All Forum Posts by: Jeff Fairchild

I don't really know what to do about your housing situation, since I don't know much about you. But, wholesaling is a good way of starting off to learn about the process of buying etc. After you learn from that and have done a few deals and have saved up some money, it would enable you to do a regular fixup and flip.

You use short sales when they are needed, they are just another tool in the toolbox. The best thing to do is learn all about lease options, subject to, short sales, seller financing etc. and just use whichever tool is best to match up with the situation of the seller that you find.

What about the owner occupy rule. If I lease option it and live in it two years and sell can I avoid the whole capital gains amount?

I wouldn't think that getting listed high would be a priority for a real estate investor's site seeing as how most of the houses they'd be buying were local.
Just having a site at all with info that local sellers could review I would think would be the most important thing. Also I'd guess that most of your time would be spend with offline marketing getting local people to your site, not on SEO.

If you sell a home on a land contract and the buyer pays you a mortgage payment and you pay the previous mortgage yourself, what happens in the event of buyer default?

If I lease purchase a home and pay a lease payment for 2 years and then find a buyer to buy it, do I still get to write off the whole capital gain amount even though I only owned it for an hour if its a double close?

What if I sublease it out for 1 year and the renters buy it, will I get a 15% tax rate?

How does it work when investors want to view the property or bring along a contractor to do estimates? Do you just say to the seller that the investor is your partner and needs to come see the house? What if that investor says no. Do you say, "I have another investor who needs to view the house" and he says no. Then you say "well I have a 3rd partner" lol Do they think its odd that you keep bringing people to view the house?

Ok thanks guys. :)

So lets say I'm wholesaling a deal without an agent. I've read advice before that said to use a line like "I usually use $10 as consideration to make this purchase contract binding" or something to that effect. Is that a good idea/wording? Will sellers laugh in my face if I try to do just $10?

Wouldn't it be somewhat hard to wholesale deals found through a realtor? Would they feel weird for providing you with the lead to have you just assign it to another investor? Would the realtor require your investor to sell with them so they could earn their fee?

If you wanted to sell to someone who gets conventional financing then is it just best to lease option it from them until you find a buyer whose loan goes through?

Ok so lets say the buyer pays you $500 up front and owes you the other $4,500 later. How is that paid to you generally, through escrow?