All Forum Posts by: Lina Sitto

@Todd Rizzardi

No, you don't. As long as you don't market/post the property anywhere, you're not doing anything wrong. You're trying to help someone with a problem, and in the process make some money. Most people have their list of buyers they contact and offer the contract to. That is not illegal. 

Sometimes I see Craigslist ads that mention a house in a certain area and nothing more (I personally don't), but they usually don't have a solid buyer's list, (if one at all), so they need to do that; or it may be a ghost ad (an ad they keep up even though contract is no longer available, to "collect" buyers for the future). That is all okay imo. 

Realtors are good to work with at times. Some see the benefit in working with a wholesaler, but some definitely don't. Some like helping people get rid of their piece of cra* house through a wholesaler. Some only work with a traditional real estate investor as opposed to a creative real estate investor (wholesaler) and some will just not list those houses and eventually just lose contact with that potential seller/person who especially needs to get rid of their property. Everyone has a different agenda and different things they are willing to do and not do, and that is okay ;). 

On down payment: Earnest money will vary deal to deal. On my last one, it was $10, and he would have accepted nothing. In some it will be 0. Realistically, you can't leave large deposits on every property you put on agreement, and it's okay to say that to a potential seller who may balk at your offered deposit (you always want to use the word 'agreement' with sellers, btw). You will come across that person who will demand a specific amt. they have in mind and that's okay if you have the money (after your 1st or 2nd deal you will). Sometimes you'll have to offer to pay for someone's probate because they can't afford it. EVERY deal is different. That's why no book can really help you. A mentor is your best bet; or just focus on finding someone who needs your help (as in a potential seller in distress). Experience is the best teacher, after all.   

A book titled Rich Dad Poor Dad mentions a great wholesale deal and the author talks about it like it was the easiest money he ever made, and it probably my was. The best wholesalers did not learn from a book. Get a contract in hand. If you didn't just contract a property to contract a property, and it's actually a good one, you'll sell it in no time. The hard stuff is done by the title company. There are no books on this. There are some great you tubes and of course the podcasts on BP. There is a plethora of information on BP relating to wholesaling. Use the search bar. 

I'm currently reading the book: The Milllionaire Mind by Thomas J. Stanley. HIGHLY recommend it. 

Everyone should read it imo. 

I love the real stories he mentions. 

Even parents should read it. I would skip the intro and read that at the end. Intros sometimes make me put books down and not pick them up for a while :p.

Thought I would mention it since you mentioned books and that is what I was about to pick up when I saw your post. BP is addictive!

Hope this helps. Good luck. Feel free to PM me anytime. 

Hi Jordan, 

Yes, you can use your buyer's title company. However, if you are doing an assignment, you'll need to find out if they do them. Not all do. 

You'll need to find an investor friendly title company. You can post here and ask for one in your area. You'll get replies. 

If you have a contract on a property already, by now you should have already opened title with a title company. If you are just preparing yourself for when you do have a contract in hand, then either search here in search bar 'title company (county you're in)' or do a post asking for one. I have found that calling around is a big waste of time. The receptionists don't know what "are you an investor friendly title company" even means. 

I found one by calling a wholesaler I met at an REIM. The others I have found by searching on BP. Good luck. 

Hi Connor,

A wholesaler will do a deal with you if you bring a lead. If they contract the property, you will still recieve half the proceeds at closing. The important thing is that you will learn the steps (for that particular deal; different with every single one) and gain some great experience. You will definitely help with the process. You don't have to physically meet up to do a deal together. Not sure if that's what you wanted to know? 

If by "helping co-wholesale" you mean taking care of some administrative stuff, etc. and receiving half the proceeds, but not having brought that lead to the table (or a potential lead), then most won't go for that, unfortunately. I personally love helping people with questions so feel free to message me anytime. If you need a quick answer that is time sensitive, you can call me (# in profile). Good luck. 

You won't find much on here in the search bar if you don't spell it correctly :p

-Wholesaling

Good luck

Hi Marcell,

I'd love a birddog in Chicago. My # is in profile. Thanks. 

James,

No, do not spend time and money trying to create an LLC, website, etc. Just focus on getting that first contract in your hands. The other stuff comes after you've closed a few deals.

That said, do spend time and money finding motivated sellers. You are essentially a marketer. ABM; always be marketing. Best way is to have them call you. It's a numbers game. Hand write (and mail) post cards to those addresses you think are vacant. It's better than leaving a note on the door because they may have mail being forwarded. If you have the money, buy a list of absentee owners. Do lots of research on BP on that and let everyone know you buy houses and that you give a $500 referral fee if* you close* with someone they refer to you. Order business cards to hand out. Put info. about your referral fee on the back of it. I could go on and on :p 

Feel free to ask me any questions. Good luck ;)

Congrats Ryan. Feel free to call me if you need a question answered right away. 

Hi Muhammad,

I did my first wholesale deal on a house in Wayne county. I closed at a title company in Clarkston (Oakland county) owned by an investor. I used a one page PA and a one page assignment doc. You definitely need to close at a title company. You don't have to go to the closing, but I would go to every single one to make sure everything goes well, and you want to be there to pick up your check anyway. Call me if you need to talk. Good luck. 

Hi Andrew. It's great that you are so young and yet have the ambition and desire to pursue real estate investing. I wish I would have started as a fledgling :p. You will gain a wealth of knowledge on BP, but getting out there and actually doing it without getting discouraged when you make mistakes will be the real knowledge. In the "trenches" is where you will truly learn. That said, don't walk into any situation blind; make sure you utilize all the tools available on BP and always ask questions in the forums when you are unsure of something. Find a mentor you can meet up with and possibly do a flip with. You can network with someone on here who lives close to you.

You can score houses in rural parts of CA for 30k if you learn how to find them. Yes, 30k. If you have cash you can find amazing deals through a wholesaler. You can buy a duplex and while living in one side, rent out the other side.

If you want to build wealth kinda* fast, I personally would flip, not hold. That's just me. 

Buying a fixer is the best way to start (in my humble opinion). Rehabbing and then selling. Know the rules. You will learn them here. 

Someone had mentioned a book titled Flip. Maybe check that out. Read, network, read, listen to podcasts on here, search on PB, ask questions, did I mention read? 

You can also search 'tax lien sales' on here. Search anything.  

Ok, my eyes are supposed to be closed right now, not open. BP is addictive! You have been forewarned. Good luck! ;)

Ideas for a new guy, you ask? 

Buy a fixer. 

The houses that need substantial work are usually* the ones that yield the highest profits when sold. That is because the buyer most likely got a great deal. It sounds like you are interested in being a hold investor, but you never know when you will change your mind and decide to sell one day. Buying a fixer is the best thing to do, imho. If you can't find one on your own, as in: doing the research on your own, look for wholesalers in your area, but you'd need cash at closing. Good luck.