All Forum Posts by: Matthew J. T.

So basically what I am asking, do I need to do a purchase contract with the seller, and a purchase contract as well to the investor/buyer (with my new price)? and than soon after have him sign the assignment contract? or with the investor do I just have him sign the assignment contract with no purchase contract?.

Ok thanks Alex. As far as wholesaling goes, how important is it to know the equity and how much they owe on the house prior to making the deal? House must have at least 30% equity is that correct?

Another quick one, house must have AT LEAST 30% equity in it prior to make a deal correct?. Do you simply base your answer on the seller and assume that is correct, or is there a specific type of paper work you have to see proving how much they owe on the house?

Thanks Matt, when going to the motivated sellers house to negoatiate, typically what papers do you prepare to take with you, just a purchase agreement, anything else?

I thought about it, and for the first one I would just say if they as what it is I do, I'll just tell them that we buy houses all over the area, if they ask "who is WE" just tell them that you work with a team of people that deal with cash transactions, and buy properties. That's how I would deal with it i guess, because if you throw that you work with a "TEAM" of individuals, but you are not an agent, you aren't making yourself seem like the only buyer, make it seem like you are working with them to resolve there problem, and you will help them get that property sold.

From what I understand, is that you first of all, get the seller to sign the "purchase agreement" and you pose as the "Buyer" , than after that you find a buyer for the property, this time you are the "seller" of the the other purchase agreement, and the investor is the new buyer, and also you need to have the investor sign the assignment contract stating your fees, as well as the purchase contract, is that correct?

The first call is to always find out if they are motivated or not, after you find out they are motivated, do you look to schedule an appointment for the house and negotiate in person, or over the first call do you right away start negotiating over the phone? How soon should you start talking for a deal?

I was reading that if you don't know how to do houses with little to no equity than you are living a ton of money on the table. But not too sure if it's really worth all the hassle or not.

I found an article and a video on it that covers more on it if anybody wants to know. ( it also mention short sale method in article)

http://youtu.be/sMs9oMDOOmc

http://www.houseflippingonline.com/no-equity-in-home.html

good questions, man. I am fairly new too at this wholesaling. I have just been reading constantly and constantly, and making notes in my note pad, and reading , and posting here, use the internet it is your friend, take it one step at a time.

I have been wondering the same thing too about question 1 you asked. Infact, I've been making calls to people off of craigslist, and they say they wanna sell there property, yeah yeah.. they ask me what I do. I tell them I buy houses, and if I can't i find a buyer, it's really hard to tell a seller what you are doing, the guy just kept asking and asking "SOOOOOOO i'm still confused, what is it that you actually do.." "Well I am a buyer", well what happens comes closing when they find out you aren't the actual buyer ? Well I guess it dont matter since everybody got paid, it's the "talking to them" part that I am trying to get good at.

Wholesalers don't "buy" houses like they claim, so when people question what it is you are doing, you better make them believe you are really buying there house lol, if you are working with someone that just wants to get rid of it I guess they shouldn't care...... but if anyone can help that I would like to know too.

It's probably smarter to move on I agree. The MAO formula you are asking? If that's what you are asking than I got that. Here's a good video on that : http://www.youtube.com/watch?v=iZ51LlCqZwA