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All Forum Posts by: Reid Ferguson

Reid Ferguson has started 3 posts and replied 15 times.

Post: Pace Morby Gator Method Course Review

Reid FergusonPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 16
  • Votes 46

@Jonathan Abrado

The 'Gator Method' is about partnering with a wholesaler that needs help covering the earnest money deposit (EMD) required by the seller. (note: some sellers don't require this). As a funder, I can provide an EMD of E dollars with a compensation of C dollars. When the wholesaler assigns the contract to an end buyer for and assignment fee of A dollars, the wholesaler receives a payout of A-C, and I receive a payout of C and return of E because the end buyer must provide their own EMD that is equal to or larger than my EMD, E. Hope that helps!

A lot of people tend to comment on these conversations like "why would you ever need help funding? Never give someone else and EMD! etc." But I've seen experienced wholesalers who have all their funds out in other deals use a gator funder to make more deals happen without any of their own money. It's the idea of better to make 50, 75, 80% of a deal rather than 0% because you can't fund it yourself or don't have an end buyer already lined up to cover EMD.

Post: Pace Morby Gator Method Course Review

Reid FergusonPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 16
  • Votes 46

@Jonathan Abrado

the course content is pretty thorough and there are lots of side videos that have started up to support info in the main videos. The community is great as well!

I find the toughest part to be finding your own deals. If you’re heavily involved in the wholesaling world, this may be easy. If not, it’s likely going to be difficult. Hope that helps! Reach out if you’d like to discuss further.

Post: Are wholesalers missing deals because of inability to fund EMD?

Reid FergusonPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 16
  • Votes 46

If you’re a wholesaler, how often are you letting deals pass because the earnest money required by the seller is more than you can afford?

I’ve heard this is very common, but I see many wholesalers referencing earnest money deposits of <$1000.

Thoughts?

Post: 10K EMD for a foreclosure home?

Reid FergusonPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 16
  • Votes 46

@Dillan Mamou

Make sure you're EMD is always going to a title company. Make sure that the title company is legit and that any wiring info matches the company's online information.

Also, give yourself an inspection period that allows you to take your EMD back for any reason. This gives you time to find a buyer and have a title company check title, etc. before your EMD goes hard.

If you can find an end buyer in that inspection period, then your money never goes hard and is always protected. End buyer's EMD must be equal to or exceed yours. Theirs goes hard immediately.

Holler if you have questions or want paperwork that helps with this.

Post: Question regarding short term EMD lending or “gator lending”

Reid FergusonPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 16
  • Votes 46

@Kristian McCreary let me know if you're still wanting help with EMD. I can help you with that for sure!

Post: Transactional funding for wholesaling?

Reid FergusonPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 16
  • Votes 46

@Davaris Bennett, I totally get it being uncomfortable - it’s new to you.

It looks like you've already got some people helping you out, but if you'd like another opinion, please reach out! I like to use good paperwork to secure my position with a JV partner who may be funding deals. Keeps us both on the same page and our money safe.

Post: House hacking anywhere in the US - Where would you go?

Reid FergusonPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 16
  • Votes 46

@Chelsea M.

Hey! Go somewhere where basements are common and you can rent the basement on Airbnb. You’ll make way more than any long term rental. It will require more effort, but is very doable. So many people and resources to help. I live in Denver and use this approach. It’s been pretty easy to get started and we’ve never paid a house payment. Happy to answer questions if you have them!

Post: Bank Promos via Rental Deposits?

Reid FergusonPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 16
  • Votes 46

Hey, everybody. I'm looking to set up a new bank account to separate rental emergency funds from personal funds. I was hoping to take advantage of a bank promo (eg. earn $300 when you direct deposit $500+ in each of the first 3 months), but the disclosures limit direct deposit to payroll, pension, Social Security, etc. I called the bank to see if direct deposit through Cozy would count, but sounds like a 'no.' The customer service agent didn't seem too confident though..

Anyone done this before, or know for sure whether this is/isn't allowed? Thanks

Post: Bi monthly Gainesville Investor meet up.

Reid FergusonPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 16
  • Votes 46

@Shawn K Hicks sounds good! Do we have a location yet?

Post: Let's Connect in Gainesville, FL

Reid FergusonPosted
  • Rental Property Investor
  • Denver, CO
  • Posts 16
  • Votes 46

@Shawn K Hicks is there a meeting tonight? I know there was talk of last week's being pushed to tonight, but I didn't know if that was finalized or not. Thanks!

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