All Forum Posts by: Troy Michaels

Troy Michaels has started 38 posts and replied 113 times.

Originally posted by DemosL:

I live in Northern Virginia and a seller in Texas contacted me about his property in Indiana. The end-buyer will probably be from a different state. I'm not sure how he found me. I advertise a lot in the Washington DC Craiglist. I doubt he said to himself, "Hmm, I think I should contact a DC area investor to buy my Indiana property".

He must have read one of my many posts on this site or other similar sites and clicked on my website URL. I got an e-mail from him from my website.

To get back to answering your question, advertise in the Craigslist which is in your target area. Another similar site is backpage.com. Unlike Craigslist, which only allows you to advertise in one geographic area, you can advertise in multiple areas at one time with backpage.com.

thanx, i forgot about backpage as a resource.

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If you live far away from your target area to acquire properties, what are some of the best ways to reach potential homeowners about buying their properties?

1 Vote

Originally posted by Mr_Investor:

Of course IMHO bandit signs are overrated anyway.

Direct mail marketing with online marketing is the shiznet a lot better than bandit signs.

describe a good direct mail marketing campaign. what are good ways to advertise your website to investors?

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Can you wholesale without bandit signs and be successful?

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i thought you would only need transactional funding if you are dealing with a reo. if dealing with a for sale by owner, u dont need that, just assign the contract to the end buyer.

1 Vote

Im still in the beginning stages of setting up my planning. I have asked this question and havent gotten a answer. When wholesaling, when you go to closing, is the ssn or ein number required. Im setting up a trust and wanted to know if a 1099 is given to you at closing, or do you handle taxes yourself as a complete different issue.

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Originally posted by Scott Frank:

Unless I'm mistaken, the HUD-1 is the transaction summary between the buyer and the seller. A true wholesaler is neither the buyer nor the seller. So, the HUD-1 will show the net proceeds from the buyer to the seller. The Assignment Contract instructs the title company to disburse the left-over proceeds (your assignment fee) to you. I have never completed an HUD-1 myself. The title company takes care of it.

could you send me a copy of your assignment contract? private message me.

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Originally posted by Curt Davis:

should be on the hud

are lenders still allowing the fee to be on the hud? what line of the statement is it listed?

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On a for sale by owner that you wholesale, do you collect your assignment fee at closing or can you have the buyer pay the whole fee upfront. what is the "norm". is the fee listed on the hud statement?

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Originally posted by Scott Frank:

I include the assignment fee on the Contract for Assignment.

u dont put it on the hud statement? what about your ein number ?

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All Forum Posts by: Troy Michaels

Troy Michaels has started 38 posts and replied 113 times.

Post: WHOLESALING LONG DISTANCE

Post: WHOLESALING LONG DISTANCE

Post: ARE BANDIT SIGNS A MUST?

Post: ARE BANDIT SIGNS A MUST?

Post: Can it really be this simple?

Post: TAXES AND WHOLESALING

Post: QUESTIONS ABOUT CLOSING DOCUMENTS

Post: COLLECTING ASSIGNMENT FEE

Post: COLLECTING ASSIGNMENT FEE

Post: QUESTIONS ABOUT CLOSING DOCUMENTS