All Forum Posts by: Renee Harris

Hi Tanisha,

I'm an Inglewood girl too. Welcome.

Wholesaling is simply finding great real estate deals and getting paid to bring them to real estate investors. So I never own the own, with an agreement from the homeowner I find an investor to buy it and make my money from that.

here is an example from a bigger pockets guide here called 

https://www.biggerpockets.com/renewsblog/2015/01/3...

Jim is a wholesaler. He actively markets for incredible real estate deals, but doesn’t actually want to buy them. On a cold January morning, Jim gets a phone call from Deborah. Deborah wants to sell her home, but doesn’t want to use a real estate agent. She tells him that the house is in bad shape, and she just wants to get out before she lets it go back to the bank in a foreclosure.

Jim meets with Deborah at the home and offers her $50,000 for the property. Deborah agrees to the price and they sign a contract – a purchase and sale document. This document states that Jim (or someone else he sells the contract to) will buy the home for $50,000 within the next 21 days.

Jim then goes and talks with his friend Tom, an active house flipper. He shows all the numbers to Tom, and Tom decides that this property would be a good flip. Tom agrees to pay $55,000 for the property and knows he can make a good profit at that price.

Jim and Tom then sign an “assignment contract” where Jim gives Tom the right to buy the home from Deborah (because remember, the contract between Jim and Deborah said that either Jim or someone else will buy the home. This is known as an assignment, and we’ll go into more detail in a bit on this).

Jim gives all the paperwork over to the local Title company to process. In the end, Deborah gets her $50,000 price she asked for. Tom (the flipper) pays $55,000 for the house. And Jim, the wholesaler, keeps the $5,000 difference as his wholesale fee.

Jim never owned the property, but made $5,000 for bringing together Tom and Deborah.

Hope That helps.

Take care.

Cool. Thank you for this.

I was actually just asking where to go or wanting to know about where others went as a chance to have a dialogue. 

Where can I find a place to do a crash course in los angeles, anaheim is kinda far. Thanks

Thank you all for the replies, advice and well wishes. 

@Jamal Wilson: I would have never assumed it was open book until she said it was.

 Where can I check the pass rate? Maybe I don't want to. 

Anyway, thanks for all the replies. I am glad I asked. I would have failed!!!!!!!!!!

@Drew Wie: Where did you find past exams?

 So it's not open book? Was the life insurance agent exam open book?

I went to calBRE and I didn't see anything about open book. They don't let you bring anything into the room. 

Good luck to you too! Let's get this money baby! 

Sorry to post so much in one thread. This iPad is not making it easy. 

PS.

I need life insurance. :)

 I see.

Thank you! 

omg! Why is this woman telling me the test is open book?

I'm getting ready for my exam, woman from the school I went to says test is open book. Two people who took the exam last year told me it's not. I don't think the woman would lie to me. Thinking maybe the rules changed. Just checking.

Thanks