Wholesaling Basics 101

I have been looking for a brief but straight to the point explination for this. I am new to REI and this is exactly what i needed. THANK YOU SO MUCH for this post!

Yup, I try to keep it simple so even a child can understand it. Glad to help!

Elena,

We just saw your original post too. Thanks. We're new to REI also. Also, saw you went to EDGE. Hope you enjoyed yourself and learned alot.

Cheryl & Dave

Elena, so how do you do a deal and your out of state - what are the steps then - and how do you work with a title company that you never met. please explain

The first thing you need to do is set up a team in the state you're interested in investing in. Just like you would do in your local area. You need to call Realtors, interview them, then see who they use for their title company, mortgage co... etc. One thing I know is you can NOT do this business alone and be successful. You need a team working for you. Hope this helps!

Best of luck,

You're welcome. Glad you came aboard! Sorry I didn't get to meet you at the EDGE! I had an amazing time, learned too much to remember it all. But thank God I took notes! Hope you enjoyed it as well and will be back next year with great news!

Elena,

Thank you. Yes, we'll be back next year with great news! Looking forward to meeting you then.

Cheryl & Dave

Hey everyone, Quick question. I am brand new to the site and real estate investing and I am wondering if assigning would be the best for starters? I do not have any money so I figured this may be the best solution. I'm not really sure if it is possible or not but I need a first assigning deal to go through in a month or so. Just lost my job and need to earn some money for rent. I am looking for buyers in the Vancouver Wa area. If anyone can help me that would be great. I will find the houses and do whatever I need to do, then we can split the money. I want and need a first deal so bad. Thanks and Sorry I don't know what I am doing, just need a little momentum.

Quick question, is it a must to have an Attorney present when you are doing an assignment?

First thing you need to do is get your mindset. If you doubt you can do it, most likely you'll fail. Believe you can acheive anything. It's not rocket science, you just need to get the correct knowledge, network, build a team and take action.
You can do assignments, bird dogging, lease options, subject to's, all of these methods require NO money down at least money that YOU would put down. You basically need to connect sellers with buyers and collect a fee for doing it. Put out bandit signs and ads on CL for buyers and sellers and start building your lists, you're going to need BOTH!

As for an attorney, it depends on your state, contact a a real estate attorney and find out. Hope this helps!

Thanks for posting the advice above. It helps encourage us also. Have a great weekend!

Cheryl

Glad to help Cheryl. A few short years ago, I came to the DG family to get support, motivation, advice, inspiration, suggestions and help. I'm grateful to Dean and EVERYONE on the forum for helping me and I'm only too happy to pass it forward.

Have a great day,

Happy Father's Day Dean and all the DG fathers!

I've enjoyed reading this thread. It has cleared up quite a bit for me. I have one question. And recognize that I am someone who has not even purchased his own first home, so I'm sorry if my questions are overly ignorant. I think I will have to work with a realtor just starting out. I just do not feel comfortable locating sellers yet. My question is that when you get to a point where you want to lock a property up, is your contract with the owner or the realtor who found the property for you?

I have looked at Dean's Total View and when looking up a property I was able to click on a link on the page that would show a map with Neighborhood Comps, for that searched address.

http://BruceThomas.bookmentioned.com

I'd like to do assignment deals in CA. Can I use the State Approved Realtors' Association contract even if I don't use realtors at all?

Thanks for all the information.

I don't really have any questions yet but I'm sure I will. I'm doing one of the homework assignments in Dean's course that has me reading and posting a comment on the forum. I've enjoyed reading all the posts here and now it's time for me to create a post, so here goes ...

I just signed up for the Rock Bottom Blueprint Monday night and I've started with the 30 Days To Quick Cash section as recommended in the course. I'm going to be working the duration of the month (next 27 days) to compete my first deal and cash my first check, as advised. I'm really jazzed about this!

I already know that Dean's methods work or others wouldn't be successful with them. So the question was never "Will it work for me?" .... the question was "Will I take the action required to make it work for me?" And Monday night my answer was "Yes! Yes, I will!!". I just didn't know yet HOW I was going to make that happen because of my tendency to procrastinate to my own detriment when I work for myself.

