All Forum Posts by: JPaul Mills

No one will trust you until you start getting your name out there get some deals under contract and if the numbers work then you will get some buyers on your side 

Tell them who you are and what you are doing and aske them what they are looking for (3/2 in certain areas) then just build rapport with them. You have to make them aware of who you are and get your name familiar to them. Also get involved with a local REIA group

You Need to do both at the same time. At least that's what I did. Grab you classified ads and look under the rental section and call all the ones not listed by a rental company and also look under the homes for sale section and you will see the "I buy houses" ads. Those are potential buyers. Do this as you market for motivated sellers. Then once you have your first deal you should have at least a few buyers that you've spoken too.  Make sur that your numbers work and sell the deal. 

This is a definite as is offer due to many repairs needing to be done. So if they send in an appraiser to look at the as is value then I'm sure they will see everything I saw. Thanks againg guys. 

I thank all of you for the advise. Some more than others but all the ADVICE i can get in this is awesome. And yes this is my first rehab deal and its in such a great area and my offer,if approved, will make this a huge profit when it is all done and sold. I understand that it's not a solid deal until bank approval but the thing I'm most wanting to know is will thank bank not give my offer the approval unless I show proof of funds?  Thanks

I don't plan on wholesaling this deal because of the potential it has after the rehab. I will be making way more on the flip than I would the wholesale. So I'm guessing that I still need to approach the investors at my group and pitch the deal and see if they are interested so that I can provide the POF to the bank correct?

Thanks for that. What do I need to do to get proof of funds to send in with the offer?  Do the banks typically require that before approval?

Hey BP world. I have a smokin deal waiting for bank approval for short sale offer. All my ducks are in a row except proof of funds. I am getting private money to fund the acquisition but I am pitching this deal to a few people at the next REIA meeting this Tuesday. I have heard that there are ways to get proof of funds from an online source but don't know where to find that. Any help would be greatly appreciated. Thanks.

I'm with you 100%.  I recently started wholesaling a few months back and have been Very Successful.  I have had a long work history in sales and the most important thing would be to FIND THEIR HOT BUTTONS!!! and NAIL THEM.  for instance, you ask them what their situation is? why are you wanting to sell? then have your pen and paper handy and BE QUIET, LISTEN, AND WRITE INFO DOWN.  I currently sell cars as my "DAY JOB" and statistics will tell you that 81% of customers said they bought from you because they LIKED TRUSTED AND RESPECTED you.  Now if you don't build a relationship with them they will never trust you therefore never see why your price is what it is.  Wholesaling can give you a great source of income but you also don't have to make grand slam deals every time (ie. 10k or higher). Now I'm not saying to shoot for the stars but don't walk away from a 3k deal either because that's more than what you started the day off with right.  I always go into every appointment knowing what my starting offer is and what my highest offer can be. also You cant be afraid of NO.  if the numbers don't work then they don't work.  

JPAUL

John this is a great discussion because I have Been wholesaling with another guy since July and we have been doing well but I was strongly advised by a big time roller in the biz to NOT PARTNER WITH ANYONE! He said because what if later down the road what if things go south? Then you have to split up all of your assets and it could be a huge mess. Joint venture with people but don't go into partnership with anyone. Since we have been working together I thought of going under his LLC but I'm not doing that. I'm going to get my own LLC. it just makes things easier and no harm no foul later right.