All Forum Posts by: Jivonna B.

I just wanted to get your opinion...I have been doing wholesaling seriously for about 4 months now. I say seriously because that is when I started getting leads in. In that time, I have had three properties under contract and I have gotten at least 25 people who wanted to sell their homes. The first house was a horrible deal and never sold, the second one, I didn't use the right contract and it got sold to someone else, the third one was cancelled because he wanted too much for the property. The 25 motivated sellers were all bad deals! Too many vacant homes, asking price too high, etc. So I decided to start making offers on REO's, HUD's and Fannie Mae properties..of course almost every property I choose to make an offer on it is gone by the time I call to make my offer. I spend my whole day now looking at houses on Zillow, Hud and Fannie Mae to make offers on, I think I'm messing up because a) a deal hasn't been done and b)there are plenty of houses but I think I'm getting my emotions personally involved and sometimes I look at a picture and saw eww, who would buy that piece of crap? I don't want to spend all day looking at REO's, my original goal was to make one good offer a day and get it accepted and that's it. Am I being too picky? What should I change? Oh, I got 3 counter offers on Hud's today, I put another offer in on a Fannie Mae property and I have 2 FSBO's pending but nothing is solid..that's all!

Thanks everyone for your feedback, I am going to try to try the sites that you guys suggested and let you know how it turns out!

@ Mike, I have a son as well, so I have to do everything that way. I have a friend that never leaves her house and she is a wholesaler. She sends a text msg for the agreement or she does it via fax or email. She has a contractor show the house if need be but only with a proof of funds from the buyer. I look at Google street view to see if the neighborhood is even desirable(I know its older pictures but it gives you a general idea)

I have recently been making offers on properties listed on the MLS, however that process seems like it should be easier. My process now is that I get the PA, print it out, scan it back into PDF then I fax it or email it, since my printer has been broken I have been going out to Office max to print and scan to PDF. Is there a system that anyone knows of where I can edit the PA and put my signature on the PA while on my computer instead of printing, scanning and emailing or faxing?

The advice that I would have for you is to be fearless. Have a system in place, so you know what to say when someone calls you. If you are making offers on MLS properties, have everything that you are going to need in place(EMD, POF) Put bandit signs out if you can. The REIA meetings are great because you can meet other wholesalers and even if you don't have buyers you can call them and tell them about the deal and they will be willing to partner up with you(everyone loves money) You can also try to sale some of the properties that other investors have just to make money in the mean time. You can ask them to pay you a referral fee. Don't go out and see every property and waste gas! Have the owners send you pictures, only go out when you absolutely have to. I only go out to take pictures and sign the contract, when I'm 100% sure that they know my offer and they are ready to sign the contract then I go out. This can be done via fax as well. Know that just because someone is interested in a property that they may just be messing around. Get a POF from someone before you show them the inside(if its not an investor) that way you don't waste time. Okay, I know that was long but I think I covered a lot and I'm done :)

I am not sure how things are in Illinois but I use bandit signs in Michigan and those work pretty well. When I put my signs out I get constant calls, the only thing is that you get the good, the bad and the ugly! Good luck

Most of the time if you are going to be getting a mortgage on a property then you would need to use your own personal credit. The LLC is just for the liability aspect of it. Even if you do have an LLC 90% of the time they are going to have you use your personal credit.

I would say start learning your local area. What I did was find out who were the top investors in my area, I figured out what neighborhoods they brought in and I chose to focus on those areas as well. Get to know your area. Join a real estate investor club, learn who the investors are, learn their secrets, ask them questions. You have time to do your homework and avoid unnecessary mistakes.

I find that bandit signs gets your phone ringing immediately. I'm in the Detroit area and the city doesn't seem to mind if you put them out. I have gotten lots of leads from them, I love bandit signs.