All Forum Posts by: Kevin Cardinale

I contacted another mortgage company and they suggested that the loans had to have been sold to someone and to check a title company to see whom they were sold to.

So anyone have a good title company in vegas they work with?

So When the FBI Raids the Bank That Has the REO?

I kid you not, I have no less than 20 houses that I'm searching for the owner, where I thought it was a dead end, then i researched the bank / mort comp, and found they were closed / raided / jailed / fled the country.

So the simple question is, NOW WHAT?

It seems everyone that willingly offers to "mentor" here in Las Vegas, charge a going rate of $5,000 cold hard cash, up front. I don't get it. I have to pay you and get deals for you? Hardly seems reasonable.

Yes, I see the difference, is minute depending on what caliber of birddog / wholesaler one is.

So now my question is, I am simply missing the contracts? I just think i need someone local to just walk me through 1 wholesale and I'd be set. The only reason I even bring up birddogging is because it seems a quick and dirty way to make $500 - $1,000, and I have no clue how to lock down an owner, i.e. the contracts.

Jon Holdman you are a hoot :) I almost collapsed in my chair laughing. I should be wary when I saw that someone that had done a couple of deals hopped on the "guru" wagon. I was like, but you haven't even done 10 deals yet.

I keep watching these "guru" videos and they say "3 Hours Worth of Work for $10,000". My question is, what are they not doing that I AM, or what am I doing that I SHOULDN'T?

I walk my neighborhood daily and end up with a list of 10 more houses that are either: abandoned, realtor for sale, condemned. I take this list and pull the info about the house. This is hours of work.

A few of these gurus, are like, yes, I spent 90 seconds in the house and drove down and wholesaled it for a cool $7,0000 after closing, for a mere one hour's worth of work.

It takes me more time to pull of comps on houses than that. Mind you, I pull up the clerks office, registrar, recorder and look at all the transactions concerning the property. Then I pull up the comps.

What are these gurus doing that I am overdoing?

I was watching a "guru" on youtube speaking on birddogging. He was going on what you / me / someone should do when handing over the info on a house. A commentor to the video said, that the effort the person put in to JUST birddoging was too much and that if they went through all that trouble, then they should go ahead and simply wholesale the property to the buyer.

So my question is, since I am pulling comps, getting everything about the house except the architectural blue prints to the house, am I doing too much, and is what I am doing overkill for a lousy $500 - $1,000? :roll:

I have had correspondence with several potential "buyers" through email. The problem is they are from craigslist.

While I might be new to real estate, I am not new to business. I said that to say, these people seem to not be my ideal of what a buyer should be. As an example, one guy did not know what birddoging or wholesaling was. While you might give him the benefit of the doubt, he has a website with 20 homes listed that he sells and he is not a realtor.

Mind you, I know of a guy in another state that says he does his entire transactions via email. So, I assume everyone he deals with is sophisticated enough to understand everything and get what his wholesale business is about.

So I don't waste my time, and end up frustrated, could someone give me like 10 key questions I could ask to qualify people to see if they are REAL buyer investors?

To give you an example, one guy corresponded with me over 5 emails and seems to refuse to give me his name.

I just want a little list of what I should be asking buyers over email, very specific qualifying questions, not what homes they want.

Things like, should i be asking for proof of funds, what's their name, what LLC they work with; should I be asking for their SSN; should I be asking for how quickly can they close; ... stuff that I could ask to keep or eliminate them as a "real" investor.

Thanks

You're right Josua Dorkin. I see I completely lost people, and came across the opposite of what I was trying to.

So since I started on here, I have got off my kiester and tried to do what I can in real estate so far. Mind you, I still have no funds, to speak of, but I do have time.

Since my web design business took a beating, I had taken it upon myself to make sure I state in shape. Among other things, I walk my neighborhood daily, for health.

Now I have a list of all houses both for sale, run down, and foreclosed on, in my neighborhood, probably around ... oh I dont' know how to estimate 100 out of 1,000 houses? My very lazy and not very encouraging roommate hates walking the neighborhood with me :mrgreen:. He's broke and jobless, yet he won't even lift a finger to assist. But, I digress.

I have contacted several people through Craigslist and a few kind of wrote back, but one buyer came out of the bunch with a laundry list of actual needs.

I don't quite feel comfortable with doing a wholesale yet, so I asked how much he would pay me to bird dog and he said $500, which I expected. I think if that comes out good, then I'll move on to wholesaling.

So a couple of things. In watching some of the gurus, I got the sense that I should be sort of like a realtor, in that, I should know an area. Hence, me walking the neighborhood. I think I know every for sale sign, every foreclosed on, and every abandoned house in the area.

Now I didn't get that notion from the gurus, but my own sort of piecing things together. The gurus, sit at their computers and just pull up properties and look at them and then do their wholesales. I have more intimate knowledge, but then again, I have loads of time.

The buyer however is still anonymous. I have asked him, last night, after 3 correspondence, for his name, company name and info. I'm thinking it might be a member here, who knows.

I notice that the gurus ask their buyers for: name, drivers license number, SSN, and proof of funds. Should I be doing that? So far the correspondence has been sort of just what exactly the buyer wants.

Since I do have a laundry list of houses,should i go ahead with trying to create a buyer's list?

Am I hesitating on wholesaling for no reason? I don't really have any of the docs, forms, contracts at hand just yet, but that's because I haven't looked.

But a comment one person made on a gurus video saying, "why would anyone go through the trouble of pulling up comps and getting information on a house and simply bird dogging, when they can just as easily whole sale it?" I have never wholesaled, so I don't know how "easy" it is. And, I am pulling up parcel #, full buying history, clerk's info, county records, comps on the houses on my list. While, I don't fully understand all of the transactions about the properties in the country records, I am pulling them up.

Sorry, lot of questions, tackle any one of them or all of them please. :)