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<< Information a Short Sale Investor Must Have From the Listing Agent | Home
Wholesale buying and selling of deeply discounted houses in any market
The markets' where I live are bad, I can't make any money there wholesaling properties you say. Well I say you are dead wrong!

I can prove it too.

Wholesaling of houses in any market is the single fastest way for any investor (newbie or veteran) to money and quickly too. That is if you call making anywhere from ten to fifteen thousand dollars cash or more in thirty days or less making money fast.

I know I do. But I have no money, my credit is shot and I have heard you need money and credit to do deals you say. Wrong again.

PART 1 OF 6  GETTING YOUR FEET WET WITH LITTLE TO NO RISK AND NO MONEY

To start with let's talk about doing just one deal:

Banish from your mind all the negative thoughts you have read, heard about from others including  "investors". Get some leads from For Sale By Owner ads on Craigslist, Backpage and other free online sites for your area. Call and ask them about the house they are selling. Just basic information about the house, why they are selling etc. Now if it sound like they are just putting the for sale sign out to see what they can get,  politely end the call (keep their information to follow up with in 45 to 60 days) and call the next one. Keep doing that until you kind someone who "needs" to sell due to any specific situation that has put them in a position that they really need to sell that house. The  more you do this the better you will get at it. Now if the reason they are selling is that they are behind on mortgage payments or worse, they are facing a trustee sale or sheriff's sale and they just want out of that house without getting their credit ruined for a number of years, the best advice I can give you is to find a reliable and competent short sale investor in your area.

Tell that investor that you have a seller that you have spoken with on the phone who is in a short sale posture. Ask that investor what he, she pays for such leads. Now be careful here. You cannot claim a commission unless you are a Realtor. You can sell that lead to the investor after getting an agreement in writing from them.  Using the 'wash, rinse and repeat formula) do that three times per week for $200 per lead and you will have a $2,400 per month income. Just carefully check the laws in your state and make sure you are not violating any of such laws the way you are doing/structuring your transaction.

During your telephone call with the owner seller ask what needs to be done to house to put in condition for a sale that will bring the best price. Go room to room with your questions. Most of time the seller will say nothing needs to be done the house is just fine, or they will say that 7 years ago they spent 30,000 on a remodel. They just ask them to give you a ball park, just a ballpark number of what it would take to spruce up the house with paint, inside and out, floor tile, rugs and upgrade the bathrooms and kithchen--again emphasize just a ballpark, you are not going to hold them toany thing. If they give you a range of ten to fifteen thousand, go with the fifteen thousand when you discuss this with your short sale investor or if this is a non-short sale that you are going to do yourself we will go over that and other valuable proven content next week on Part 2.

Now go out and find some leads!
posted on Monday, December 21, 2009 12:00 AM Print
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# rectangle braided rugs
rectangle braided rugs
4/5/2010 2:22 PM
  
Only want to say your article is astounding. The points in your post is simply impressive and I can assume you are an expert in this field.
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# re: Wholesale buying and selling of deeply discounted houses in any market
Mitch Painter
7/24/2010 3:35 PM
  
You could also get a contract signed against the property therefore giving you exclusive right to purchase the property (and assign it) and tack on your assignment fee ($5,000-$15,000). For more info on how to do this visit my blog at www.real-estate-rocks.com

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