All Forum Posts by: Chris G.

Originally posted by Sarah Dinsmore:

I am new to real estate investing, took a Rich Dad foreclosure class and am doing my research in my market to get started.

In speaking to a mortgage broker this morning, he shared that "assignment of contract or flipping" is not legal to do and that title companies won't touch them.

In reading BP and other real estate investing sites, it's clear that wholesaling is going on big time.

Feedback, please.

You're talking to the wrong broker then. Technically assigning an REO is not possible, but there are work arounds.

Find a new broker and always get a second opinion, even if the advice you're seeking seems to be going the way you want it to.

Check out the 5 part series in the blogs section. Very valuable information on how to assign REO's.

Part 1

Part 2

Part 3

Part 4

Part 5


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On another note, how did you like the Forclosure class? I am currently enrolled in some Rich Dad advance training courses right now. I am considering doing the foreclosure class next.

Welcome to BiggerPockets Luke!

Be sure to upload a picture so that people will start recognizing you when you post comments.

Tell us a little more about yourself and your goals.

I had a RE investor tell me that he sets the purchase price as follows:

The purchase price will be for the appraised value at the time the option to purchase is exercised, but will never be less than the FMV of the property at the time the very first lease is signed.

I'm looking for a recommended website/company that provides virtual non traceable phone number as well as virtual fax services. I'd rather find one company that does both so I have one less bill per month. Thank you!

Wow. Great going on locking down your first deal. Great first time stories about wholesale assignments give me more and more confidence about my future in wholesale assigning.

Give us some more details about the deal. How long had it been on the MLS? Where did you find your buyer?

I personally have no wholesale assignments deals under my belt as of yet, but I am enrolled in come online courses right now as well as receiving coaching. I just started a couple weeks ago.

But to answer your question, from what I have been told you can find wholesale deals anywhere, even in the OC. There are motivated sellers everywhere. You'll come across people that have free and clear properties, people that need to sell quickly b/c of a move or job relocation, individuals that have inherited property, plus many other types.

Start advertising to find your sellers. Bandit signs, vehicles magnets and wraps, window decals, business cards, online advertising, penny savers ads, + many more areas.

Brokers are only one area to focus on when it comes to locating sellers.

Start building your buyers list also. Check out this thread I found yesterday, plenty of useful information here.

http://www.biggerpockets.com/forums/93/topics/31418-wholesaling-1-1-housing-panic-strategies

This is an awesome thread.

Thanks Eric and others for the sound advice. I am currently building my buyers list before searching for properties. I have only called on for-rent-by-owner signs so far, as well as calling owners from the public housing rental list in my city. I have only dialed 35 numbers, and have added 3 buyers to my list. It has only been 1 week since I made my first phone call.

All 3 buyers have stated they usually use traditional financing. I then state that most deals I come across need to close with cash, usually need to close within 14 days, and that are usually 75% or less of FMV. At that point all three have stated that if the deal is that good, that they will close with cash.

I am gathering my data to do a reverse MLS search. But am excited about the other types of ways to gather buyers that Eric has listed.

Eric, do you have any suggestions on how to organize a buyers list? Contacts within the email program, excel spreadsheet, ACT??? How do you organize yours? I my list to be organized from the beginning rather than going back later to clean it up.

Thanks Eric!

Hello. Welcome to the forum. I am also new to the community. So far this seems like a wonderful site.

Let us know your personal goals and also upload a picture if you can. It will help others to recognize you more easily.

Originally posted by Joshua Dorkin:

Welcome to the site, Chris! I've got a lot of family in the area and know it well. There is certainly a lot of opportunity in the Oxnard/Ventura areas. Get that list of yours built ASAP and get out there!

How have the REIA meetings been for you? What about the RichDad training?

What has been your biggest challenge so far?

My buyers list is my number 1 priority right now. I'm just getting started, but am confident it will be built quickly.

The meetings I have attended have been great, but unfortunately there is only one that is actually in my county; it is still a good 45 minute drive and it is pretty small. None the less, the one within my county is a great club. The others I have attended have been a nice little drive to Los Angeles in rush hour traffic, but have also been worth the drive.

The rich dad training I have received so far has been great. I have learned so much. Going to the REIA club meetings, I see that even from the limited training I have completed, that I know more about RE investing than 60% of the individuals in the room on certain topics.

There are a couple large challenges I am facing at the current moment.

1) I am overwhelmed on which steps to take to properly enter the wholesale assignment business without wasting time and needing to backtrack.

2) I am having trouble finding a RE agent or broker to work with. Once I tell the RE agents that a) I am a beginner, and b) that I am interested in wholesale assigning, the RE agents becomes non responsive.

I currently need to attain a listing from an agent that lists all properties that were closed with cash in my target market, so that I can do some mailings to these individuals, and I am having a hard time finding an agent that will take the time to send me those listings.

Thank you for your quick reply Christian.

Yes Oxnard is a great area. I feel fortunate that when I begin to be in the position to start holding property that I have a naval base in town that has very very little chance of ever closing. That means lots of renters.