All Forum Posts by: Rudy Ferrara

around and around we go. I got the message this is a wholesaler unfriendly site.  Positive things are happening wholesaling or even assignments.  Like denise i've had positive experiences and don't need a real estate license. I am getting training in ethical real estate investment proceedures EVERYONE should have

amen

whether you're wholesaling or not this is a people business. Seeing the others point of view is what it's all about not just making a quick buck whether your a realtor, investor, wholesaler etc. As my mentor vena says

Offering More Cash is a Tempting, but Losing Strategy.

Trying to “outbid” other investors

(or creating the ‘cleanest’ contract or waiving inspections that you actually need or offering to pay thousands in seller closing costs)

just means that you end up making bad deals. And that’s not what we’re here for.

The Winning Strategy Is…

To be the one that the seller WANTS to work with, because you:

• Actually listened, and really understood the seller’s problem and motivations, and really worked to solve those problems
• Built trust and a real connection with the seller, making him feel comfortable and valued
• In short, you didn’t come across as a pushy slime bag, like most of your competitors do

In a hot market, your negotiation and rapport-building skills give you the edge you need, to make and get great deals that your competitors just can’t.

I've learned a lot from you guys. As i said i'm a newbie. Did my first $7k wholesale assignment deal years ago and trying to re enter the rreal estate business as easily as possible until i'm up to speed and can do the more advancced stuff. My first deal  i had a landlord realtor who was looking to expand his portfolio and through research at the records room which i'm real rusty at  right now I found a motivated seller (which to me is the hardest part) who was tired of commuting to his rentals and just wanted out. I never saw the 2 houoses and i never attended the closing or dicker about arv and an acceptable offer. I let my buyer and seller do the negotiating which at that time i could not intelligently have done convincingly. It was an up an up ethical transaction. I guess you'd call me a bird dog. Now since assignments are more and more being phased out and will probably disappear completely nationwide which i think would be a tragedy especially for newbies  i'm looking into transactional wholesaling deals and virtual wholesaling. Later perhaps jv's and buy and hold or flips.  I'm getting some good instruction with axiom and kingdom with seasoned ethical highly successful wholesalers plus vena cox with over 25 years experience and my local ccia in chicago. Big learning curve but so far so good

jay i meant to include you in my last post. Thanks for your insight

rudy ferrara

Thanks lydia and jesse

i agree with both of you. Assigning a property is just less involved and allows newbies like myself to enter the real estate field with little or no money and training. That is the problem you've both had some training which is the main gist of my post. Assignments have gotten bad pr because of a few bad apples taking advantage of people. With proper training and respect fro  buyers, sellers, title company, attorneys, lenders and UNDERSTANDING how all these people work together assignments are still a viable way to help distressed sellers hook up with potential buyers without taking possesion. Yes there are alternatives i'm looking into ie transactional, double closing, virtual wholesaling the latter can still use out of their own state assignments. All of these i'm sure i'll be doing. Double closing is much more time consuming and expensive with less profit than assignments but with the same cost in time. Transactional is the next best thing in my opinion as long as you have the buyer/lender ready to go with you. 

I'm so happy for you lydia. I wish chicago was as hot as texas unfortunately it's not. Perhaps i can do a virtual deal there. I'm too new to recommend my hooking up with you guys but if you're open for a jv down the road please let me know and thanks for your reply

rudy ferrara

yes jonathan i could get a realtors license which is exactly what realtors are lobbying for nationwide, elimination of wholesalers. No more competition. It eats into their profits. Just as uber does with over priced taxis. They have the clout and the lobbying power to sway congress just as monsanto buys off politicians to get their anti gmo labeling laws passed or big pharma suppresses any non drug unpatentable natural/organic preventon/cures as there's no profit in health. Is why there's a walgreens on every corner. Monopolies rule us.  They own us through congress and citizens united legislation is exactly what realtors want. I for one believe in alternatives and choices that's what free enterprise is all about. Competition is the name of the game which you won't find in dictatorships like russia, north korea or china. Their government also CONTROLS their people OR ELSE as you are witnessing in ukraine which was in existence long before russia.

Your "bridge" mr jones is called transactional selling which i'm learning about. As for assignments it's earned a bad reputation from unethical and real estate illiterate predators who care less about the people selling a house or wanting to buy one from an intermediate wholesaler using an assignment than they are in getting a seller to sign a contract and sit back until closing to collect a check without any care for helping  the seller who is in a desperate situation for whatever reason. Who perhaps can't make mortgage payments, came down with covid or as my first seller was simply tired of the headache of travelling back and forth to his properties he couldn't maintain and another tired of destructive tenants. He/she may have a family they're  trying to provide for while looking to move into another property while closing on their current property, etc. This is a real service an ethical/knowledgable caring wholesaler provides  people  far from the predator image some give it. 

You're not selfish joe s. I'm a newbie without deep pockets or training for more complex buy and holds. I just want to break back into real estate investing after several years and wholesaling assignements is the easiest way which netted my first $7k deal several years back. I agree there's too many quick buck newbies without any knowledge of how real estate investing works with the seller, buyer, title company and/or attorney. They think you find a seller and buyer and sit back and collect a paycheck or run away when the buyer can't get funding or sue the seller or buyer for getting angry at them for not revealing their arv  profit from the start before closing. On the other hand if you watch the  youtube video realtors are a powerful lobbying block intent on eliminating any competition. Check it out and thanks for your reply

rudy 

For the video "real estate wholesalers are screwed, more regulation coming in 2022 go to you tube for a more detailed explanation of my earlier post "Realtors want wholesalers out of the picture completely. We need to unite and fight back nationally My sstate illlinois just banned wholesaling except for one deal a year. . The NAR (national realtors association) through lobbyhing state wide and nationally will have no competition from wholesalers in the future is what this is about. And It will spread to all states. "

I apolagize for not being able to post the lyoutube ink i wanted to share