Wholesale real estate

One of these:

Arizona
Oklahoma
Arkansas
Texas
New Mexico

where do you find rich friends?

Look up people who already own a lot of real estate.

Any books you used for this? Any easy or dumb mistakes you learned from? Did you have a mentor? Is this your full time jig now? Thx

Thanks man, quite interesting

Wholesaling can be really lucrative if you have a good client base. The coolest part is you don't have to have any licensure of any kind, at least not in Florida. The guys I work with (I'm a real estate investor) basically research via the tax roles what houses are owned by people living at different addresses than the property itself and mail/direct contact them and make an offer for the house. They then sell the contract to me or someone like me. I buy the house, put a little $ into it to fix whatever issues. Then rent it or rent-to-own it to someone.

Think and grow rich. Rich dad. Ron legrand. Dean grazioze (sp)

Yes it's full time.

MistKes? Offering too much and being unable to find a buyer. It happens. Sucks when it does but I'm not out any money.

This guy fucks.

This is pretty much exactly how it goes, but I market to sellers a different way. Lots of "we buy houses" ads

how would someone (wageslave) do this who doesn't have the money to buy a house?

What kind of template is used for the contract? how do you insure that it's legally binding and sellable to a third party?

I hear people say they "put money into it" or just generally "fix it up." When they say that, you hire people to repair it or you put in work yourself?

I'm not too big a fan of Rich Dad but TaGR is cool. Thx user

Everyone was a wageslave before they weren't. I don't use any of my own money to do this. I started out wanting to be a "flipper" but then I realized wholesaling was much easier. I work about 10 hours a week.

Either. But I personally do zero work to the property. I hate projects.

where/how can I learn more about this?

Biggerpockets dotcom.

okay thanks, last thing, any thing you wished you'd have known when you started doing this?

Yeah. I wish I had started doing it when I was 22 instead of 32.

And I wish I had known which deals to walk away from.

which ones are those?

sorry I was wondering, this contract you write for the seller, does it say they promise to sell to you alone but you are personally not under obligation to buy?

I'll ad that, even though this is my best month ever, it's not my best deal ever. I made 30k on one deal two years ago. I bought a house for 65k and flipped it as is for 105k. I made 30k and my money guy made 10k. He was stoked.

Deals that were priced too high.

That's what a contract is. An obligation to sell only to me.

but you are not under obligation to buy?

I ask because I have no cash and if they agree to sell only to me and I can't find a buyer for the contract then I'm up shit creek. I guess you would just terminate the contract at that point right?

If you try to renovate a house via the "retail" route/rate (calling a company or going to home depot), you'll never make any money.

Some alternatives that I've used:
>Do the work myself (the shit I know how to do)
>Hire an individual, rather than a company that needs the work and offer to help to lower his rate. I learned how to tile this way. I had to be a bitch carrying heavy ass boxes of tile and mixing tile mortar, but I learned how to tile and I got a house done for less than $2 per square foot.
>Literally YouTube. I watched a shitload of videos on YouTube about how to replace a roof. I bought the material, did the work and it's been leak free through heavy rain for over a year.

Correct. "Sorry, my partner backed out so I have to, too."

Dunno if would vouch for this or not but you can check this book out, user

amazon.com/Estate-Wholesaling-Residential-Commercial-Investing-ebook/dp/B06XBZS52W/ref=sr_1_5?s=digital-text&ie=UTF8&qid=1489866666&sr=1-5&keywords=real estate wholesaling

>
>Everyone was a wageslave before they weren't. I don't use any of my own money to do this. I started out wanting to be a "flipper" but then I realized wholesaling was much easier. I work about 10 hours a week.

Yeah dudes, save your money and work into things slowly. It might take 10 years but the time will pass anyway, you might as well accomplish some shit

I haven't read it, but yeah, I'm sure it outlines exactly what I do. I've considered writing a book about what I do, or even coaching. But not yet. I'd like to do this for a few more years before I do.

thanks for all the advice if this works I won't have to spend money on college

how do you find people trying to sell their house but cant use a realtor?

It works. You just have to bust your ass. There were many times I thought about quitting but didn't. I'm 5 years into this. It has taken me this long to get this far.

Ps. If you do this and are successful at it you won't want to go to college.

I advertise.

thewholesalerstoolbox.com/wholesale-real-estate-contracts.html

I'm looking into realty myself, i didn't know agreements like this existed

so I can literally offer some goy a ocntract to buy his shithole for x amount pending repairs with no cash down and then sell the contract?

is that the gist of it or do I need to pay upfront? would the word documents in the link above be considered good examples of buyer agreements?

Just use the standard real estate purchase agreement used in your state. I'm sure those will work fine, as long as they are legally binding.

am i right in how i'm interpreting the agreements, though? it's just a contract to buy their shithole for x amount if x is done? because I'm not a lawyer but I can't find exactly where it says when and how said payment occurs

I'm op btw. I'm off of wifi so it changed my handle.

