All Forum Posts by: Marcus Maloney

Austin,

Congrats on your deal. The next steps are simple. 

1. Since the buyer agreed to purchase, on your assignment agreement you are going to make sure the buyer commits by putting down a sizeable earnest money deposit. 3k as an example

2. Your assignment agreement will not offer any contingencies to the end buyer as Erica stated.

3. Depending on if your state is an attorney state or not; submit assignment agreement to the attorney/title company.

4. Buyer have 24-48 to submit earnest money, the deal is still available to other buyers until em is submitted.

5. Inform seller that you and a partner will need to have access to the property for final walk through before closing.

6. Title company will coordinate the rest (title work, mortgage payoff etc....)

7. Make sure your seller can have everything out of the house they want prior to closing. Sellers sometime believe they can go back in the house once it closes and deed is recorded.

8. I suggest since it's your first deal you meet the seller at the attorney/title company so you can ease any concerns the seller may have and so you will know how the process works.

Hope this help. Let me know if you have any questions.

You can refer the owner a locksmith to provide you access and to change the locks. Its a long shot but give a try.

Jacob, we use lead managers and acquisition managers. We have it this way because our lead managers are offshore and manage the text message response, screen the responses and if the responses are favorable and worth being transitioned to our acquisitions manager then the acquisition manager will take over the lead.

Michael,

To clarify you CAN wholesale as an Agent, I would definitely speak with you broker regarding this first. In order to wholesale with a license the most important thing is to ensure the seller and buyer sign the proper disclosure forms notifying them that their unrepresented ie. you’re not representing them in the role of their agent.

I do agree getting your license presents more opportunities however their are fees as a licensee you have to pay (mls access subscription, E&O insurance, transaction fees to broker) just keep this in mind.

Lastly, some brokers frown upon wholesaling with a license so make sure the broker you hang your license with is ok with.

 

Abraham,

Congrats on getting this far in the process you deal will successfully close don’t worry.

As Moises stated overnight all the docs. The expedite things you pay for the return overnight shipping. Although the closing is scheduled for Monday the title company will bd able to push it back a day or even 2 if needed.

Relax it’s going to be alright you got the hard parts done.

Not a problem also as an Agent you have to be mindful about the proper disclosures

I've found after nearly 10 years of marketing to sellers the letter is just the introductory piece. This is used to see if there is a seller that is inquisitive enough to engage you in a conversation. The rapport building and negotiating is the most important part of the transaction. You have to be able to communicate with the seller that you have mutual beneficial interest. Most investors look through the lense of what's in it for them but you have to put the seller at ease that you are working in the best interest of both parties.

Remember the marketing is just the beginning. No sell is going to make on the introduction. Think of it as a first date, you have to get to know each other before making a commitment.

Let me know if you have any questions about marketing and wholesaling in general. 

David,

There's quite a bit to it so you need to know basics first. Continue your homework I have tons of articles on BP about wholesaling and you can go to youtube.com/mrcsmaloney for a video library of tutorials. Let me know if you have any questions.

Dayton,

Continue your education but keep an eye out for opportunities. It's always a good time to start no matter if its a boom market or bust market. It depends upon your persistence and tenacity. 

There are many ways to find properties it all depends upon your marketing strategies you're looking to use. There's driving for dollars, direct mail, text message marketing, SEO, cold calling and others. You have to find a list to market to.

DM me and I can assist you with this.

Jonathan,

There is really no secret to pulling list all data sources ie...prop stream, listsource, propellio, rebogateway and all other data providers pull the data from county records so you will run into the situation where sellers have been marketed to before. I've been doing this for nearly 10 years and pulled list from every source named above and it's not the list but your ability to follow up consistently and negotiate. I will say with the list you need to stack for example absentee owners that live out of state that is vacant. The more niche specific the smaller the list, the smaller the response rate but higher the close rate once and seller motivation.

There are numerous marketing forms ie. driving for dollars, direct mail, text messaging, cold calling, and door knocking to name a few these marketing strategies are dependinging upon what best fits your budget and market demands.

If you need more info let me know.