All Forum Posts by: Mark Durham

Absolutely, all the time. Remember, people live & pay rent in those hoods. Wholesale to the landlords who don't mind those hoods.

Tons of OPM sources for DP, depending on the least seller will take. 

Many, many times I've used existing deposits that seller is supposed to give to me as part or all of a DP. The rent you'll now be getting is income, so you can use it to pay anything you want (including a lender).

If it were me, before I started talking numbers and making offers, I'd have a longer conversation with the seller to see how motivated he really is. Then I'd ask him what he'd be willing to take if he were to sell it. This will give you a good starting point for negotiations.

If he is a MOTIVATED don't-wanter, he may be happy with 650/month (or less).

Also remember, you inherit tenants & their leases, so it may take awhile to start any reno.

Yes.

They're all the right one and none of them are the right one. It depends on several different factors. I recommend you find an EXPERIENCED attorney in your area who has been working with wholesalers for a long time and have them write one up for you that has the language you want.

Neetu, Wow, I wish I had time to do that.

You don't need to qualify for a loan from a bank. Learn CREATIVE FINANCING strategies/techniques then focus on finding MOTIVATED sellers.

Find a MOTIVATED seller(s) who will accept less than 5%.

Most cash buyers use the MAO or similar formula when they buy. As long as you get a contract lower than the MAO, you should be able to sell it at or near that # and you won't need to negotiate your fee with your buyer.

Would you finance a stranger who doesn't own or control a deal?

Most HML's will give you a POF letter after you met/talked with them if they believe you can & will follow through & perform.