All Forum Posts by: Russell Ponce

Tom Krol gave you some good advice above. Google "No Limits Podcast" and listen to the "Do or Die Series" episodes 14-20 I think, featuring Tom and his entrance into the Wholesaling business. It's really well done.

If you're a wholesaler then it's a no brainer, you've got your marketing budget and then some. If you're not sure if you're ready then you can earmark $1-1.5k for marketing and get your hands dirty. During this process you will find out what you need to learn and so go learn it. Its a risk and I don't want to spend your money but that's what I would do, use it for marketing.

I think its important to have an ally in the market you are wholesaling, someone to at least help with property values. Cris Chico outlines a way in his virtual wholesaling course to use recent sales data from Realquest to guide his offers but I havent tried that. Listen to Sean Terry's Flip2freedom podcast #64 interview with Cris. 

Funny funny responses, i almost want to call him back and use some of this material.

I agree, mailing to absentee owners is great because they can have various reasons to be motivated and they typically arent so touchy. Plus there are lots of them. The downside is they may be marketed to quite a bit.

@George Bernardino Ultimately the only thing that matters is if there is a buyer for your contract. Go on Listsource.com and build your own list. Choose at least these criteria: zip code or city (I do both at different times), sale date last 6 months, and absentee owned. This will give you the number of investor transactions in last 6 months so you will know if people are buying in a zip code or city. Zip code is nice because you will know exactly where they are buying.

Now you can purchase this list and mail them when you have a property under contract or mail them ahead of time to build a buyers list and see what they want. The list will have the addresses of properties they bought so you can go on Realtor.com and see the house and purchase price.

Yes, I was referring to a licensed realtor because they have access to the mls. Its perfect if your buyer has access because he will advise you on what you should pay and then you have a built in buyer for the contract. Its best to eventually get your license.

The earnest money deposit (EM or EMD) can be whatever, ive done $25 but my paperwork now says $50. Dont give an explanation just state it and move on. If they say anything you're not a retail buyer who might fall in love with another house, you're an investor who is going to buy the house as long as there are no surprises during the walkthrough. And this will all happen in the next couple weeks.

Good luck! 

I think there are some forms here on bp, Gerald Harris offers some here on bp, i like jp moses' forms you can google him. 

Sell your contracts ASAP and get a back up buyer just in case, tell back up he/she will have first access to next deal if they dont get this one.

You dont need a license because you are a principle in the transaction.

Some will say you have to inspect the property but ultimately all that matters is that the end buyer inspects it and is willing to pay more than what you have the property contracted for.

Other parties include title company, you turn contract and earnest deposit into them. Also it would help if you had an agent to give you comps or tell you what the property is worth (you will have to give them something of value in return like maybe retail leads).

and your phone. Having a printer is nice because no telling how sophisticated your seller will be and so you can print and mail contracts.

@Mehran K. marketing for your own flips/rentals is the best way to go (podcasts #18 & #37) and if you are set up to handle it and still focus on learning the rehab process then go for it. For me I prefer to focus on one aspect, systematize it and then outsource it but im not a nuclear engineer either lol. Best of luck to you, keep us updated.

It seems a bit ambitious to get yourself set up for a direct to seller marketing campaign and all that entails AND to learn the flipping business all at the same time. If I had that kind of seed money I would start by focusing on the flipping business. I would create a few avenues of deal flow that were outsourced (wholesalers, agents) and learn and perfect my rehab systems. Once I got that down I would look into marketing for my own deals and wholesaling the ones I didnt want.