All Forum Posts by: Thomas Mitchell

I have a house under contract and I'm wholesaling it to a friend. However, Ocwen won't give the title company payoff information and they keep losing the sellers documents when he requests one. Does anyone have any advice or any friends that work for Ocwen on this side of the Atlantic ocean?

I had this situation come up once. I had to own the house for 7 days. I used a money partner to put up 30k to buy it and I gave them 1k to use their money for 1 week, payable when I closed on the sale. Find a rich person, show them both contracts and how safe they are and they will go for it. Also, pray that it works out. ;-)

Sharad asks some great questions. I will also add, don't put 10k down if you only have 10k in the bank. You want $ left over for unforeseen problems. Try to negotiate the seller down to 5k. You never know unless you ask.

I'm a product of a "guru" course. I sometimes wonder this myself. Some people would rather throw down some money for a weekend course than pour over thousands and thousands of posts on a website like this one. I won't name his name, but there is one guru that I really like out of Florida and I would go back to his events. We each choose our path in this game. Some of us choose the guru route. It worked for me.

yes, the wholesaling section on bigger pockets.

I think you are putting the cart before the horse. Don't worry about a buyer's list until you have a property to sell. You should be marketing for properties first and foremost. Your number one goal at this point is to get a deal under contract. THEN work on finding a buyer for it. I know you're nervous. We all were when we started. But one day, if you don't quit, you will wholesale a house and make money on it. My first wholesale deal I made 3K. This month I am scheduled to make 14K. I'm not bragging...lord knows they could fall apart and turn into nothing. But I just want you to see what you can do if you put your mind to it. I would suggest you read Napoleon Hill's book Think and Grow Rich. If you think to yourself, "How can I make other investors money?" then you will make money for yourself.

My rule for wholesaling: Buy at a steal, sell at a deal. If you're not getting it for a DEEP discount, then you are worth nothing to an investor/buyer. If you can start getting properties for pennies on the dollar, buyers will line up at your door.

Bandit signs, an ad in the paper, and craigslist. That's all you need to get started. You can do with even less.

I'll also add, the best way I built my buyers list was putting an ad in the paper that said, "INVESTORS: I HAVE DEALS! Call me!" under the real estate section - and I talked to every single person who called me and saved them in my phone.

If you're trying to do this by what you read in a book, then you will fail because the books are full of ******** to make it sound easy and to make it sound like you can get rick quick. They make money by selling you more stuff. Remember that. What you're saying sounds like something I read in a ************* book. This business is made on relationships. You know, actually having talking with people and connecting with them. I am going to make 14K this month wholesaling to a guy who is now my friend, but was originally just a guy selling a house owner finance on Craigslist. I called him up, asked him if he wanted to meet and then I found out what his preferences were. He's buying two duplexes and a house from me this month. (We close on the house at 4 pm today, actually.) If I had a prerecorded message he probably wouldn't have even called it. He was busy with his own problems, and wouldn't have been interested in learning about mine. But since we have a friendship now, he helps me A LOT. Not just by buying stuff I wholesale, but he's also a lawyer and advises me when I get in a pinch. So, build your network of buyers like you build your close network of friends. You wouldn't tell your wife to call a prerecorded message to tell you how her day was. Don't do it with potential business partners either. /rant