All Forum Posts by: Jimmy C.

Read the how to build a buyers list thread. Its at the top (sticky) of the wholesaling forum. This will give you every technique being used to create a list of real cash buyers in your area.

Working locally at least at first is probably best. But once you get the hang of it, you can wholesale property pretty much any area you want to work.

And finally I dont know if working with a buyers agent will help at all. I would join the local REIA and attend some of their meetings. That will help you find the investor friendly title companies, lenders, other wholesalers etc....

The easiest way to explain is: yes the title company will contact the sellers lender for payoff. At, or just after closing they will wire all of the money needed to payoff the sellers mortgage.

Their job is to provide clear title to the end buyer and provide him with title insurance. So they will also make sure that your seller pays off any other liens on the property from the proceeds of the sale.

As far as how you get paid, use an assignment addendum. Its an addendum to the purchase and sale contract that transfers liability to the end buyer. We currently collect a 2k non refundable deposit (held at title company) when the addendum gets signed, and as long as the end buyer performs, the entire assignment fee (along with the original non refundable deposit) is collected at closing.

You need to be dealing with end buyers who are either paying cash or using hard/private money loans.

Welcome to BP Gene. You are in the right place to learn about REI.

Wholesaling is the easiest way to start indeed. I would start by reading the wholesaling section here in its entirety.

If you get stumped ask a question and we will be sure to help!

Charles it depends on how you will define bird dog. Will you teach them lead generation techniques? Or just send them out driving for dollars?

A friend of mine and I were just discussing how awesome it would be to get a team of unemployed people to do lead generation for us. I guess that it would be like bird dogging with a free education on lead gen. My goal would be to get them generating the leads, and work off of my small marketing budget.

I'm sure they couldnt be hard to create. Although I have never done it, but its crazy that we were JUST talking about it. The free labor part is enticing!

My friend thinks we should charge up front for the opportunity, to weed out people who aren't serious. But that goes too far into guru territory for me.

An update on this:

I am now paperless! I bought a tablet laptop with a windows based OS. Its running Windows 7. Got it off Craigslist for $200

THen I paid another $70 to download PDF annotator. I can now sign, initial, add pages etc... all within one program.

I will never print another page!

Eliminate Federal Income Tax.

Cutting the Federal Income tax would put more money in the employees pockets immediately. And as Americans they will spend that extra money. Eventually this would fill the state governments coffers, allowing us to reduce the size of the Federal Government.

Wishful thinking I know.

I could sell you one house rent ready, and almost fit in one fixer upper for the 25k.

And I will hold your hand through the process of buying it from us and renting it out. At least you would get some cash flow and equity out of that.

Thanks tony. Gives us a lot to think about for the future

Do you need a title company for a land contract?

The easiest way to make sure you get paid is to be on the assignment addendum to the contract, and finally to be on the HUD closing statement. Then tell the title company where to wire your money.

Showing the property is easy if its vacant on lockbox. Simply get the code from the wholesaler or investor. Otherwise ask the wholesaler how to schedule your end buyer for a walk through. If you dont know and trust that wholesaler, then you want to be there for the walk through with the end buyer.

Thats it. Hope it helps someone!