So this time I decided to play a little game in my head and it seems to be working very well so far. The game I'm playing is that I tell myself that Dean will cut me a "paycheck" for $5000 in the next 30 days if (and ONLY if) I complete the 30 Days To Quick Cash section within 30 days. LOL

Now I *know* that Dean is not my employer and that he will *NOT* be sending me a "paycheck" for $5000; however, I really don't care that the $5000+ check that I will be receiving will actually be coming from someone else! I just know that if I do the work I will get the results, so who writes the check is of no consequence to me.

Now I'm sure that probably sounds a bit silly to those of you who don't procrastinate and can't psych yourself into make-believing things that aren't actually real, but it has kept me from procrastinating and that's huge for me! Whatever works! So, one hurdle down and I'm off to a good start! I plan to enjoy the journey.

Thank you for all the posts and advise! It's nice to be part of such a great community filled with friendly, helpful and knowledgeable people!

Samuel
Real Estate Investor ... oh, yeah, I like the sound of that! Very cool.

My name is Kheam,I would like to learn more about the Assignment of Contract.I must admit I've never done it before,If anyone could tell me or show me step by step from talking to the owner of the property to contracts and documents to.Pretty much everything.I'm a new born at this and I would someone to guide me through.Thank you.

Hi guys,
I received an email and not sure what to do on this deal! here is the email

Address: 12634 Rifleman Trail. Cypress, TX 77429
4 Bedroom, 2.5 Bathroom, 2 Car Detached Garage
$1,000 Option Fee to tie house up! Buyer to pay all Closing Costs
Easy Rehab!!! Great house for Retail Sale or Rental!!!
Asking 95K

if you want to find this later

Maybe you guys can clarify this for me on the wholesaling process. 1. find property 2. negotiate price 3. get under contract.( with assignment ) 4. get assignment contract for a little more than purchase. Now here is where I need the clarification. I have heard it stated a dozen different way. Do I need to go thru a laywer and use there contracts can I use pre made contracts and submit them to the Title company. If I give the contract to the title company I assume they wait untill the recieve a check from assignee escrow it to process the contracts. Then send payment to seller and then send me a check for the amount over the sellers sale price. My confusion is who actually process the the chcecks and contracts. If I have the leagle contract accepted by the state do I need to include a laywer can I go straight thru to the title company. I am in Massachusetts. Any help would be greatly appreciated.

Thanks

Bill

do you go thru a Lawyer or right to the title company with the contract and assignment contract. if you ar gett 7k over the selling price over of the home do the excess automatically go to you does the title company know what to do with the excess. I get the theory. I was wondering about the actuall process in the physical world?? What is that process. Any help would be greatly appreciated. Thanks

Bill

If you have no money and no credit then wholesaling is a great way to get started in the real estate business. For most people - fear holds them back - also belief. This program works. Wholesaling works. Anyone can do this....just get started and DO IT!

Bump--It--Up

Great Thread to read over and over. Very Good information!

Denver

I just purchased DGs book 30 days to real estate cash so im now learning this. Im new, brand new but it feels right. Im having trouble in my mind tho because I am wondering if im basically doing the realtors job and the realtor would just bump me out of the way and find and match deals themselves. Should I be wondering this?

See Bilt40's questions above (above Ellsworth's comment). I am in Texas and I have the same questions as Bilt40. Could someone please advise us? Do you go straight to your lawyer or directly to the title company when wholesaling? I'm not going to be able to sign up w/the SA (like I said earlier) , so I need all the help I can get since I'm doing this on my own.

I just wanted to comment on this so I can have this saved under my profile & blogs... It is all AWESOME information... I also, had a question on wholesaling too, but being that this blog was really active over a year ago don't know if it'll get answered... If I have an investor interested in a property and I get it under contract (in my name)... What happens if the investor doesn't buy it from you after all... Is there any way to back out of the deal so I am not responsible in going through the deal by myself...??

Bumping this up! Need answers to our questions please! See above.
Thanks in advance!!

Eric,

There are many ways to "back out". Just simply put a clause in your agreement to purchase contract subject to(whatever), contract is null and void after XX days (giving you time to pass onto your buyer), or any such escape clauses.

To the newbies get as much info from here before asking your questions. They have already been answered. Put in a search question/topic under Dean's chin and you will get relevent posts to read.

Hope this helps.

Thanks for sharing about the topic

Thank you for answering my question Rick... Now, I do have one more question.. In your reply you put "simply put a clause in your agreement to purchase contract subject to(whatever)"... What is the "whatever"... Also, is there a set amount of days you can request to make the contract null & void...?? Thanks for your help on this matter Rick, it is GREATLY appreciated...