All Forum Posts by: Barry Pekin

@Ronald Troy Whidbee,

Of course you can.  Have you spoken to the seller?  Are they willing to sell to you?  Are the numbers good for a wholesale deal?

I can find hundreds of FSBOs and think they're all potential deals.  Step 1 - Talk to the seller to see what you can get it for.  Step 2 - Run the numbers.  If you can get that far and the numbers work, then you're on to something.

@John Thao,

Go out and learn what wholesaling is. There are books, podcasts, YouTube videos, websites, local REI groups, etc. These are all great places to learn.

@Gregory Ling,

There are a lot of starting out investors who post looking for a mentor.  So many, in fact, that it's really tough to find someone who will take you up on your offer of free labor.

Here's my advice.  First, learn as much as you can on your own.  Read books (I recommend "If you can't wholesale after this... Ive got nothing for you."), listen to podcasts (I recommend Wholesaling Inc), watch YouTube videos, etc.  If you still want someone to mentor you (assuming you're not looking to pay for a course or one of the many mentors for hire), figure out what you can do for said mentor.  Come to them with an understanding of how the business works, an understanding of a specific task you can do for them, and then offer to do that for them.

Do this, and you will stand out above everyone else making the same type of request/offer you're making here.

@Francisco Gomez,

Kind of a vague question for a wholesaling board, but what the heck...

Treat your school for what it is.  Your goal is not to get an A or a degree or a license or anything like that.  It's an opportunity to learn.  Treat it as such.  If you really focus on learning what is being presented to you, the rest should come with ease.

@Sardar Mustafa Khan,

In theory, but I don't know the specifics.  There are times when some creative solutions work and times when they don't.  This would also probably only work when the seller has little equity and a real need to get out of the house.  Keep in mind they have to trust you.  The loan is still in their name.  If you don't make the payments, you can still lose the house of course, but they are also going to have a foreclosure on their credit.

If you think this is something that would work for you, spend some time researching it.

@Account Closed,

Never use your personal number.  I wouldn't do this for any business where I might be getting more than just the once-in-a-while call.  Google Voice works well, as does GoDaddy's service.  The latter costs a little, but I like that I can turn it off on off-hours, as well as how it handles it almost like a second phone.

@Thaddeus Parker,

Didn't the disgruntled commissioner say?

@Sardar Mustafa Khan,

You might want to look into Subject To.  This is where you take over paying the mortgage from the current owner.  Technically, a mortgage has a due-on-sale clause, which means that when the property is sold, the mortgage is due in full.  However, from what I have heard (a lot), the bank virtually never does that.  They're happy the mortgage is being paid and almost certainly don't even know about the sale - or care.  The reasons a seller would do seller financing vs. Subject To are rather different.  If nothing else, it's worth learning this strategy.

@Abrahm Dimmitt,

PropStream has a lot more data in it.  It's great for doing research, comps, etc.  Deal Machine is good mainly for D4D.  I think PropStream is a must have.  If you're going to do a lot of D4D, then you might want to have that, too.

When I do D4D, I use PropStream to locate a number of properties in a small geographic area.  I download those into Geo Batchcode so I can plan an efficient route to check out those properties, and of course I take note of any others of interest that I see along the way.  

@Joseph Davis,

I make sure I get to know my buyers and what they're criteria are.

If you don't already have a number of buyers, be sure to start networking and getting to know a lot of them.  Ask them specifically what they're looking for both in types of properties, and what their buying criteria is.  Also make sure you know their source of funds.  Cash is still king.  :)

Good luck!