis, and Detroit offered displaced homes for cheap or by giving them away for US$1 or free.

Would you move to Sicily for this opportunity? Or go check it out?