All Forum Posts by: Account Closed

Do not use legal zoom, accept to setup your LLC. I did the economy package, because you can do your own EID number for free. Use an attorney in your area! Ask them if they do wholesaling and make sure they have connections to title insurance. I was advised to never put my personal name on any contract, but to use an LLC. I was also advised not to use an assignment of contract, but rather a straight option. States have been cracking down on assignment of contracts do to whiny real estate agents, claiming they cause problems. I was also advised never sign or have any party sign without a witness, such as a public notary or certified attorney. Documents without a proper witness will most likely not hold up in court! Again, I'm not a legal advisor hence, go get a professional attorney!

If you start an LLC go get a business account with a bank and apply for business credit cards. I was able to get 40k in 30 days.

I paid my attorney the day of closing the full amount I was charged. I didn't have to pay until I had a successful deal! My attorney was understanding of my situation and not only held my hand but believed in me. Every attorney I interviewed, if I got a funny feeling about them or they did things like shake my hand in a weak manner or stutter. I didn't go with them!

The amount of money I had when I started was 3k. 

I paid $169 for the LLC

$400 inspection

$150 title search

$746 attorney fee, which covered everything!

$600 marketing fees such as business cards, flyers, ect.

You don't have to do the inspection, but I have found by doing it and getting an estimate on repairs I can sell to cash buyers that try to low ball me for a higher fee! So its worth it!

title search is import because you want to be able to insure it. If you can't insure your option walk away!

Also, an awesome side hustle to meet people and scope out areas. UBER! 

I hope this helps you!

So I've been reading all the forums here for almost 2yrs and its frustrating when someone ask a question about contracts and wholesaling. They rarely get a straight answer without all the noise. As a newbie this frustrated the **** out of me. Until I said "screw the forum!" and did it the old fashion way by just going for it. It's not that hard as some make it out to be, and I hit the ground running because I followed these steps.

1. find motivated buyers.. Whether its through advertising, word of mouth, or public records. What ever it takes! They will let you know what deals they want, and in turn you will know a good deal!

2. When it comes to contracts. Go and get a professional real estate attorney!! Tell them what you want to do, and they will hold your hand through the process! Do this before you ever even consider making your first deal! This will save you so much stress and time. It's just that simple! Get an attorney, he or she will draw up contracts, close, and hold your documents in escrow. I can't stress this step enough. I got more information from an attorney then I did any book, club and even this website!

3.Find motivated sellers just like in step 1. If you can't find sellers your not motivated enough! Seriously, no matter where I'm at I can find motivated sellers.

4. Due diligence.. Pay for a professional inspection, pay for a title search, and please check for code violations!

If everything checks out, and all steps are lined up, you have a deal! There is nothing else to do accept for close. Again, your ATTORNEY will guide you through this.

Oh, for those that say you don't need money to wholesale. Uh hhhmm, they are lying to you!! Step 2 and 4 cost money whether you get the deal or not! Also, real marketing ain't cheap! If all else fails and your still lost. Use this, a.c.y.a. it stands for Always Cover Your ***! 

I just gave you the juice now go and get it!

Stay out of the west side of South Bend. It's the hood! The best areas to look are closer to Mishawaka and the east side close to ND.