All Forum Posts by: Wendell De Guzman

I think this is an advertisement and should be posted in the Marketplace...

I am a wholesaler and private lender at the same time. I know it's a weird combination but unlike other wholesalers, I am willing to provide financing for my wholesale deals.

This forces me to provide awesome deals that I am willing to risk my own money on. (If the property is 20 minutes from me, I will also rehab it!)

Because of this, I sell houses quickly.

BUT, the problem is I am running LOW in inventory. One of my buyers is angry for losing out on an awesome deal in Crete (house is worth $120K, and I sold it for $55K!)

If you are a wholesaler in the Chicago area and you're willing to leave money on the table for your buyers (meaning, you actually provide GOOD deals), email me your wholesale deals at [email protected].

I will do my due diligence on these deals. If they are GOOD, I will wholesale them for you and we'll do a profit-split. Heck, I might even sell them with my financing - making it an even better deal.

If they are NOT good deals, I will educate you on why they are not good deals at all. In this way, you will learn and maybe change your ways so you don't give wholesalers a bad name.

I need properties in the following areas:

1) Flossmoor

2) Homewod

3) Crete

4) Steger

5) everything in DuPage county (Downers Grove, Lisle, Naperville, etc.)

6) Joliet

7) Plainfield

8) Bolingbrook

9) Romeoville

10) Chicago Southside - provided it's at least 2-UNITS (no houses please?) and they have to be under $20K

11) Oak Lawn

12) Chicago Westside - but under $10K and house has to be brick

A wholesale deal is a GOOD deal if...

1) We can acquire it for generally 50% of market value or even less

2) It's not on the MLS (we need to provide awesome deals that rehabbers cannot get anywhere else)

3) We wholesalers, will make $5-$10K on it but our rehabber-buyer will make at least $30K profit (DO NOT BE GREEDY AND THE MONEY FOLLOWS!)

TEXT me if you're NOT a greedy wholesaler, you have a wholesale deal in any of the areas I mentioned above and you have a GOOD deal. Here's my number: 714-270-6438

deal #1: PRIVATE MONEY to acquire the property + My own cash to renovate it (only spent $7K in repairs)

deal #2: PRIVATE MONEY

deal #3: PRIVATE MONEY

deal #4: PRIVATE MONEY + use my credit card to Stage & market the property (spent $2K)

deal #5: PRIVATE MONEY

Lesson: private money is a crucial component of a rehabber's funding strategy.

Cool. Thanks @Lamont H.. I've done this for a buy-and-hold. I formed an LLC to acquire 90% of an LLC that owns the building. By doing so, there's no transfer of ownership of the building.

So, technically, you don't assign the REO...or even the contract to buy the REO. You assign the entity (LLC or trust) that is the buyer on record for the REO. My only issue with this is I make an insane number of offers (100 OFFERS A DAY!) and I cannot get 100 LLCs.

I will look into land trusts though...

I have been wholesaling for many years and I always DOUBLE CLOSE with REOs. @Lamont H. , please show me and the BP community how to ASSIGN REOs. Thanks!

Thanks @Dion DePaoli. I appreciate your long and detailed response as always. I am skeptical of these companies which claim they can buy the note - one at a time.

The homeowner/borrower is OK with us buying the house. We have the funds to do that but we need to negotiate a price LOWER than the current loan balance. There is no need for a license since we're buying the house.

We can just wait to buy it the auction (3-6 months from now) as @Bill Gulley said or just do a shortsale as @Wayne Brooks suggested.

I came across this website:

http://assetadvisor.mfgcapitalgroup.com/p1.html

I talked with John Frazier of the above company. Seems to be a reputable company but the claims are too good to be true. So, I want to see if someone from this awesome community has dealt with this company before I spend some money with them.

Here's the goal: we have a homeowner who wants to sell his house but he only has 90 days before the house is auctioned off. Value of the house is $950K, loan is $860K but he has not paid his mortgage for more than 2 years now. Shortsale is possible but given that it takes 6-12 months to do a shortsale, the 90 day-period prior to auction is too short.

John approached me about his hedge fund that can buy notes - "one offs" - meaning one note at a time versus in bulk - provided the unpaid balance is $600K and above (or a jumbo loan).

The idea here is get the hedge fund to buy the note at a discount and then I can buy the note from the hedge fund. Once, I control the deal, I have flexibility to let the owner stay there or resell the house.

So, has anyone here on BP experienced buying notes "one offs"? If so, how do you suggest I do it in this situation? I tried buying the note directly from the bank but given that this bank is a large bank, I was given the runaround and the lower-rank employees who answer the phone say that they don't sell notes.

I am willing to partner with and share my profit on this deal with anyone here who has ACTUAL experience buying Jumbo loan/note from a bank (please, do not answer if you just heard it from someone...or you read it from a book, or worse, learned it from the "gurus"). Thanks!

@J Scott : this is so true indeed. I encounter a lot of so called "wholesalers" who try to sell me a deal that is not really wholesale. They underestimate the repairs and overestimate the ARV.

Welcome to BP. There's a lot of good info on this site and lots of people you can meet.

@Gerald Harris : here are 7 ways to sell wholesale deals quickly

https://www.biggerpockets.com/forums/223/topics/113133