All Forum Posts by: Zach Schaar

@Account Closed

According to the seller, the bank told her they had no interest in taking the house back, so they weren't going to foreclose on it. However, they did mention something to the seller about a short sale. The house is slightly distressed, and in a rough neighborhood, which is probably why the bank wants nothing to do with it. I will have to check with the seller to see what the balance on the loan is. Can you still wholesale deals like this?

Basically I pay a flat rate of $180/mo and so far I get quite a few leads. It is definitely a better way of attracting motivated sellers than some previous ways I've done things (bandit signs, mailers, etc). A seller will call a number or visit a web-site and fill out a questionnaire and new leads pop up. You buy a membership by county. I only have one county. Most of this is all search engine optimization. I'm still a rookie in this but I have gotten way more leads (sellers and buyers) than some of my competitors whom are using cheap marketing like bandit signs, mailers, craigslist, etc. Z-Buyer bypasses all that. You can still do the other if you want, but I don't need too.

A person called me on a property that was previously in bankruptcy but has since been discharged. The seller is now saying that she dosen't owe anything on the house, but they were talking about making an offer to them and seeing if the bank would approve of it because apparently they still have the deed?

So I'm a bit confused...this sort of sounds like a short sale, but if she was discharged from BK and says she dosen't owe anything on the house, what does the mortgage co. have to do with it, and how would I go about wholesaling this?

I use Z-Buyer to find all my wholesale deals and deep discount properties. Haven't used it all that long, but from what I know of them, they are useful.

I agree with @Tom Sylvester . Don't go into it thinking bandit signs are a way to create huge amounts of leads instantly. Depending on how you go about it, your signs could be ripped down (especially in a college town), weathered away, etc...

In the event that your signs last longer than a few hours, don't expect leads right away. I would give it atleast 3-5 days before you get anything. And again like Tom said, you have to be persistent. Doing this every week, or every few days depending on your market area.

I would also check with your city ordinance. I don't specifically know people that have been fined for bandit signs, but I know people who have been warned and harrassed for it.

Firstly, you are on the right track by developing a strong buyers list before worrying about finding deals and motivated sellers.

Secondly, there are quite a few ways to market your business to find investors that cost under $10, if not completely free.

#1 Craigslist - Searching for people is good, but how about posting an ad? The best sources I've found of investors are the ones that came to me, not the other way around.

#2 Band Signs - A classic. Wherever your farm area is, post signs, I'm sure you've seen a million of them, We Buy Houses! Not my favorite and generally don't have the best luck with them...but everyone else seems too...

#3 Network, Network, Network - I cannot tell you how many investors I have found by them actually calling me to sell a property. You have to talk to a million people, make a million calls, and ask the right questions. Building a good rapport will make those same people come back to you when they have or need something.

#4 County Auditor Site - Go to your county auditor site and scan the streets and areas of where you want to do business. Doing this will give you an idea of who the big players are in your area. Or you can call them all. Ask them if they are looking to aquire anymore properties.

#5 Lead Generating Websites - Can be created for free, and made into a .com domain for a few bucks a month and a small start up fee. Once you do this, google adwords or pay per click advertising allows you to set your own budget, and is extremely beneficial.

The list goes on. The main thing is use your creativity. If you were in the market to buy a property, what would attract you to call someone and consider doing business with them?

Good luck, and remember...talk to as many people as possible, even if you think it's not beneficial at the time, trust me it is.

What are you trying to do? Buy from a private seller, wholesale, etc?

Thanks for the responses! I have received alot of good information here, and I very much appreciate it...!

I agree with @Chris Piper

Maybe try posting a more specific headline like "Investor Friendly Title Companies in Albuquerque". Typically when you say "investor friendly", in the biz it means assignments and double closings.

If that dosen't work, do what Chris said. Start calling! It's good to have a few options too. Also, you may want to look into an attorney to do your closings! Just an idea.

I agree with 90% of the above responses. Consider consulting with another attorney, preferably a real estate attorney if you still have concerns regarding wholesaling real estate.

"Wholesaling" itself isn't illegal. Some may argue ethical or moral issues however. You have that with anything. But good, honest wholesaling is not illegal. You are holding equitable interest in a property (ie contract), and if you chose to reassign your interest to someone else who is willing to pay to buy your interest, what's wrong with that?

People get too uptight about this kind of stuff. I know in Ohio the DOC was cracking down on marketing wholesale deals, but to my knowledge couldn't get anything to stick for very long because of equitable interest in the contracts.