All Forum Posts by: Marcus Mccray

Welcome James,

This has been the best place for info on just about anything real estate related really. You'll get more free info and advice than you can shake a Desert Eagle at! LOL!!!

Thank you Scott!!! Really good stuff!! I wish I knew about BP when I first started out!

Thank you Scott!!! This one is better than the one I had!!!!

Robert, the hardest thing about these transactions will be securing the property or getting it under contract so get that part done first. Immediately after you have an indication from either the bank or the listing agent that your offer has been accepted market that baby like crazy. Just don't forget to put the proper disclosures and clauses in your purchase contract that will allow to do so as well as cover yourself legally. You may want to consult a real estate lawyer.

There are a number of ways to protect yourself. Going back to those clauses in your purchase contract and clouding title just to name a few. Also let your end buyers know up front its a wholesale deal and that you'll do everything in power to insure a smooth transaction. Hopefully you'll find a trustworthy buyer/investor who won't shaft you. If you're dealing with a listing agent and they are cool with the deal have them change the MLS listing to your selling price.

That is not the wisest thing to do because you might fall into the trap of being committed to getting that property under contract just because you have a buyer lined up. If you have to up your offer too much to get the property you'll have killed your deal before you've started.

You'll want to concentrate on getting the property under contract but on your terms so you can exit the deal if need be such as not being able to find a buyer. You can remedy this by networking with and gathering a list of active investors and motivated buyers that you can alert when you have a deal.

So let me get this right, you're selling each property for $4,4000 or all for $4,400? Are you willing to sell them in batches or does the buyer have to buy all 150? If you can sell a few at a time I am interested in CA properties. You can email me at the email below this post.

Maybe ask for 15-25% of the spread/profit?

Welcome Todd

I joined not too long ago and I'm hooked! Already got some good tips, gave some good tips, and made a few friends in the process! Hope the same happens for you!

I'm surprised no one has told you to get a friend, family member, or spouse that you trust and that has the time and/or freedom during work hours to handle your daytime business. They can be your assistant or make up some creative title that makes them feel important. Then you compensate them when a deal closes like $500 or a percentage or ...you get the idea.

They can give you daily updates via text messaging or after work for more in depth reports. If they don't know the business you can train them after work or on the weekends.

Maybe print out sheets to track work and make it easier. This way it gives people you are dealing with someone they can call during the day and talk to.

Its good to have a team anyway and your business will start to grow then you can quit your job and become a CEO! Just make sure that person that helps you gets to be VP or something!

Its on my profile or you can email me at the email address below in my info at the bottom of this post.

From what I know they are one in the same. You can use transactional funding to close the A-B portion of wholesale (back to back closings, double escrows, and/or assigns) deals.

Its actually better for her to be the contact with the bank and seller especially if she is experienced in doing so. Let her earn her commission and do the heavy lifting, you just be the buyer and have her submit your low ball offer to the bank and negotiate from there. The only time you have to worry is if and when the listing gets a higher offer besides yours. When the bank does approve a price and if there is still enough profit room, have her immediately remove the listing from the MLS and/or relist it at your selling price. Meanwhile you find your End-buyer for the B to C portion of the deal and offer her another 2-4% commission for helping you resell it. The trick to these deals is getting your offer accepted by the bank low enough to leave room for a propfit after your closing costs ie escrow, title, and commissions if going through a Realtor. If there is little to no room for profit after the short sale price is approved you don't have a good deal.

Hope this helps!

Give me a call or email me! My business partner and good friend is out in Vegas! Maybe you guys can get in touch and put some deals together. We used to work in the same real estate office, well we still do except he moved out there and visits back here every month or so and I am still at the office.