All Forum Posts by: Tin Lam

@Ck, yes ck you can still buy at the 70% of ARV, I just did couples. truth of the matter is you have to get your leads somewhere else. If you go to REO on MLS, then you practically competing against a giant of buyers with hungry cash not to mention wall street hedge funds. So go where no body goes.
And if you're wondering I'm out of state or somewhere, no I'm here residing in Orange county myself. So good luck!!!

Walk your street talk to potential sellers, drive around look for vacant houses, mail them, and that where I get my deals.

the best way is to look for Mike Cantu discussion about strategies to wholesale interview on youtube. He explained very clearly the process and methodological!

Lynn Henley, I'll tell my side of experience. I have a partner, and I found deals, he put up the money for acquisition and rehab. I manage and found the deal. We split 50/50. I found that most of the time, it's so much easy for me since I don't have that monthly payments from the hard money lenders and the pressure of paying it every month. Again, I do use hard money, so I look at it both side. And, most of the time, my partner is much better for me. WOuld you want to write a whole check or half a check when it's vacant and need fixing? It's up to you!!! Just a thought!

Arnold Komitzky, I've sold properties by carrying back the financing. If you worry too much, just ask for bigger down payments, ask the buyer to add you as additional insuree on the insurance, and make sure you like the person. if the buyers has all good credit and good FICO, he wouldn't go to you in the first place anyway. So, if buyer really in there to default, he could have perfect credit and still default. Vice versa, if buyer has bad credit but are good people who happen to be in bad luck, they will do whatever it takes to pay you off. Good Luck!

Nick K.@ books that are related are AD Kessler A fortune under your feet, Fixer Jay Gold Mine, and Jimmy Napier Invest in Debt!! Find those books and they are talk creative!

Shari,

Seller financing is not a loan. it's the terms of the transaction. So, as long as your seller client agree the the terms of the buyers, then you guys sit down, drawn up the terms and agree to hold them to the upmost agreement. Also, I don't get whey you all have to bring the mortgage broker into the deal with. First of the reason why we agree to do seller finance in the first place because the buyer is not able to obtain a loan in the first place or choose not to, so why bother with the mortgage broker. IT's a human business, and it's all people to people. So again, sit down and discuss the details and work them out.

[Braden Chandler
Comment_thumb_avatar-bradenc

If you're wholesaling, and doing it correctly, you really shouldn't need to do bandit signs anyways.

A true wholesale deal should be so good that you can quickly and easily find a buyer for it without signs. My office does 75-100 deals per year and I can't remember the last time we used signs. Usually one or two phone calls is enough.

If you don't have those contacts yet there are much easier, more professional, and legal ways to find your local cash buyers. ]

I'm a wholesaler, and I did Bandit signs in the past, nevertheless, it's not my favorite and probably my lease favorite way to get a deal.
As, a wholesaler, you deals should never make it out to public clubs, because if it's there, it's not good enough. I've wholesale properties that not able to make it out to the public, a retailers and rehabbers know their numbers, if it's good enough, you're one phone call away from closing your wholesale deal.

My example deal, house worth 180k, got in at 95k, wholesale 110k, need 20k rehab. There is a taker in couple hours!!!

Leticia,

Considered the conditions of the property can not qualified for Owner occupied, then why wouldn't you put the offer in as owner occupied under your name? After you get accepted, you close it. Then you decide to do whatever afterward!!!

Does anyone know if you as an investors can borrow more than 4 loans now?