All Forum Posts by: Russell Ponce

@J Scott is right, buyers are growing on trees right now.

Welcome Amicia, for me personally I had a hard time gaining traction until I focused on only one strategy. Cris Chico is a pioneer in virtual wholesaling, you can listen to him being interviewed on Sean Terry's flip2freedom podcast #64.

Good luck!

You can wholesale anywhere where you have a good buyer. They can give you advice on value, you just have to generate calls and negotiate with sellers. You can find buyers through listsource.

However if you have a large market in your backyard then I would jump into that one with both feet.

I think they have some forms here, but if you google jp moses he has some free ones that I've used and liked. I would suggest listening to podcasts here on bp about wholesaling and on "No Limits Podcast" the Do or Die series (14-20). Educate yourself and you will be able to speak naturally and ask the bp family specific points of clarification.

Anyways, it aint easy.

You can set date of closing in a month to give yourself time and try to close quicker. If you have good buyers it should happen as soon as title is ready. BP is terrific forum to ask these questions but I would also suggest taking your Purchase Agreement and earnest money to title and ask them to walk you through the process.

It sounds like you're right, the numbers don't seem right for a flip. My true response, and sorry if this doesnt help, is you should be asking these questions to your buyer(s). Legally you cant make offers for someone else without a license but you can ask advice and then negotiate on your own behalf. 

Seems like an easy offer if you think you can flip the contract, offer what they owe.

Get lots of leads and make lots of offers. I like the BP podcasts on wholesaling and No Limits Podcast Do or Die series for clarification/motivation. Find a marketing niche and get after it. 

I never minded spending money for information. I usually learn at least one thing that helps.

Come to an agreement with a buyer whereby the walkthrough is a mere formality. 

And vet the buyer, ask questions and make sure they are able to close.

Simple but not easy. The wholesaling process involves coming to an agreement to purchase a property for a specific price (getting a property under contract). You then sell that contract for a fee or do a double close, typically to an investor who is looking to improve the property and either rent it out or resell for a profit. 

For example: a seller agrees to sell me their property for $100k and I make arrangements to resell the property for $110k. All fixed up maybe the property is worth $185k so I'm buying low and selling low. 

You should study and understand at least assignment of contract and then double closings (dry & wet) and then maybe transactional funding. 

The cornerstone of the wholesaling business is marketing for motivated sellers, sellers who for one reason or another are willing to sell at a discount. We offer a service that allows a seller to sell their property quickly and avoid the typical hassles associated with a traditional transaction.