All Forum Posts by: Eric Medemar

You can get some great wholesaling stuff on ebay...

or, you can learn a ton in the forums

or, you could google "real estate wholesaling" and get some great stuff....LOL

==>You'll find yourself getting very sleepy and you may or may not notice yourself wanting to get out your credit card and send me money.

==>If you've ever wanted to make $10,000,000 investing but didn't want to do any work, spend any money, or get off your a$$ then this maybe the most important letter you'll ever read.

Some "Guru" insight....

99% of people who buy investing products buy based on completely irrational fears or desires, then they justify it with real world reasons.

Unfortunately the reason guru's use ALL of those terms is their customers on some level want a:

Special hands free device that will do all the work, without ANY effort, making all family members respect you, while making your "Special part" just a little larger (if your a guy), or your "Curves in the wrong spots" a little smaller (if your a woman), all the while paying you massive amounts of money....

If silly words like AUTOPILOT INCOME didn't sell, then guru's would no longer use them....

I have wholesaled Dozens of homes off the MLS here's the steps....

1. Do yourself a MASSIVE favor and find your buyers first.

2. Find out what those buyers want.

3. Look for homes on the MLS that meet those needs.

4. Use a Double closing, or LLC sale for non-assignables, Use an assignment for all others.

5. Get paid lots of money

6. Walk around for like a week or maybe up to 10 Days with a HUGE $hit eating grin on your face knowing you just did 2 hours worth of work and made $10k

The last step is the one I enjoy the most..You'll have to let me know if that's you favorite part.

Eric Medemar

I would look into real estate wholesaling, sub-to's, or lease options.

There are 3 main leverage points that you can utilize in real estate:

Money
Credit
Relationships

In your case, money is an issue so, establishing relationships and becoming a middleman using wholesaling or lease options would be the way I suggest you go....

Easy, NO! Doable, Absolutely.

Good luck
Eric Medemar

Most homebuyers don't have a clue what a wholesaler is...

I do both and wholesaling just confuses most new homebuyers...

I started out posting a response to a "how to get started question"...then after a frenzy of typing I realized that it deserved a post of it's own....

I try to post answers like I would have liked to see when I was starting so it's fairly thorough!

One of the questions I see asked very frequently in the forums is: I'm a Newbie to the investing world where do I start?

Feeling frustrated and mind fricked by where you should start with your investing business? The truth is that anyone who's currently succeeding in real estate has probably been there, done that, and got the T-Shirt...starting up can be a crazy thing.

From my experience a profitable and long lasting real estate business requires only a small degree of planning from the start. Then frequent updates to your plan as you go along.
To get started I would recommend taking 10 minutes and answering these 3 questions. The purpose being to align the structures of your new business and get your ships all sailing in the right direction.

Identifying your constraints- what factors are going to limit you?
Are you so broke that homeless people offer you change?

Are you a “If it weren't for bad credit you wouldn't have any credit at all type of person�

Do you have lots of time but no money?

Do you have lots of money but no time?

By identifying your business constraints BEFORE you get started, you won't run into the common nightmare of spending the year learning about a “Super Deluxe Exit Strategyâ€, only to find out that you don't have the resources available to put it to work.

Define your ideal outcome- Where do you want to end up in the next 6 months, 1 year, 2 years,....10 years. How much money are you seeking to earn and which income streams do you plan to have that money coming from?

Do you plan on having $1,000/month passive income from rental property?

Do you plan on making an extra $40,000/yr wholesaling a home every couple months?

Do you plan on starting out with some high paying quick turn around exit strategie, then funneling that money into rental properties?

Try to set up a realistic outcome that is both achievable and challenging. Don't fall in love with your outcome, simply use it as a guide post to steer your investing ships in the right direction.

Choose your strategy- Once you've identified your constraints and defined your ideal outcomes, you'll need to find which exit strategy which aligns with your answers.

From that point forward STICK to learning ONLY that strategy. Or as Tim Ferris says in the 4 Hour Work Week “Go On An Information Dietâ€. This prevents the all too frequent getting ready to get ready syndrome that plagues most newbies to the point of an exhaustive failure.

Once you've learned enough to get started...Don't be an idiot....GET STARTED.

One last helpful tactic to further counteract over learning and winding up in the dreaded Analysis Paralysis trap:

1.Once you've identified the exit strategy that you plan to implement take 10 minutes and write out everything you already know about the subject. Doing this exercise will help you quickly identify which areas to focus your learning on.

2.Next, write a brief outline of the necessary steps to complete a successful deal using the exit strategy that you've selected.

3.Now compare your outline to what you already know about your exit strategy then go to work on filling in the gaps.

Once you've learned enough to get started then....THEN GET STARTED.

I hope this helps a few of you out...I've seen it do miracles for people!

Eric Medemar :idea:

Okay,

Want a new method for finding buyers, that you CAN'T get from any GURU anywhere?

It's a tactic I have used for years and it's a playoff of the reverse cowgirl that I put in another post. Except this time you don't need to deal with pain in the a$$ realtors (i'm a realtor by the way, but I do understand) that won't return calls. Are you ready?

1. Go to the HUD website for you state.
2. Go to the Bid Statics page and write down the addresses every week of homes that have sold to investors. They will be the Non-owner occupied homes.
3. After a few weeks these deals will all be closing.
4. Go to your tax records and find out who bought them.
5. Contact those people.

