All Forum Posts by: Jason Farmer

Your not crazy at all....taking action

I suggest using your equity to fix and flip...it would get you away from that job faster...and you can keep your beatiful home....

Most credit unions will go up to 90% LTV...90k in equity can get you that down payment to get alot of hard money

Good luck guys

Legal Zoom...pricey, but i enjoy sitting back while other people do they work for me

@Bill Gulley

Wow you didnt put down the holy hand against wholesalers this time. ;-)

Of course, what business do you call that dosent let the caller  know "They are being recorded for quality and training purpose?"

Thats why i stated it cost to have a phone line, not a google voice number or some free # service...

Sorry for grammer mistake typing from my phone

Iv e had a partner since i started, my advice would be to find someone is completely 100% opposite from what your strength is. So you spend 100% of your time getting better at whatever your job is...Myself, i love to market, i love to put together list and spedn every moment finding new way to market. I get the list and make sure it get to the mail house...My partner isnt totally opposite he loves people, he can talk you into buying your shirt off your back. He handles 100% of acquisition..He talk to the client, he meets the client, he get contract signed and takes seller through the enitire closing process...I have never met a customer and never intend to...It works well..

We have an open end about everything, every call get recorded, he only allowed to call clients from an app everytime he speaks to them so everyone can hear whats going on...We have an emal system where we keep track of every lead, the status etc....It very important to be open, especially if both of you know wholesaling very well. It will mess with you naturally, you might think someone is going behind your back closing deals et...

And last you guys need split EVERYTHING 100% and make sure your partner understand finances and what it take sto keep business flowing, if hes bad with money and you are, you will end up fronting every time mailing need to done etc..And it will hurt your relationship...

Both you and your partner need to know, it cost to keep phone lines on, buying your mailing list cost, sending mail will cost, you might hire a couple VAs to do small things.. that will cost,  cleaning your list up making sure your addresses are correct will cost, going to see clients will cost you..Theres alot to having a partner so think of these things when you get into business with someone...Iron all of these out from jump..And of course things happen maybe a family emegengy and your partner cant afford to put as much everytime...Just make sure you work all of it out...

@Brian FlackMy advice would be to stay away from any stage of foreclosure leads, primarily Pre-Forclosure...And i speak from first hand experience here in Ca...First thing is these people have already been bombarded with letters and flyers and phone calls and door knocks, from the 1st stage of people who get these leads, "mortgage brokers", in hopes of helping them refinance or re-do thier loan.  Then next in line you have realty industry, the "realtors"..they have torn these people apart with letter postcards etc..., an now after all the filter then comes you the 3rd line of contact...these people are already worn down, and drained, they are frustrated and super angry...

Now the 2nd and most important factor with Pre-Forclosures are that they are HEAVILY protected by state laws, that can end you with a lawsuit you'd spend the rest of your life paying off, Because of all the mortgage fraud thats happend to cause the housing bubble to pop most states(especially CA) have super strict rules on how to contact someone in this situation, and the right type of verbage to use. If you are not licensed (which i assume your not) to handle these type of situation,  YOU CAN NOT OFFER UNDER ANY CIRCUMSTANCES TO HELP THEM, GIVE THEM ADVICE, OR MAKE THEM BELIEVE YOU HAVE  A WAY OF HELPING THEM....Your letters can not state any of that info, the only thing you can do is tell them you want to buy there house and thats it nothing more...And that can even tricky everyone wont intuprt your approach the same so you have to be careful. Now the fact that your not even the one buying the house, that can get you jail time, if the home owner finds out what your doing unless of course your open and honest from jump...Its a slippery slope thats not worth it..

Beleive me i went through hell with my first list it was only 400 leads, and i had lawyers calling me, the attorney general left me a voicemail (that i saved by the way)....I had threats, i had someone try to meet up with me and do harm...Luckily it ended well and just went away after time, but all it takes it the one person who has nothing but time on their hands to not stop and go hard accusing you of everything your not supposed to do.....

And now everything that @Hattie Dizmond

said can be true, you might find someone...But here in CA you might end up being one of the first BP member we see on the Socal news channel.....

Just my 2 cents

Greetings BP

I just picked a a huge 9,000 sq ft vacant lot in the city of Orange, near Santiago Community College, its a very nice part of the city, in the canyons, a lot of beautiful and expensive homes along the hills.

I have been wholesaling for about 3 yrs, and just started rehabbing last year, I wholesaled the house next to the lot, and it just so happen the same seller owned the lot next door, so he calls me a month later, tells me he is leaving Ca for good...he 85 years old and just wants to sail.....and so he sells me the lot for 125k....unbelievable. 

So i put this lot out to my buyers at 225k.....I had the most insane response ever, emails, calls, text, these guys are acting like wild animals, my #1 buyer offered to buy me a redhead and a brunette at his expense...LOL ...so this tells me i might be sitting on an opportunity...Now my question is should i keep this thing and attempt to build on it, or take this fast money?

Whats the process in building? Where do i go next? Should i offer this as a joint venture? Is it worth it in todays market? Would i be in over my head?

My brothers a broker, and i have decent reserves, and great credit, so getting a construction loan wont be difficult...it may be a challenge but not difficult

3 closest comps, 799k, 865k, 878k and none of these properties were rehabbed all of them needed full gut..

I know theres so much in between but just looking at the surface to start with

Advice from some builders....

Thanks in advance

Nope there is no way to assign...banks will never allow that..

Your only bet is, to get hard money, actually close on the deal, and flip it an investor, look for a company that does transitional funding...these companies will want to see your buyers proof they can close, they are going to want to see executed contract on both sides. Its alot you have to have in place, your first will be brain wrecking, but they are sile once you do your first with the lender...I havent did one in a few years, But they are workable...

How about a  petition to discontinue anymore post from

@Brandon SturgillThat sounds like a better plan

@Richard C.

I don't care what you or anyone else does for a living, this a website dedicated to R.E.I.