All Forum Posts by: Chris Piper

Try this Willaim:

Hello!

We are a group of real estate investors that purchase distressed or discounted properties in any location, in any condiction, for a fair price.

We want to give you an offer, but need more detais about the property for sale.

You can submit your property information via email by replying to this email, via phone by calling us at {Seller - Phone}, or on our website at {Seller - Website}. Please provide as much information about the property as you can, and we will contact you in 48 hours or less to discuss what we can do for you.

Sincerely,

{Sender - Signature}

{Sender - Name}

Individual "motivated" sellers will always be a good bet. You can always pay bird dogs to find you properties. If you have addresses of vacant properties or absentee owners, you can send them a mailer to the address of the property you are interested in and put " address service requested." That way, the post office will get it to the owner regardless. Saves you the time, effort, and money of having to do a skip trace.

If it's just an offer sheet and not a purchase agreement, you are not locked into anything until you sign the purchase agreement. If they ask you to sign the worksheet, read it very carefully if it comes from them. If they just want an excel spreadsheet from you with your offer details, then just don't put a signature anywhere in it and you'll be safe. If you are still concerned or just aren't sure, consult with an attorney first.

Also, it is ridiculous to offer a huge deposit upfront. Things can go wrong, and then you're out $50K. You typically don't need more than $500-$1,000 to get an offer accepted. On the flip side, an all cash earnest money will almost positively get you that property, but still a big risk to take that I would say is unnecessary.

Forgot to mention, Robert Kiyosaki is probably a genius, but some of his techniques are not what would work best today. Rich Dad, Poor Dad was O.K., but not a lot of direction in it as much as there was storytelling.

I have bought products from Preston Ely, Cameron Dunlap, Susan Lassito-Lyons, and Larry Goins. Very happy with all of them.

I'm using http://www.supercheapsigns.com. Getting 50 blank 18"X24" yellow blanks and H-stakes for $1.19 each. They have everything you need, and I'm getting car magnets as well. Good luck.

That didn't format correctly. The only CON in wholesaling is that the paydays are smaller than rehabbing. Everything else in wholesaling is a PRO. The only PRO with rehabbing are the big paydays. Everything else in rehabbing is a CON.

Wholesaling

PROS CONS

Quick Money Smaller profit per deal than rehabbing

Minimal Risk

Easy way to get started in real estate

Fast turn around time

No repair work needed

Quick closing time so you can do a double close

Transactional funding is always easy to find

Time invested per deal is typically very low

Rehabbing

PROS CONS

Big Paydays Estimating repairs

Dealing with contractors or handymen

Length of time to complete

Holding Costs

A HUGE time sucker

Unsatisfactory repairs

Unforeseen problems with the house

Maximum risk and exposure

The list goes on and on..........

Matt, if you are looking to find wholesalers, you might start by calling people who use bandit signs. Most of them are wholesalers looking to reel in cash buyers to add to their list.

I would recommend starting out as wholesaler yourself. You minimize the risk to yourself or your business, it's fast cash, and you don't need to do a lot with any properties.

Usually wholesaling is the gateway to rehabbing. Also, rehabbing will suck the life out of you. You might make $30K, $40K, or more, but it might take 6 months by the time you get the house rehabbed and get it sold.

I would do what I did, and get Cameron Dunlap's "Fast Cash with Foreclosures" system along with his iFilp system. It's about $1,000, but it is an online machine that gives you every tool you need to get going including: GUARANTEED funding, a list of cash buyers, POF Letters, "Wet Funds", your own cash buyer website, your own seller website, bird dog website, and much more. Also, when you pay the $1,000, it's credited to you when he funds you 1st deal. He charges 2 points for the funding, but that is nothing compared to hard money fees. So as long as he funds a deal for you, it's like the system was free.

That's just my advice, and also, I wouldn't risk your own money initially if you don't have to. Here are Cameron's top 10 mistakes in Real Estate:

1. Originating mortgages in your name

2. Locking your money into a deal

3. Not bringing in enough leads

4. Inadequately pre-screening leads

5. Not choosing an exit strategy before making an offer

6. Funding a deal when you don't need to

7. Needing to do and understand everything yourself

8. Not delegating what keeps you from making money

9. Not becoming a transaction engineer

10. Letting someone convince you you can't do this

There will be a huge inventory for a long time. Especially with the way our government is run, and the fact that banks always have "shadow inventory" that they hold back for no apparent reason. Plus, once the U.S. dollar loses it's place as the world standard currency and our credit rating drops and our interest rates go up on the debt our country owes, "hyper-inflation" will kick in. This will in turn cause everything to skyrocket in price, which means more people won't be able to afford things, and more houses will be foreclosed on. Then of course, we'll end up going back to the old standard of using gold and silver instead of paper currency. That'll be fun lugging your gold around to go shopping. LOL.

I heard that 1 in 8 people are in foreclosure right now. That means there are over 39,000,000 people in foreclosure right now. I think that is plenty of inventory for a while.