All Forum Posts by: Ryan Webber

To add to what Jon shared about the mess we call our tax system, short term capital gains are taxed as ordinary income, which means its at your normal tax bracket.

If you resell a property in less than a year, the gain (which pretty much requires an accountant to figure out) is taxed just like if you were working a J-O-B.

You can get a POF from a transactional lender or an hard money lender. All that other crazy stuff Bill shared, forget about it. All that stuff is not necessary or a good idea. You can find some transactional lenders that will give you an immediate POF online.

Darryl, what is the whole "read all my posts", "follow me", drink the Koolaid stuff all about? You are definitely into the whole self promotion thing, aren't you?

Do you think that BP's other posters can't handle it outside of just you?

I agree with Curt. Read through the forum and your questions will get answered. I would point you to more than just Darryl Dean's posts, too. I like his confidence but I can guarantee that you will find more knowledge from the thousands of posts over the years from highly experienced wholesalers answering newbie's questions in the Wholesaling Forum than from his 36 posts.

Let me give you my advice, too. I've worked with hundreds of newbies and most of them NEVER buy a single property. They never buy one NOT because of a lack of knowledge. They never pull the trigger because of a lack of guts. They are scared, and my experience is that no amount of knowledge will ever take that fear away. The only way to overcome your first deal jitters is to DO your first deal. Experience is what overcomes that fear, not knowledge.

Now I am NOT advocating that you not learn the basics of investing before you jump. You need knowledge to make good decisions, but the number one problem I see with newbies is lack of action, not lack of knowledge. I could give you all the knowledge you could ever want and you will still be scared to pull the trigger.

Learn what is and what is NOT a good deal in your market. Learn the basic mechanics of wholesaling. Start building your investor buyers list, and start putting houses under contract.

I do not have a license, and I took law of contracts, basic principles, marketing, financing, and some others at my local junior college. In my state there are several places that offer online courses also.

You might contact a large realtor firm in your city and ask about local options to take classes to become a realtor.

I'm going to point you to the Wholesaling Forum. Its the best literature on wholesaling you will find.

Daniel, an unlisted property represented by an agent? Not sure how that flies. Its either listed or its not. Either way obviously they want only serious buyers.

I have little experience with short sales, but if you don't have the money I would try to negotiate the earnest money down as much as you can and move on if you can't make the deal work.

If you are giving earnest money, writing the check to the title company (which is customary) solves the issue Sam brought up.

Well there are several details in there that you skipped over but, yes, that's the basics. You, as the wholesaler, will normally take care of getting all the docs to the title company to initially open escrow and start title work. Then when closing rolls around everyone goes to the title company and gets what they want.

If you are claiming that you are taking it owner occupied but you aren't, I would highly recommend you stop. That's what they call FRAUD. Never a good idea.

Yes, you can double close HUD REO's but you need to bid on them as a non-owner occupant.

Yes, you can wholesale HUD's. I've double closed 2 or 3 of them. They are just like any other REO but with even more red tape.

I don't know about the 203k financing. They are not going to like it when they see you flipping it, and I would hypothesize that there is a good chance they will shut it down.