All Forum Posts by: Phil Z.

If your licensed you can try to convert the lead into a listing.

Otherwise, if they have absolutely no motivation, then move on because they are not going to help your investing career.

The name of the game is CASH BUYERS and MOTIVATED SELLERS.

1. Find out who's REALLY buying rehab houses. You only need 1-3 seasoned buyers. A buyers list of 10,000 wholesalers advertising 'we buy houses' is pretty much worthless to your wholesale career. (tip: town clerks office).

2. Find motivated sellers. Advertise 'We Buy Houses' gorilla marketing style! (tip: craigs list, mls, bandit signs).. Like you said direct mail campaigns are super expensive.. You dont want to spend $5k in letters for a $5k wholesale deal.

Even if you are licensed, all commission need to go through the broker.. they can not be direct to the agent.

Easy ..

1. Google: 'we buy houses south carolina'
2. Write down bandit sign phone numbers
3. Goto your local REIA

You can use a standard local Realtor contract.

"but he said ..."

You did not do your numbers .. you 'invested' based on what someone else said about someone else.

1. If you are wholesaling, the formula is: ARV * 70% - Repairs - Wholesale_Fee

2. You should know your buyers, who they are, what/where they buy and everything else. It should be one phone call.

That's the catch with most Auctions .. they usually can and will be declined by the seller for no reason if the bid is not high enough, even if you 'won'.

1. Make sure you get an agreement signed by Buyer (C) that they allow you to use their money to fund your closing with Seller (A). This only works with a cash end buyer. You can not used Buyer (C)'s funds if it is financed from a bank. *Check with your closing attorney and your local laws!*

2. Re-sale should be in the next room 5 minutes later!

3. Ideally your end buyer is a seasoned investor paying cash with no inspections.

A great wholesaler has the buyer first!

He 'finds the buyer after approval' so he can avoid any issues with non-disclosure of higher offers. It's not a bad idea, but I would still know WHO you are going to sell to from the beginning.

As far as 90-day seasoning .. just avoid banks that have that disclosure. (If you work with a short sale negotiator, they should be able to check their files and approval letters for these clauses).

You will probably want to do this with non-mls details to avoid agent road blocks.

Lastly, you will want an agreement that the buyer (who I assume is cash) will lend you funds to close on your side of the deal during the double closing. (They are not supposed to double-close with money just on paper)

The $400k offer would be a back-up offer and wouldn't be submitted (if the 1st offer is executed by the seller). The banks are usually VERY clear that they only want 1 offer in the system.