This method cut's through the B.S because you will be tracking Non-Owner Occ sales. Which are investors, which will make you lots of money.

Best of all once you start tracking you will have a fresh updated list of the newest buyers every single week.

You can't beat HUD spoon feeding you buyers everyweek.

Eric Medemar

Whether you're just starting in the business or a seasoned pro, finding quality buyers for your homes is essential and..tough times call for tough measures...

Pay very close attention to this first one because essentially you can have your buyers list up and running in under 1 week...In any market...Under any condition.

I came up with this strategy when I was a rookie real estate agent trying to shortcut the process of locating investors to sell property to.

This strategy is hands down the quickest, least expensive, and most deadly effective way that I know to build a massive buyers list in record time.

Reverse Cowgirl Strategy (nothing to do with cows, but I like the name for some odd reason)

STEP 1

1. Contact a real estate agent in your market and have them email you a list of all of the homes that have sold in the past 3 to 6 months that were either foreclosures or handyman specials...

If they can't send you a specific list then have then have them send you a list of all the homes and you can sort through them yourself looking for the ones that were in rough shape.

2. So now you have a list of addresses that have been sold in the past 6 months and you have sorted the foreclosures and handymans out.

3. Take that list and go to your county tax records either online or in person and cross reference those addresses with the tax records and find out who bought the homes...

4. Look for names that appear numerous times and you can be sure that your dealing with a big investor.

5. Look for addresses where the homeowner address does not match the address of the home itself....Then you know your dealing with a non owner occupied property which is an investor.

STEP 2

1. Now that you have the name, address and phone number of a list of investors it's time to contact them.

2. As far as dialogue goes I suggest using something like this...."Hi Mr. Investor this is Eric Medemar and I am a Real estate investor here in the (your city) area and I keep seeing your name come up when I am researching properties.....Quite often we run into some properties that can be bought for (Whatever discount rate is) and we can't possibly close on all of them....I'm wondering if you'd be offended if I gave you a call when I run into one of these properties....I would use this line almost verbatim.

Believe it or not the little stuff like this makes a massive difference....Using "Would you be offended if" is a major sales softener and investors will have an insane amount of difficulty saying "Yes, I would be offended if you called me with discount property"......They would just sound stupid. "Would you be offended if" shifts the emphasis from "Do you want me to call"...Which most people don't want....to..."Would it offend you"..

3. If you cannot contact them directly then consider sending them a direct response postcard that drives them to your website or phone number where they can learn more.

I'm out of time....I will be adding 3 more strategies to this when I get a chance....Should be sometime this week.

In the meantime get to work on this one....this strategy is FOOLPROOF.

One of the next strategies that I am going to share worked so well the first time I used it I had an investor call me within 30 minutes of using it (He faxed me a preapproval letter for $2,000,000)....He has bought 4 homes with me in the past 40 days....

Eric Medemar

Here's what I tell my students both bird dogs and wholesalers alike:

Bird dogging is cool if you want to learn your market, get you feet wet, and basically are scared $hitless at the thought of any risk....Bird dogging is also great because it makes for the perfect transition into wholesaling because you can take your relationships and move them from bird dog relationships to wholesaling relationships....

Having said all that....Wholesaling is virtually the exact same thing, except you make A TON more money on every deal.

Wholesaling when done correctly is NO RISK just like bird dogging....Except instead of a $500-$1000 fee your getting $5,000-$100,000 per deal (one of my clients made $150,000 on one wholesale deal).....

Basically the only Financial costs between the two is that with bird dogging you don't need deposit money and with wholesaling you do.....In many cases you don't even need deposit money to wholesale either.

Most of the bird dogs I have trained typically do 1-3 deals before going..."Hey, this sucks...I want to make big money" then they go into wholesaling....

That's why finding people who make big money bird dogging is next to impossible....The moment they get good...they move onto wholesaling....They'd be stupid not to.....

Onto the subject of Realtors...I am a Realtor, and my opinion of many Realtors is LOOOOOOOOW!

Up until recently becoming a Realtor or a Loan officer was the career choice for anyone who lost a job....The thought was "Oh crap, I got laid off from the factory....Why not start selling real estate, I heard of dude that makes lots of money doing that".....

It's no wonder that many Realtors are useless...

Yes they are licensed, yes they are supposed to go by a standard of ethics and I truly believe that most Realtors don't have any bad intentions....

The problem is in what I call "Unconscious Incompetence" meaning they "Don't know, what they don't know"....Sure they don't intend to do any harm....but using a misinformed realtor can be one of the most expensive mistakes you will ever make..And to make things worse...They think they know alot..and they truly believe that they do...Making them even more dangerous...

Thats my two cents.

This is a very interesting question in deed....

If you check out the book "Irrational Predictability" they have a very interesting case study on a subject similar to this one.

Their findings were that if you decide to compensate someone partially for works they have voluntarily done then you cheapen the the entire scenario and actually leave the person being compensated more agitated than if you didn't compensate them at all.....Reason being when they do something voluntarily they get their pay from "Feeling good about doing something"....

But when you introduce payment to the scenario instead of feeling good about doing something nice....They compare the pittance that you are offering to what they would normally be paid....and that serves as an insult....

My suggestion would be to send him a note of appreciation with a gift card to an area restaurant....This allows him to know that you really appreciate his help and it doesn't set up a scenario of comparison to his normal fees.

Eric Medemar