All Forum Posts by: Barry Pekin

@Harry Nima Zegarra,

If they're effectively squatters, you would have legal recourse to get them out of there.  Yes, there's "cash for keys", and that can be rather effective, but a good attorney is even better.  Find a good local attorney and setup a consultation.

@Account Closed,

Go get the book, "If you can't wholesale after this... I've got nothing for you."

Again, good luck!

@Account Closed,

First you were NA NA, and now you're Dorien Gray.  Ok, it's much more likely your name isn't NA NA and you have the same name as Dorian Gray, but I don't think I'm 100% convinced, especially given your history and your strange posts.  Assuming you are legitimate and I'm just skeptical, I suggest taking @Kyle J.'s advice.  Do some research and come looking for answers that still have you stumped.

Generally, when I come to the boards here, I'm slipping in a little time to learn and/or help others.  I read a post and if I think I can help, I spend a little time writing a hopefully well thought out answer.  I'm busy, like everyone else, and I am ok with taking a few minutes to answer a question.  Then I come across a post like this, and I see it's got 21 questions (similar to your others), and you're being honest that there's going to be more coming.  This is going to take a while.  You're asking someone to write a book for you, and you're not even really on topic for this board.  So I, like I'm sure several others, look at this and think, "who has the time for this?"

Take some time to figure out what you want to do, and get to doing some research.

Good luck!

@Mike Mannello,

I really like Carrot.  They have a pretty good system for building your website, but more importantly, you can learn quite a bit from them.  Having a good SEO/Converting site is definitely the way to go.

@Dalyn Hazell,

If you've gone through the trouble to drive around and find a target property, it can't hurt to give them a call or market to them however you are planning to do that.  I'm always a fan of, "It can't hurt to ask."  Don't look for a reason to call a deal dead before you know for sure.

@Chase Guelette,

There are some contracts in the "FilePlace" section here on BP.  I would also network with local investors, lenders, and title companies to see what they're using and willing to share.

@Chase Guelette,

The whole key to wholesaling is to find houses where the owner has some real motivation to sell at a discount.  They're dealing with some sort of distress, either financially, emotionally, or physically (to the property) where they really want and need to get rid of the house quickly.  They don't want to, or can't, take the time and money to fix it up to get the best price.  That's what most people do, and then list it with an agent.

In order for an owner to sell their house at a discount, there has to be some good equity in there.  If you find a house where the seller really wants out, there's a $350,000 mortgage balance outstanding, the house would be worth $400,000 all fixed up, and there's $35,000 in work that needs to be done to it, the best you can offer (rough numbers, of course) is maybe $240,000.  This would require the seller to bring $110,000 to closing.  I'm guessing that a distressed seller that can't take the time and money to fix up their property isn't going to be pay that kind of money to sell their house.

Let's say that same home owner has a $200,000 mortgage balance outstanding.  Same situation, they're going to walk away with $40,000.  The source of their stress/distress is gone and they have a chunk of change in their pocket.

Now, there are ways to make deals work with low equity, but that's not the norm and is a whole different topic.

@Shawn Ziegaus,

What they say is true about needing to find deals first. But I found that building a buyers list helped out a lot. First, it forced me to network more. Network all you can with local REI groups. Go to Meetup.com and also look for local Real Estate Investor groups in Facebook. As you network, you can't help but learn and get to know some good local buyers. This is a confidence booster.

But don't forget, it's all about finding the deals.  You are really going to have to focus on your marketing and networking to find deals.  Without deals, your buyers are just acquaintances.

@Ryan Adams,

Follow @Jonathan Greene's advice and be sure to connect with @Lydia R.

@Account Closed,

That's a lot of questions for one post.

And, why are you hiding behind NA NA?  I actually stopped reading your questions when I saw that.

If your name is NA NA, my deepest apologies and I'd be happy to add to the great answers above. 😉