All Forum Posts by: Russell Ponce

I agree with @Wayne Brooks I dont like the buyer talking with seller. The buyer already signed the assignment? I would say ok IF seller agrees to lower price. I agree, be ethical and do what you feel is right but I might look for backup buyer if you think he's making last second squeeze. Heck with that

@Michael Quarles gives his 'wholetailing' formula in reim podcast #3 i think (google joe mccall podcast).

I imagine you need some private financing to close on this thing.

Yeah I think Tom Krol talks about doing this in the Do or Die series he did with his brother's NLP podcast. Not a bad idea.

Bandit signs usually lead to wholesalers. Title companies would know who is assigning contracts

And note that your strategy/solution will depend on how much equity they have.

The clause I like is "this agreement is contingent upon the buyer's approval of the property," we never want to back out of deal but you might have to say "after closer inspection we just cant purchase the property for more than $------ because the repair estimate is higher than I predicted"

wholesaling 101: Market for motivated sellers (this is the cornerstone of the business), make offers according to the 70% rule or some slight variation based on your market or the particular property, you and seller sign a purchase & sale agreement (I like jp moses' forms), turn contract and deposit into title co., find a cash buyer (or someone who has non-bank financing), you and buyer sign an assignment of contract agreement whereby buyer purchases your original P&S agreement for a fee. Coordinate and communicate to both parties the closing schedule. My title pays me, double check with your title.

No. Generate leads and make offers. When you start making money go talk to a good CPA and go from there. IMHO

The cornerstone of the wholesaling business is marketing for motivated sellers. There is much to learn but never lose sight of that. You want to drive calls (leads) to your phone and make lots of offers. Most will say 'no' but just keep at it.

The basic offer formula is 70% ARV (after repair value) minus repairs minus your fee. This can be adjusted slightly but it's a tried and true method. Be conservative with your ARV and round your repairs estimate up and you should be at a number that is a solid deal.

Good luck!

I would suggest letting the podcasts guide your curiosity, once you decide on a strategy just do that ONE thing at least for awhile.