All Forum Posts by: Chris T.

I use a single page "skinny" contract. It covers my arse and is a legally binding. The TREC contract is just too long and full of lawyer-lingo that I have to go through and explain to the sellers. The longer it takes to go through the contract the more questions the seller seems to have. If they feel confused or fearful that they don't know what they're signing then it just gives them cold feet. I don't know why a TREC contract would be better. The HML's in my area accept my contract, or use their own non-TREC contract. The only time I use a TREC contract is when a Realtor is involved, which is rarely.

i always make an offer. i would also consider asking for seller financing, short sale, and sub2. sometimes you can make it work that way. and you can probably do lease options where you live too.

I would probably be between 55-60K.

I really like this strategy:

Build up some cash doing wholesales.

Then do a couple of rehabs to build even more cash.

Repeat and continue.

Later you can add cash flowing rentals.

I, too, have considered this.

What I have considered is:
1. Outsourcing it out of country.
(however, i hate calling customer service and getting someone on the line who I cannot understand at all which then just makes me talk louder and louder thinking that they'll repeat what they said and i'll magically understand them. that obviously doesn't work so i start pressing 0 hoping to get the operator. and as a last resort i try using a little spanish on them but they usually don't understand spanish in india!)

2.) Combining cold calls with other useful tasks, such as, skip tracing, data entry, posting ads to craigslist, gathering courthouse leads, sending letters, follow-up marketing, market analysis, gathering cash buyer info.......etc.

I would offer to pay them about 1,000 a month part time or offer to pay them commission from the leads they generate.

I am considering using the college work programs and offering internships. I have looked into it and have found that they are much more receptive to hourly pay.

As long as they bring in, at least, 1 deal per month then they're paying for themselves.

I've decided to try and find someone interested in learning about REI to go along with me through the process from start to finish (not going into too much detail) and paying them an unexpected amount. Hopefully, they'll fall in love with the experience and will be excited to get the next deal. I will gladly pay them a nice commission to pursue their dreams and teach them!

Although, I do fear cannibalization!

Hopefully, you already have an investor friendly title agent who is willing to put time and energy into getting you clear title.

That's the first thing!

Secondly, have your title agent do a title search for you before you put it under contract. If they sound optimistic about getting clear title then you can put it under contract.

Just put zero for earnest money amount on your TREC contract.

Put however much you demand for a deposit on your assignment contract. ie..A non-refundable earnest money deposit of $1,000 to be credited towards sale price at closing. I would recommend at least $1,000.

Also, put how much your assignment fee is. ie..The contract is being assigned for the sum of $ 10,000 to be paid at closing.

Finally, specify total purchase price including contract plus assignment fee. ie... Total Sales Price including Contract & Assignment is $ 90,000 plus closing cost.

You could just have your TREC contract notarized and filed to eliminate investors going behind your back. You could also do nothing and if you run into a problem you could "cloud the title."

You will learn to enjoy double closes because if you have to double close then you are probably going to be making quite a bit more money then you would as an assignment.

As a newbie, I would wait to demand my assignment fee until you have clear title. I would really hate to collect, spend, and then scour for the money I collected from a respected investor because I didn't have clear title. What that usually means is, you won't get paid until closing.

I'm pretty new at wholesaling myself but you learn a lot when you are actually doing it. Also, networking with some experienced wholesalers in your area is priceless because they can pass along their experiences and advice to you. Join you local REI Club!

Probably, the best thing you can do to answer your questions is get a sweet deal under contract and call one of the wholesalers or investors that you've met. When a good deal comes their way they will do whatever it takes to get it so they probably won't mind helping you assign it to them.

I know how it feels when you, think, you have enough knowledge to get started. And, once you do get started the learning kicks into high gear and you'll start to have something concrete to work with which feels much better then whimsical fascination. After you get your first deal it seems as if the education of wholesaling is pursuing you rather than you pursuing the education!

Good luck and let me know if I can be of any help!

Also, when I used the better quality postcards I got a better response so spending a little extra was well worth it.

shamefully, I'm bumping my own thread :oops:

You couldn't even read the message on a lot of mine from click2mail because the graphics were bad, blurry, or there were smudges and ink blots.

Now if you are just going to mail a yellow postcard with text then click2mail is the way to go!

I've used click2mail on several campaigns. It took awhile to create a good up-loadable graphic. I ended up creating it on Windows Publisher then uploading to click2mail.

Then, I uploaded my list and mailed them off. It was pretty cheap!

But, the cards are flimsy and they look horrible compared to other companies. I was actually offended by the quality of cards. They don't even offer an upgrade!