All Forum Posts by: Jimmy C.

Thats a very thorough response Ryan, great work.

I would add that its different when you want to flip REO's and Short Sales vs. working with private sellers.

When you are dealing with a private seller, a $100 escrow can be explained simply. I just say, hey I have escrows open on multiple houses and dont want to tie up thousands waiting to buy the houses.

When you are dealing with an REO, they just tell you the amount you are expected to deposit and when. Typically you cant negotiate or buy any time at all.

Also if you are going to deal primarily with private sellers, you wont have to search high and low for a title company willing to close your assignment of contract like you would if you are asking them to double close.

With REO's your contracts will be non assignable. This is when you wil need to search for a title company to be open to the double closing.

So I guess the answers to some of your questions would be easier to answer if we knew what types of deals you will be chasing.

Wow the comments about how landlords are greedy people are disturbing.

Glad I'm in Florida and not NJ

In the future (not on this deal) try going direct to the listing agent. Sometimes when you do that they will tell you to the dollar what HUD wants to net. True story

Enhanced Networking

The abillity to search through all members by location

The ability to see who visited your profile page

And a section for Pro members only

You may want to try direct marketing to motivated sellers.

For reos you are selling the llc to avoid the deed restriction right?

You don't have to do that for a fsbo. Many people do those deals in their own name.

The reason a person would go from wholesaling to being an internet marketer is simple. They make a lot more money than that, and they make it a lot easier. There are tons of self made millionaire examples.

I know I will never be a guru. But I cant hate on what they do. They get easy cash.

They just dont get my cash, because I come to BP and get the info for free. ;-)

Agreed Joe. A lot of REIA meetings are pitch fests.

Here people just genuinely want to help each other. There really is no substitute to BP

I would leave REO's alone completely bro.

But on the wholesale deals (contracts with private sellers) he has, you could get an assignment addendum signed between him and you. Then you would create a 2nd addendum between you and the end buyer. Both assignment fees would be on the HUD, and you would get a check or wire for your assignment fee.

As long as you have a contract or assignment addendum, and you have deposited or given earnest money then you have an equitable interest in the property that you are marketing.

This is my understanding. I am unlicensed, not an attorney, and this is not legal advice.

Did you invest in their company? Or did you write a private mortgage with them?