All Forum Posts by: Ryan Spinola

@Raphael Thomas Check out

http://www.meetup.com/New-Jersey-Real-Estate-Inves...

Its run by Christopher Goodson. Hes an extremely nice guy, very helpful. Hes also a lawyer and does assignments/double closing. Also if u have any questions on investing in NJ he can answer with a meeting and if u need a mentor, he also mentors but he charges 1k a month.

Also they are doing a meeting April 20th, so u might should go.

@Elliot Smith Yea i agree with you on that, i hope i didn't come across wrong way.

@Adam Stohlman You can use your state contract and add an out clause. Also if u need an assignment contract for the buyer, i can send you it.

@Timothy Battle Use your standard state contract and add out clauses on it.

(3 out clauses below i got from Sean Terry)

1. Contract Subject to Partners Approval
2. Contract Subject to an Acceptable Appraisal by Buyer
3. In the event of the buyers default the deposit shall be the sole remedy. 

For Assignment contract, i can send you mine. Obviously im from NJ but pretty sure it will work in Maryland but u may have to ask an Attorney.

@Kino Elliott Hello, ill give u my take on it. It really depends on the situation. Ur brand new and the 3 main ways to market for leads are 1) Direct Mail, 2) Google Adwords (website/squeeze page etc) and 3) Bandit Signs. Obviously u will need money for those and yes theres other ways but these are the 3 main ways to get leads, atleast thats my point of view. Now going on that, you need to decide your marketing strategy.

If u want to focus on Adwords, then yes ull need a site. Use "oncarrot.com" Theres a 30 day trial for like 1 dollar i believe. check it out.

If u pick direct mail or bandit signs, u don't need a website. What you can do is just get your first deal and then after, create a website. Now u know the process, time to fund the marketing and create more deals. Same with LLC, get a deal first and then worry about the LLC. Focus on what matters. Marketing and Sales. Thats all what wholesaling is. Remember, working is talking to sellers, going on appointments and getting contracts.

@Account Closed If i was you, and you could. Blast 7k letters in a month. You can pull list from Listsource, Rebogateway, Findmotivatedsellersnow, USLeadlist. If ur targeting Absentee Owners, target High Equity (90%+) out of state owners or with some Equity (40%+). Now IDK your area so u have to play around with it. What i would do if u want to target more than 1 list, make a phone number for each and see what results u get back from each. You also have to know how to market your area and play around with it, including what letter you use. Some people use letters and/or postcards.Personal, im trying hitting the list with a letter first, then follow up with a post card next month but like i said, u have to play around with it and see the results. I personal like letters over post cards.

@Adrian Reyes You can do properties on the MLS but its more advanced wholesaling. You gotta be very smart with it so i wouldnt suggest it at the beginning of course.

@Smith Robin Hello, im going to give u some info but u need to do alot more research and such. Theres a couple of things u need to know. 

First the Process:

1) Market for a Motivated Seller

2) Talking to a Motivated Seller and Evaluating the Property (Running Comps)

3) Going on the Appointment and getting the Contract (Negotiating)

4) Find a Cash Buyer and signing a Contract (Assignment Contract) with them

5) Taking both Contracts to Title Company or Attorney and do an Assignment or Double Closing (Double Escrow)

6) Close and get Paid

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Obviously, if i were to give u details about them, it would take me a long time so i can only give u a brief details. Since i see your a licensed real estate agent, what i would do first is go on the MLS and whatever areas ur looking to wholesale in, i would see where the cash transactions are in the last 3 month. Whatever areas have alot of transactions in 1 spot, i would focus my marketing there and farm it. What i mean about farm is all your marketing goes, basicly if anyone is looking to sell their house, all they see is ur marketing materials.

So thats first, do some Market Research.

Second, you need to Market for a Motivated Seller. Remember Wholesaling is about Marketing and Sales. Its a numbers game, you have to keep going and dig for gold. 

You need to set up a voicemail system or take live calls. Your brand new so send all the calls to voicemail unless u think u can handle live calls. You need either google voicemail, or a paid program. I use callrail because i like to track all my numbers. I create numbers for each of my marketing campaigns. That way u can see what works and what doesnt.

Theres 3 main ways u can market.

Direct Mail (You send a mail piece to a person's house from a list), Bandit Signs (Put them by major intersections; stick to weekends so u dont get in trouble) and Google Adwords (When someone types in like "We buy houses" and they enter their information, call them back and find out their situtation.)

3rd, When people call in, find out motivation and set an appointment. After appointment is set, running the comps and sign a purchase contracts. 2 things about NJ, When dealing with Attorneys, they like the standard NJ purchase contract so i would use that. Only thing u need to close out is "Qualified inspectors" in part (d), (e), (g) and 39. no assignment. Qualified inspectors gives u an outclause, because if u cant find a buyer in such time, u can say ur uncle bob said property is bad and u want out.  For no assignment, thats how u get paid, assigning the contract to a cash buyer. In NJ, most do assignments since NJ requires all parts of a double close to have their own funding. I also use a 2 page contract which i prefer but again, in NJ because of the 3 day attorney review, if im not dealing with an attorney, then i use the 2 pages.

4th, Find a cash buyer. Go to REI clubs, network with people etc and find tell the buyer u have this property under contract and want this amount for it. Sign an assignment contract with them.

5th, Take both contracts to an Attorney or a Title Company to close. Chris Goodson is an Attorney in northern NJ and he does assignments and double closing.

6th, Close and get paid.

Again, this is only a brief thing, u need to find a mentor and learn. I suggest Sean Terry, he has a free ebook and a podcast. I learned from him and only going by what i did. I hope this helped, have a good day.

@Ralph R. TBH all my knowledge comes from the great Sean Terry. I just take everything i learn from him and pass it on but ty

@Elliot Smith TBH its about showing you care. Have u done a closing process before? if u havent, then u might as well go thru it atleast once, from a to z because say a problem comes up, then u will know how to fix it and save the deal. I just feel like everyone should do it a few times or if u have a seller u like, your showing u actually care about them. Remember, its not a deal, its a person. If u go a long way for a person, its amazing what will happen.