All Forum Posts by: Jason Cummins

This is basically what I was going to say. As long as you BUY RIGHT. That is the key. Buying the house is where you will make your money, not selling it.

If you buy right, and can underprice the market and have a better house, you will sell the house.

I have a house right now that I didnt take my own advice on. It's been on the market for 4 going on 5 months. I have sold 2 other houses that we started on AFTER this one.

People are still buying houses, just not at the rate they were before. So if you have a superior product, and a lower price, who do you think they will buy from?

There are laws in different states that make bird dogging hard to do. Needless to say there are loopholes and ways around these laws without breaking them.

I never want to tell someone to break the law, so make sure you know them before you get into it. But to answer very plainly, yes you can do this pretty easily!

Good luck!!!

Sounds like a great plan. Another thing you can do is start to look for deals in your spare time. You do not have to try to get them under contract, you could refer them to another investor in your area and receive a referal fee. Watch your state laws though on what is legal.

The more you get out there and look at deals, even if it's one a week, the more you will learn.

Sounds like you have a good plan!

I love me some Playa Del Carmen!!!

Welcome aboard!

I am not sure how most others handle finders fee's but here is what I know. When dealing with another investor, make sure you feel like you can trust them.

Basically when it comes to referral fee's it's just a handshake or verbal agreement on the phone.

If you found a buyer for an investor, he should be more than willing to pay you your refferal fee in order to use your services in the future. If he doesn't pay you, don't ever do business with him again. 99% of the time, you will get paid by an honest investor.

With that said, make sure you really do a check on who you do business with.

Generally wholesaleing houses is this.

Getting a house under contract. Finding an end buyer to purchase that contract from you.

If you are wholesaler you do not need to worry about financing it yourself, unless you want to finance it, then turn around and sell it quickly. Generally though, wholesalers do not finance.

If they cannot find a buyer within the time frame, that's why there are out clauses or some call them weasel clauses in your contract. The two most used out clauses are "subject to inspection" and "subject to partners approval"

You also need to make sure that the earnest money is the sole remedy against you incase you cannot find a buyer and get the house closed.

I would like to learn more about your process on wholesaling listed properties.

I have not had much luck at all wholesaling these properties.

Were most of the houses REO's? If so how did you get around having to put such a high earnest money amount? Did you finance these properties then sell them? Did you assign or double close?

Thanks in advance!

I am not a subject to guy, though I would love to learn more also.

But I will throw this out there.

"Desperate times call for desperate measures."

There are TONS of desperate home owners out there that do not want to have a foreclosure on their credit. Subject to may be one answer for them.

If the owner says it may go to forclosure, why not try a shortsale? I am not a shortsale guy, but there are short sale forums here Im sure you can find help.