All Forum Posts by: Account Closed

A homeowner that contacted me from a yellow letter is willing to short sale her home. She owes too much. She is 6 months behind. The house needs a total rehab to be rent ready. She is supposed to talk to her mortgage company about doing a short sale. She wants to know what is in it for her. She wants $15K or $20k in cash to short sale her home. First of all, there is no way that is happening. This is a C neighborhood and that much cash would never fit into the numbers for it to be a good deal. 

Second, and maybe most important, it doesn't seem like it would be legal to give her cash for basically defaulting on a loan. Thoughts?

@Account Closed

When you buy sub2 is it a temporary strategy for you until you can get other financing, or do you use sub2 for long term financing. I've heard opinions from people that do it both ways. I'm just wondering. 

@Dmitriy Fomichenko

Thank you! I probably will be using the help of an agent if I can short sale this deal, or another one. I need them to help show me the short sale process and the best way to get the deal through. I have had a few investor friendly agents contact me and offer to help. 

@Amr Omar @Jodee W.

Thank you!

@Daniel P Willis

I am new to wholesaling and direct marketing. I am far from an expert, but happy to share with you what I'm doing. I actually just posted in the success stories section about getting my first phone call today from sending out yellow letters. The houses that I am sending letters to right now are close to where I live. I am only driving for dollars right now. I do not buy any lists from companies or other sources. Every few days I drive through a neighborhood or down a street and write down all the houses that I see that look vacant or distressed. Yesterday, I took my 9 year old with me. I drove and called out the numbers, he wrote them down. It was much easier than writing while driving. By vacant and distressed looking I mean the grass is tall, over grown bushes and trees, house needs paint or siding repairs, gutters falling off the house (seen a lot of those lately), broken or boarded up windows, old ugly roof or roof with a lot of random patches, etc. Any house that is not being maintained is one that I will write down. I will drive through one neighborhood and find one house. I drive through another neighborhood and find 50 houses. I am looking in neighborhoods where I would like to own rentals. If I am able to wholesale some of these houses, then that would be awesome. If I'm able to get financing or partner with someone to buy these deals as rentals, well that would be great too.

I think the "investors" you are thinking about are called "buyers". This should help you build a buyers list. 

The Essential Guide on How To Build and Promote Your Buyer's List

If the link doesn't work, look under Community, Forum Categories, Real Estate Questions & Answers.

I do not have a buyers list, yet. I plan to create one eventually. Right now I am focused on getting deals.  I'm tired of waiting and learning. I'm just trying to start doing. Some wholesale experts say build a buyers list and know what your buyers want. Then market to those types of properties. I am close to Atlanta. I think there is a lot more money to be made on wholesale deals in certain areas in and around Atlanta. I just have very little free time available to get to those areas. I'm focusing on what I can handle right now. I am sticking close to my house for now.

Helping other buyers or investors is sometimes called bird-dogging. You can look that up in the forums or blogs. 

I have been driving for dollars over the last few weeks and mailing yellow letters that I write. I have only mailed around 20 letters so far. I have a lot more ready to go, but I'm only sending a few each day. I'm looking for properties that I can wholesale or keep as rentals. 

I got my first phone call today! All the learning and knowledge went right out the window. I was nervous and could barely speak. The lady was very nice though. She owes too much on her house and she is 6 months behind. The mortgage company has not started the foreclosure process yet. I told her that the only way I could help her is if the mortgage company will do a short sale. The house needs a total rehab so I've got to get it for very cheap. It would make a great rental property if I can get it at the right price.

She is supposed to talk to her mortgage company tomorrow and call me back. So, whether this works out to be a deal or not, I'm still very excited about it. Yellow letters work! I'm sure talking to people about their properties will get easier over time. I've never done a short sale before. I'm nervous now that she will call me back and say the bank wants my offer. I guess I will just figure it out from there.

@Daniel P Willis

I want to wholesale to earn some cash to buy rentals with. I want high cash flow rentals or paid for rentals. Good luck!

@Daniel P Willis

If you want to meet other investors or mentors in your area you should check out the "networking events" section under the menu. Look for meetups in your area. Some are free, some you have to pay for. 

Also go to meetup.com and join. You can find real estate investing meetups on that site as well. I found a newbie wholesaler mastermind group here in Georgia. 

@Daniel P Willis

Yes. There are a lot of good podcasts, blogs, and forum posts on it. I'm new to wholesaling. The way I'm doing it now, a very inexpensive way to start, is by driving around neighborhoods near me and looking for vacant or distressed properties. I make a list while I'm driving (driving for dollars) and mail them a letter telling them I want to buy their house (yellow letter). I am looking for houses to either keep as rentals or to wholesale to other investors.

@Daniel P Willis

By assignable contracts are you talking about wholesaling properties? Getting an off market property under contract and then assigning the contract to another buyer? If so, there is a ton of info on wholesaling here on BP.