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Comment on Real Estate Investing Training Video Wholesale Deal Part 1 by GrantHeathcote

GrantHeathcote — Thu, 13 Oct 2011 18:37:45 +0000

I am new to this and have a couple of questions if that is ok. I noticed a comment that said you could do wholesale deals using no money by assigning the contract or through a double closing. Wouldn’t you still need downpayment money at least in a double closing? Also when assigning a contract how do you stop the buyer from bypassing you and going straight to the seller? Thanks in advance for your response and for your video. Very enlightening.

Comment on Real Estate Investing Training Video Wholesale Deal Part 1 by AmaryllisJoline

AmaryllisJoline — Thu, 13 Oct 2011 17:43:48 +0000

@localmentor -REO’s? I was under the impression that you can not wholesale properties with the bank. If you can, how are you doing that? Also, are you bird-dogging to find your properties?

Comment on Real Estate Investing Training Video Wholesale Deal Part 1 by localmentor

localmentor — Thu, 13 Oct 2011 17:40:12 +0000

@GrantHeathcote when assigning you’ll never need down payment money. When double closing (depending on the type of deal and who’s selling) you may need flash cash (REO’s possibly but other ways around that – see my video on flipping REO’s). I’ve never had anyone try to go around me – usually my buyer doesn’t know how to contact my seller and if it’s a listed property agents are too scared about getting sued to try to go around a signed contract. can also record a doc to protect your interest

Comment on Real Estate Investing Training Video Wholesale Deal Part 1 by MrDansdeals

MrDansdeals — Thu, 13 Oct 2011 17:21:15 +0000

hi please look at my Facebook page for real estate deals with working yields within the UK its Dan’s Deals.

Comment on Real Estate Investing Training Video Wholesale Deal Part 1 by foster2367

foster2367 — Thu, 13 Oct 2011 17:18:30 +0000

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Comment on Real Estate Investing Training Video Wholesale Deal Part 1 by leafyutube

leafyutube — Thu, 13 Oct 2011 16:21:12 +0000

This is a lot tougher in hot markets. Very difficult to get a discount deal, and those damn real estate agents don’t make it any easier.

Comment on Real Estate Investing Training Video Wholesale Deal Part 1 by localmentor

localmentor — Thu, 13 Oct 2011 15:57:22 +0000

@leafyutube – I’ve wholesaled in flat, sideways and down markets – you can make it work – have to look at the spreads between wholesale and retail buy just below the majority of wholesale and flip at wholesale. The % you can get of retail changes but not the ability to “wholesale”.
One of the biggest mistakes I made was not building strong realtor relationships earlier on. Realtors are worth their weight in gold if you build a strong relationship with the right ones.

Comment on Real Estate Investing Training Video Wholesale Deal Part 1 by leafyutube

leafyutube — Thu, 13 Oct 2011 15:49:39 +0000

@localmentor
Thanks for your thoughts. If I could also ask, what’s the best strategy to get a discount deal from an agent? Do you just make a low offer and then explain why it’s so low? That’s my understanding from your video. You’ve actually inspired me to give it a try.

Comment on Real Estate Investing Training Video Wholesale Deal Part 1 by localmentor

localmentor — Thu, 13 Oct 2011 15:48:32 +0000

@leafyutube – a lot of the deals I write on are at or around the listing price. You need to know what a “fixed up” version of a house similar is worth to back into what a good deal is for one. Today I got a contract on a listed house – listed at 65k, I got it for 61k – the After Repaired Value is 180k. That’s a deal without knocking 30% off listing – that’s where a lot of beginners make mistakes (me too when I started). Know ARV and work backwards. Takes some time to get good but worth it.

Comment on Real Estate Investing Training Video Wholesale Deal Part 1 by leafyutube

leafyutube — Thu, 13 Oct 2011 15:42:14 +0000

@localmentor
Those are really helpful tips. Thanks a lot!