All Forum Posts by: Russell Ponce

Be honest with seller but they wont understand the lingo that we use here everyday, so just talk straight with them in simple terms, "I am on the aquisition side, I usually like to bring in a partner to help complete the deal. Sometimes they offer to buy me out, I dont mind because its less risk." Something like that or whatever makes sense to you. I've been referring to my "money guy," I think this helps in negotiation because I just say what he's willing to let me have on this deal. This puts me and seller on same side, "I like the property, let me see if I can get him to allocate a little more funds on this one." Its all true and in terms that are common sense.

The buyers should know exactly what you are doing but believe it or not many (in my experience) have never heard the term wholesaler. 

When you agree to terms fill out a purchase and sale agreement and have seller(s) sign and date it and you sign and date it. Get familiar with your paperwork, i think Gerald Harris has some he put here somewhere (I like jp moses' forms). Turn agreement, any addendum, and earnest deposit in to title company or closing attorney depending on where u live.

You and money guy fill out assignment of contract form and turn that into title as well. Communicate and coordinate closing date. 

I just started testing the Marysville (Yuba/Sutter) market for direct to seller marketing leads for wholesaling opportunities. I found an agent to send retail leads in turn for helping me with comps. 

Anyways, this gal is a real go-getter and keeps sending me rehab opportunities even though I said I'm not working off mls. Anyone interested in rehabbing in the area I would be happy to connect you to this agent, she's great!

@Matthew B. thanks for reassurance. 

Thx for responses. Yeah @Mike M. I had to bite my tounge a couple times. 

@Matthew B. It was from the inherited list and didnt want to throw my list provider under the bus (it took me awhile to figure out the lead source anyways). I just said we outsource and get help with a lot of our marketing, we mail a lot of letters but cant mail everybody, its a numbers game, most dont want to sell but some do, yada yada yada. When he implied that we were trying to steal properties I tried to explain the 70% offer formula. 

And the kicker is he's reporting me to local police. Not that Im worried so much as that I love my community and not happy that I wasnt able to smooth him out better.

@Gerald Harris thanks for link! I hesitate to ask a title co. for help before Ive brought them any value, but I wonder if records will give me mailing address over phone? One way to find out...

So I had a fun call today, a lead calls in asking all kinds of questions and turns out to be a cop! I was transparent with him but just couldnt satisfy his suspicions and he was really hacked off to my amazement. His concerns were that only a particular resident received a letter but none of the neighbors did nor did the lieutenant himself. And also that I didnt have a business license. We are doing a DBA here soon but I just told him Im not a real estate professional I just buy and sell houses in my own name.

Any good answers to these kind of queries?

Guys are doing it @Danny Benavides ! Listen to @Aaron Mazzrillo on podcast #37. And Alex Joungblood also talks about it all the time.

I brought a contractor my very first time but it didnt seem right to keep asking someone to go see every lead. If you can take pics and hv a savvy associate you can get a pretty good number on a place.

@Darrie W. Bennett To me customized forms are a luxury and I put the money into marketing at this point. I like the agreement to be simple, clear and straightforward. Ive only reviewed a dozen or so but of those my favorites are JP Moses' forms he has on his website.