All Forum Posts by: Ryan Webber

I'm not sure why it would be better for someone else to manage your leads. Those leads are gold.

Gurus have a knack for promoting different management or systematization stuff, but I think its very important to prioritize what you focus your energy and your funds on in the beginning. Not that being organized isn't important but don't get too caught up in all the unimportant details.

Always remember that the most important part of this whole thing called Wholesaling is FINDING DEALS. Make sure you are spending 80% of your energy/funds on that aspect - FINDING DEALS -

My partner/wife uses a paper notebook for her leads. She hates using Excel or just about anything computer related. She's wholesaled hundreds of houses with just a paper notebook.

Though package deals are more intimidating there really isn't anything different in the process, except for that maybe you might cut your per deal profit margin down some.

Package deals are exciting, and they can catapult your business. To pull them off you will have to bring a whole new focus to your business strategies. Package deals made me a lot of money in my first years as a wholesaler, but more importantly they made me take my business model to a whole new level.

Marcus Wallace, its not a "should" question. This is a public forum and you will get a multitude of opinions about most things. You will need to be able to understand and assess the information presented and make your own decision based on that assessment.

Long contracts do deal with a multitude of issues that may come up during the closing process and therefore can help to alleviate possible disagreements that might arise.

Long contracts also scare/overwhelm 95% of people and this can make a seller want an attorney or another family member to get involved, complicating the whole deal.

I personally use a one page contract except with realtors. Out of using a one pager in 500+ transactions, I can only think of two times that an issue arose that a TREC contract would have dealt with directly, though I don't think using a TREC would have stopped the deal from falling apart in either circumstance. And by changing my one pager slightly it addressed both of these issues anyway.

In dealing directly with motivated sellers (many times "distressed" sellers), my personal priority is simpleness and ease of transaction. I need the seller to feel safe and secure, and everything needs to be as smooth and easy as possible. The TREC is an extremely complicated document to most people, and to truly understand the 8 page TREC contract, you really need to take a a college level course over it.

For me personally in my wholesaling business, that trade off is just not worth it.

Jennifer Handlin, To give you some idea of what you would be getting into. I'm one of the speakers and I have absolutely NOTHING to sell. Well, I do have some houses in Texas that I would sell you, but other than real estate, I have nothing to sell. No guru packages or seminars. I'm not a guru. I'm an investor. I'm in the trenches every day. I make a living from investing, not from speaking.

And Joshua Dorkin is telling the absolute truth. He made everybody sign a very strict agreement that we can not pitch any products or services.

I'll tell you what Jennifer, I've bought about 30 or 40 REO's over the years. If you make it to Denver, let's set down for a cup of coffee and I'll share with you and your husband everything I know about REO's. You should be able to pick up at least 1 or 2 deals with what I'll share with you about them, and that should more than pay for your expenses.

Long contracts are also more likely to motivate a seller to want an attorney to look over the contract before they will sign. Attorneys can be pretty good at killing wholesale deals.

Most realtors are idiots when it comes to investing. I would find a real estate investment club or call some of the "I buy houses" people and ask them.

I don't see how selling your contract could be illegal or subleasing for that matter either.

Sell them at 70% minus repairs. Buy them for less. For 8 properties I personally would be looking at a minimum of $25K profit for myself if they are lower end properties and more if they are nicer.

This seems to be one of the generalizations. I just can't leave it alone. What law changes are you referring to exactly, @Will? And are you specifically referring to ONLY California because I have had ZERO problem with simultaneous closings in Texas (did one yesterday) and have heard little issues from anyone else in any other states? Outside of the fact that many title companies have NEVER wanted to insure simultaneous closings, is there something different that has happened now?

Not that consulting with an attorney is not a good idea, but, @Leo, that doesn't seem to answer Matt's question at all.

Matt, you need take both of the contracts, or the contract and assignment to an INVESTOR FRIENDLY title company. MOST title companies want to see documents between a buyer and seller directly, just as Leo shared, and that is exactly why you need to find an INVESTOR FRIENDLY title company/agent to take your contracts to. Call the title company and ask an agent about how they feel about doing a double closing and/or assignments. If they aren't all for them, find another title company.

As someone who is buying a property that is being assigned to them there is no tax on the assignment fee. It would be figured in as part of your original purchase price.