All Forum Posts by: Jesse LeBlanc

@Riley Huseby One thing I would do is start within your target marketing area that you want to work in. Whether that be local or virtual. Then when you have an area that you plan to work, you can use propstream or other sources to find other houses that were sold as a cash sale or you can find other deals from other wholesalers or the MLS that were sold to an investor. Then you can use propstream or other sources to find who that buyer is.

once you found that buyer, you know you have a legit buyer. reach out to them to find out if they're still buying in that area and what their criteria is for a house.  Ask them the details on their last 3 deals, that will give you an idea of where and what they like.

Then all you have to do is start finding sellers in that area.  Now work with that buyer (and maybe a handful of others to start).  Begin proposing those deals to those handful of buyers to get their prices on houses you find.  You'll then learn who you like to work with and who you need to let go while finding replacement buyers.

You can drive around and find projects that are under renovations, go talk to the contractors to get the owners info, or uses propstream or another skip tracing service to get their info.  But usually you can just talk with someone on site.  

Good Afternoon @Riley Huseby I would HIGHLY suggest you always be fully transparent and disclose how you operate for good business. By doing so, assigning your contract and not having to pay for a closing or a closing and lending fees (depending on state, closing company and personal choice).

Also, DO NOT GET SUCKED INTO THE GAME of worrying about the ARV, the rehab costs or anything else! Literally if you find a few solid buyers and build that relationship, let them tell you the price they'd pay for the property. Then ALL YOU HAVE TO DO is get the buyer to agree to a lower price, then assign your contract. This will save you so much stress, stop you from having to cancel a contract, stop you from losing emd etc as you start out.

If you do ever choose to double close and ever are in need of a Transactional Lender, I'd love to be the one you go to.  Please look me up in my email signature.  I've got over 70 all 5 Star Google reviews and would love to help out IF you ever choose to double close vs assign and in a state or position where it's needed.  Otherwise, save the money. :)

Best of luck out there, be sure to do what's right for the seller and your buyer, this will make life much easier when closing deals vs always trying to hide and lie like so many other wholesalers who are afraid of being honest or too focused on money vs the relationships.

Thank you @Crystal Smith for sharing this for others here. :)

@Killy W. doing an assignment is always best, will save you money vs double closing.  However, there are situations and reasons for double closing and everyone has different thoughts or reasons, so i'm not here to tell you one way or another what is best for you since you know your buyer, seller and you better than anyone else.

If you do choose to double close and ever use Transactional Lending, i'd LOVE to be able to step in and help out anytime. To your question about an LLC or not, it DOES NOT matter. It will be taxed as ordinary income either way and flow through your personal taxes. You can close in your personal name or with an LLC. If you're new, I DO NOT suggest you get an LLC right now. Just an extra expense that isn't needed until you know you're consistent with deals then you might want to look into an LLC.

When you do, just talk with your CPA to make sure they set it up correctly for tax purposes.

You’re looking to becoming a transactional lender or need transactional lending?

If you're trying to start lending, do you mean for EMD only or for full amounts on double closing?

Good morning Nia, you can visit my website in my signature. We can provide you with a legit POF. I don't offer EMD lending though, but I do fund 100% of the AB transaction in a double close if you ever are in need. Feel free to email or call us anytime. :) I hope you have a great rest of your Sunday :)

If you plan on assigning a contract, you can always get a bank statement or other POF from your end buyer too.

Good morning Guillermo, you can visit my website in my signature. We can provide you with a legit POF. I don't offer EMD lending though, but I do fund 100% of the AB transaction in a double close if you ever are in need.

Yes sirrrr, no problem at all. Best of luck on your deal and I hope all goes well!!

 Even if you assigned the deal vs double closing, legally the end buyer is supposed to 1099 you (although they never do) and you're supposed to report that assignment fee as ordinary income whether the buyer issues you a 1099 or not.  But once you double close, blind hud or not, profit remains the same and taxed as ordinary income, or you can call it short term capital gains, same thing for the IRS.

 yes sirr, 100% have to pay taxes on your profits there.