All Forum Posts by: Thomas Anderson

I have been doing wholesaling for 17 years now and the key is to have 'equitable interest' in a deal meaning you have to have a contract with the owner on the property. Also I am a license agent which allows me to market other investors properties that I don't have a contract on, but they do. You can do as many of these as you want. 

In your experience, what is the quickest method you have found to start looking for a deal and closing it? Please be specific in your description.

I am in Florida and have a RE License and also a wholesaler. You can wholesale houses under two circumstances: you have equitable interest in a property(have a contract with the owner) or you market other investors properties as an agent. I do this all the time.

I find all my properties for probate, tax deed auctions, code enforcement all online in my county.

The best is to create the list yourself. I go after vacant houses by driving around. I also go after probate, code enforcement, tax deed auction properties as an example. I go to the source of this information which typically is the county recorder. 

There are two that I work with. Please tell them I sent you.

1) Lima One Capital – Google them. 

2) Secured Investment Lending Google them. 

I can't give you any more info on this forum. PM me and I'll give you their details. 

Use a contract that has language buried in the middle of the contract that allows you to assign the contract. Tell them you need this if they give you any problems because you close in a different name in each property you own for legal reasons, but you don't know what the name will be until we get closer to the closing date. That usually works. Then you can easily sell it to another investor. But be ready to close on it yourself if you can't find a buyer. 

I don't put that clause in my contract lightly. I have  over 400 partners on my email list. And I also have access to many more on specialized investor websites. I don't have a problem getting buyers as long as the deal is good. I have had investors put in a contract within 1 hour of sending out the email about the property. FYI I am a licensed agent. I also represent several investors that want me to market their deals to my buyers. 

@Pratik P. is absolutely right in his statement "Explain to them that you work with a group of investors who purchase properties for cash. They are my partners but I don't know which one will like the property." Also what he said about a double close is really important. I do double closes on deals where I am making more than $10,000 and do an assignment on deals less than $10,000. The title company I use will use my buyers cash to close on my part of the deal so I don't have to bring cash to the table, not even transactional funding. 

There are deals here in Orlando area if you look for off-market properties. As an example there is one I'm aware of that the purchase price is $204,900 on a triplex in Daytona Beach. The rental income is $4,200. This surely meets that 2% rule. Repairs are only needed when the tenant moves out. Right now it is fully rented. 

Because of the size of the complex they are probably managing it themselves. With this in mind, you have to appeal to their emotions. Say things like 'Are you sick and tired of dealing with tenants and toilets?" "Are you getting your rent on time?" etc. Think like the owner and think of all the negatives of owning this complex. Does it have any maintenance that needs to be done? If so ask "Is your bank account sick and tired of paying out money for maintenance and repairs? If so then I have the perfect solution for you. Call me to discuss how I can get rid of all these headaches and still generate income for you!"