All Forum Posts by: Russell Ponce

There's a lot to like about your niche, the price points, the returns, the abundance of seller Carry. I'm trying to get a friend interested in mobile homes, what's a good A to Z source of info on the subject? I know you can get Lonnie Scruggs' books along with an additional booklet that addresses the new climate of seller carry, is there anything better than that available? 

Brandon is hosting a webinar today on portfolio loans  (in house loans from local and regional banks).

edit: Actually I think it's tomorrow  (Thursday)

If you can recommend an RMLO in the Birmingham area that I can use for a seller carry transaction could you PM me?

Thanks 

A wholesaler basically just engineers transactions, if that's what you want to do then I would consider getting your license. If you want to buy, fix and sell houses (commonly referred to as rehabbing, flipping, or fix and flipping) then maybe you could get some work with a successful rehabber as an employee or intern. 

Might I suggest also that as a new investor you at least consider breaking into the rental game? Less fireworks but a little more forgiving and a wise long-term strategy. 

Good luck! 

Bandit signs work in some markets, that's how I started anyways. I got a lot of trash leads but met people in the business who called me off my signs. Lenders, buyers, wholesalers as well as sellers called me and eventually I got a deal. It was a cheap way to learn how to work the phone. 

I'm strictly using postcards now but should probably start using some online methods at some point. 

I'm moving towards answering calls live, but when sending calls to vm it's obviously important to return calls asap. If it was all the same I'd probably prefer vm because I like the way their info is cataloged on my phone app.

I used to run over to any decent lead but it's not necessary imo. If the seller is not disclosing something major it will come out during inspection. Some people swear by going to the house though and I'm sure do very well so...

There it is there, as a wholesaler you need to find the very best of deals and someone needs to be pretty motivated to want to sell at the discount a wholesaler needs instead of listing it with an agent. 

Typically, as a wholesaler, you need to work hard to find a deal no one else in your market knows about. 

Don't give up! This is a marathon not a sprint. Wholesaling is difficult, you have a lot to learn. I personally love podcasts, not only for the content but they lead to books, websites, and other sources. BP podcasts are topnotch but there's also others like Sean Terry and Real Estate Investing Mastery. 

Wholesaling lures in a lot of newcomers but there are many facets to REI. Good luck!

I've been looking at some deals in a different part of AL. What concerned me about flipping were the days on market in that particular area. I've come around to thinking that with the lower price points and with rentals being a more forgiving investment to have a rental first mindset. Good luck! 

Putting something under contract goes like this: you offer to buy my house for $100k and I accept. We fill out and sign a purchase and sale agreement and you turn it in to a title co. along with an earnest money deposit of any amt to open escrow. Wholesaling is when you find someone who wants to buy your position in the deal for let's say $5k, and you guys fill out and sign an assignment agreement and turn that into the title company. You will get $5k and the end buyer pays $105k (plus some other expenses which are negotiable who pays for them) and gets the house.

Now wholesaling may be simple it's not easy and newbies coming on here looking to start wholesaling are a dime a dozen. You will see a lot of negativity towards wholesalers for a variety of reasons, fyi, but you asked the question so...