Payment occurs at closing. The title company has to do their thing first.

I have a thing called "earnest money" on our forms, is that like a security deposit? is there a recommended amount?

I put down $50. That is literally my only risk. Well that, plus my reputation.

Mind if I ask you dense-seeming questions about a couple things on the forms so I can streamline the process?

I've got a title/escrow company lined up but there's a couple things I wanna know before I get into this

Yeah, you put those cheap flyers on every street post, "we buy houses with cash"

That appeals to his target market. In my area the people selling to wholesalers are either desperate wagecucks, people that have inherited a house they don't want, or old people who are moving into a nursing home.

Either way, in my experience, wholesalers are stackin chips.

So why is it not something you engage in? Just a preference for what you do or you know you make more the way you're already doing it? Do you think this would work in any state, save for somewhere like NYC, etc.? How does one engage in acquiring networking partners such as realtors and investors without the reputation or professional backing of an organization or degree or something of that nature? Thanks!

>flipping houses
the 90s called, they want their meme scheme back

>

I'm a buy and hold real estate investor. So I buy undervalued properties, make improvements, then rent them or rent-to-own them to others. I don't engage in wholesaling because I've already invested significant time and effort into what I'm doing.

Further, I like the month over month returns I see from this style of investing. I've made some contacts in terms of laborers that do work for less than the "going rate".

Wholesaling is possible in many markets. I live in the Tampa area, which is the 3rd fastest growing market in the US. My circumstances are different than yours. However, someone is doing this is your area, which means it is possible if you're willing to work.

You should reach out to everyone you can; landlords, real estate agents, wholesaling companies, brokers, hard money lenders, etc.

As mentioned in earlier comments, there are books available but there are also tons of free sources online.

Good luck, user.

Flipping houses is still very profitable, you just need the right market, the right sellers, vendors, and buyers.

Thanks user, much appreciated

Sure

Bingo. But that's not the only place I advertise.

Get out of the bucket, crab.

I had some good questions on my mind but I'm drawing a blank now

I guess a simple/stupid question is: what is the process for reselling a purchase contract? What is that called? And how much would you typically pay for an agreement? Do you only look for junk homes or run the gambit?

"Assignment"

I'll buy anything I can make money on. Gotta got it for 60-70 cents on the dollar.

Do you ask homeowners if they want to sell or do you just leave dragon dildos on their doorstep saying "sell me your house call me bby"

And do you have competition directly from realty companies or do they buy your shit because they're lazy?

theres no secret in marketing in real estate. If there's a way to find a house then someone has written about it in a book.

Realtor's aren't really my competition. They are looking for pretty houses that sell for top dollar. My buyers are people with day jobs who don't have time to field 30 calls a week, but they want to expand their portfolio.

I know a guy who does alot alot of house flipping and development, so I'll see if he's interested in a service like that and/or if he already knows a guy into it

This seems right up my alley really, what do your days consist of? Do you go kick bricks and look for deals?

It used to be. As I made more and more money I spent my profits on more marketing. Now I pretty much wait for the phone to ring. To make the 52k for this month I probably worked a total of 10 hours.

Get the call

Look st the house and make my offer

Call my friend and look at the house with him/them.

Go home and wait for the next call.

and you try to make sure the person who assigns your contract doesn't get fucked for your reputation sake, correct? am I to assume lots of wholesalers are just turn and burn niggers who don't care about the person they sell it to?

If you succeed, email me. Johnson12345
street12345
apts12345
at gmail

Take out the numbers for the correct addy

Whatever google search results come up from searching this email aren't associated with me. FYI.

Where are you based? I'm in the PNW. I'll shoot you an email today

If they get fucked that's their problem. They're the ones who agreed to buy it. I worry about my rep on the buy side. Imagine google reviews that say "this guy said he was going to buy my house but didn't."

Yes, lots of niggers try to do this. Literally. But imagine you're a little old lady selling your 40 year old shitter house. Do you trust the clean cut white man or the dirty nigger?

HOL UP

You sayin we wuz realtors n shit?

No, other wholesalers. You'll see a lot of blacks doing it. Or at least trying. It's lazy money. And niggers love lazy money.

There was a nigger in my area who was doing this before I got started. I know for a fact he made 12k on one deal. Instead of buying more advertising he spent it and continued just putting up bandit signs. Now I don't see him anymore.

user, do you have an LLC that you use for all this?

also, does the seller know any of this info? Do they know you flip it/wholesale, as some wholesalers disclose, or do you keep this personal? Looking at it now, I'm seeing discussion of a "double close" method where you use escrow so as to not disclose the profit you're making to the seller.

is good old craiglist effective to advertise?

Yes

I don't tell them what I'm doing. I just let them know that my money partner is going to want to see the house. As far as they know I'm the one buying it.

I have done the double close method. I only do that if I'm making a killing and I don't want either party to know how much I'm making.

