All Forum Posts by: Jay Kennedy

@Chidi Weah

No prob man 👍🏻💯

@Leticia Fletes

For sure, no prob!

@Frederick Parrott 

Welcome! No matter what anyone else says, the most important part in wholesaling is getting your target property at the right price.

In my opinion that’s 65% of ACTUAL value or less. This eliminates so many problems for you at the get, because you will have absolutely no problem finding a cash buyer (or an equity based loan if you need to close on the property) at that price.

So, to get started, you have to wake up every morning with the intention of going out and buying a house at 65% actual value or less. Then, you proceed by taking focused action.

There are so many ways to find motivated sellers and distressed properties. A fast way to get started would be to call every single FSBO in the areas you're willing to drive to, and make them offers. Pull delinquent tax lists from your county and either find their numbers and call them, or knock on their doors. Call every person you know and tell them you're investing in real estate and looking to buy homes; so, if they or anyone they know are planning on selling to give you a call immediately.

It’s a little tough to talk to people and get rejected, but if you can handle it, it’s a quick way to get your first deal or two. You’re in control, and you’re getting experience talking to sellers.

After, when you get your first check, you’ll have some cash from your business to try other marketing methods if you’d like.

Good luck man 👍🏻

If you put the home Under contract for 65% of ACTUAL value or less you will NEVER be without a buyer.

Wholesalers get in hot water or have to rescind contracts when they commit to purchase a property for more than they can sell it for.

I’m my experience: The title company should have the original contract with your seller, which includes a clause stating it’s assignable. You then take them the Assignment of Contract and they will disperse funds to you at closing.

@Javuan Banks I got you man 👍🏻💯

It just depends on how the wholesaler setup the deal. 

If he’s assigning it, it’s going to come from the original seller’s proceeds. If he’s doing a double close or using transactional funding then your commission would be paid by the wholesaler.

I go into every property knowing it’s going to take me around 9% to sell it. So, in my case I purchase the property from the seller and, in most cases, I pay ALL fees. Then the end buyer’s agent receives the 3% commission from the 6% I paid my listing agent. But, then this known as “wholetaling”.

Oh and congrats on the deal! And to your client for getting a property at, what I’m assuming, is a good price.

In my experience it’s been 1.5% - 2.5% of the purchase price. If you’re going to do a double close expect to double it. So, between 3% - 5% would be a good number to keep in mind.

The best way to find out though, would be to call the title company, escrow, or whoever is doing the closing. They can tell you the exact costs.

@Darrell Paden find a young, hungry realtor that will list your properties for you.

Or, google “flat fee mls” and there are plenty of sites now, which are in reality brokers, that will let you list your property for a flat fee. You can also add on individual services and have the company assign you a specific agent to take buyer calls and negotiate for you for an additional fee.

There are many so it depends on what you like and how much you have to spend. The most important thing it to take action and ALWAYS follow up. So, pick one you like and charge ahead. I personally like picking up the phone and talking to people. I wake up every morning with the intent on finding a house to buy. I make sure to call every for sale by owner in the areas I want to work. Then, calling other people who might need to sell fast (tax delinquents, frustrated landlords, etc...). It’s sweat marketing, but produces great results for me.