I advertise in many places, but not on Craigslist. I'm looking for uninformed sellers and uninformed sellers don't go on Craigslist.

What did you wholesale?

>uninformed

Probably facebook and such, then?

and looking into things I can do bandit signs, it doesn't even need a license or anything. why the hell haven't i heard of doing this before? i could've been scalping old people's homes for 6 years now, fuck

also I see the mortgage thing meme'd about alot by wholesalers, what does that entail? you take their mortgage debt on or does it get wiped before you acquire the deed? I wouldn't want to inherit a guy's mcloan, is that something you specifically look out for or do you have faith in your contracts?

buttcoiner detected

6 houses

That's a deep question and requires a lot to type but I'll send you in the right direction: google "buying real estate 'subject to'"

I'm about to hop back on wifi so it may change my handle again. FYI.

Op back on wifi. Testing.

Like I said earlier. I wish I had started 10 years earlier. I made 4K on my first deal and was like "ok, is this really all I have to do?"

I'm telling people here because hopefully none of you are in my territory. Anytime someone local asks me about it I tell them that it's really hard and I'm always about to go broke. Truth is ive made 6 figures two years in a row and I work 10 hours a week. On a usual day I take my son to school, pick him up, play on the internet, take my son to practice, and answer phone calls waiting for a big fish to call. I was able to coach his teams when he was younger which I really enjoyed. Early on I looked at everything - and you should too. But now I can usually tell on the phone if it's worth my time.

Is there a cost to starting? Like lasers to write contracts or making a llc. Can i do this if i find a seller and buyer and i owm no money?

Cost to advertise, yes. You can get the contracts online or possibly at a local title company.

I have an llc but you don't have to have one.

You will need earnest money but I never put down more than $100. If they want me to put down more I better be sure it's a screaming deal.

Cool thanks. Any red herrings or red flags on potential deal houses? And do you find a house with a online listing and you get them so sell their shitty house to your friend?

No. Not any of this. I advertise anywhere and everywhere. I get the house under contract, then I sell the contract to guys I know are looking for real estate.

The key to this is getting it for such a low price that you can tack on thousands of dollars and it's still a deal to someone else.

so you're telling me that a purchase agreement with a homeowner can unironically let me fuck jews out of their foreclosurebux? all as long as I use subject to?

I split my time between the city and the countryside. The city has crazy house prices in most parts. Do you go for the cheapo stuff or the valuable stuff? Nice thread I'm very interested so thanks.

Common misconception is that the bank makes money on a foreclosure. The only person who makes money is the attorney who files it. If it sells for more than the bank loan + attorney's fees then the bank has to give it to the foreclosee.

But the answer to your question is essentially "yes". But I don't like subject to and I wouldn't do it unless the circumstances were perfect. (Low monthly payment, low loan amount, equity in the property, etc)

The cheaper the neighborhood, the less the homeowner expects to get, the less I am able to offer when I meet them. Then the more likely I am to be able to mark it up and assign the contract.

But stay saw away from places like fergadishu. Even my black investor friends stay away from negro war zones.

I see alot of waryness about subject to, but specifically how I'm seeing it worded in pic attached, doesn't this mean that my purchase price is LOWER if they owe a mortgage and I do subject to without assuming their loan?

Am I even reading this correctly?

so if I find a house "worth" 120k that sold back in 2008, an old widow underwater on her mortgage to the tune of 50k, and offer her 75k on a cash purchase agreement subject to existing mortgage, and then I subtract the outstanding from MY purchase cost?

How the fuck could you lose?

I'm not OP, but my dad had tons of business in real estate and I can answer most/some of these questions

Real Estate wholesaling is easy as shit. Basically, you find a property for a nice price, and try to sell it to someone else without ever getting your money involved.

Step 1: Find a well-priced estate
Step 2: Talk to the owner, ask for paperwork (Not in your name. I don't know how this part works specifically)
Step 3: Find an 'investor' willing to buy this house for more than what you bought for.
Step 4: Give the contract to the Investor, he signs it, pays your the money, you pay the house's previous owner the money they wanted, and you walk away with the deficit.

He carries the risk of not finding an investor, and obviously, it's rare to find a good amount of houses with good prices considering that there are TONS of wholesalers out there. TLDR to your answer: Unstable income, and sometimes you might have to take money from your pocket.

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Just realized that OP was answering, just not by tagging people. I don't want to delete this, so I'll post either way.

Also holding costs are higher for higher prices homes so the offers have to be lower. And rich people are usually smart enough to not need to sell their home fast. It's the poor dummies who call me. Unless they are an orphan or a widow, I try to take them for everything I can.

How much have you made each year since you started? I wanted to do it on the side (Been thinking about it since I read about it a few months ago)

So, how much have you made each year, in figures.

>its another u need social skills n have friends already in the businesse, thats how you get rich episode

poorfag NEET detected

The guy on the right is me