Real Estate Investing Training Video Wholesale Deal Part 2

[Ednyce81]

great vid. me being new to real estate and wholesaling for some reason was nervous/scared about closings and paperwork but watching this vid. it seems like theres nothing to worry about. the only question i have is that what if you cant find a buyer ? what happens then ?

[localmentor]

@Ednyce81 see michaeljake d o t c o m for a video on how to build a buyers list, but any contingency in your contract will allow you out of the deal - like "inspection" or "subject to partner approval" if for some reason you can't find a buyer, you notify the seller that you are not going to close do to that contingency....or any buyers that you did have look at the deal and didn't take it - ask them what they would take it for and go back and renegotiate with the seller.

[ChateauSiran1986]

with $200.000 start capital, can I turn that in a 1.000.000 dollar net worth in one year with real estate?

[localmentor]

@ChateauSiran1986  - no idea what your skill level is. Could I? Yes

[founditontheweb]

@ChateauSiran1986 so could I. Your question sounds like you would be a good Hard money lender... D.W. Van Hook

[raulchacon123]

i have a question, as a wholesaler why did you need to sign so many documents at closing?? what where the documents??

[localmentor]

@raulchacon123 - this was a double closing if I recall

[b29349]

@localmentor Yes.

[b29349]

@raulchacon123 Ask a Attorney to allow you to sit in on a closing. Each party gets a copy and copies have to be filed. There alot of them - to many to list. My last closing there were 14 sets of them.

[TheMotifES8]

Do you ever make offer to homeowners who have defaulted on their mortgage loan?

Do you have a video post showing the bank & seller negotiating stages?

[localmentor]

@TheMotifES8 - yes and no, not yet.

[TheMotifES8]

I noticed your check was an odd number. Was that your assigning fee? Where there any title/tax fees deducted from your gross check amount? Thank you

[localmentor]

@TheMotifES8 - I believe this was a double close, so yes there were some closing costs

[you1w]

I thought in a closing the seller, the buyer, and you are all present at closing. In this closing only you and the buyer are present. I don't understand how did that, How did you make that work? Is there a way for you not to even come to closing at all?

[localmentor]

@you1w - on this deal the seller's agent/attorney had everything signed in advance. Usually there is someone there.

[KiwiTwist03]

What I don't understand is where you got the $50,000 cash on hand. I have been trying to get into this, but I don't know how to fund it.

[localmentor]

@KiwiTwist03 - my buyer brings in money to buy from me plus my assignment fee, or in the case of a double (simultaneous) closing, funds to close on the purchase and those funds are used to fund my purchase from the seller. Either way, no money of mine out of pocket. and a fee or profit from the spread in prices.

[RLJ93727]

I like this video

[ethanjarrell]

Thanks for posting this video. Very helpful information! We are currently trying to implement some of these ideas into our business plan.

[jmpndcrew]

is the county records office a place to look up these propperties. and if so how can u make that list easier. what whould u look for??

[localmentor]

yes and you should be able to buy a data CD from them. It's easier for me to get that info from my title company - it's formatted and easier to use.

[jmpndcrew]

cool. yea im 21 and trying to get started in this business. ive already visited the county recording office. but im having trouble finding these types of properties.any suggestions besides title company??

[localmentor]

you can go directly to realquest or sitexdata and then you can pay for what the title company will give you for free.

[90260]

So he got paid the profits only ? knowing that the Title company has the full amount and the other guy is only obligated to pay the buyer $8000 somthing? i don't know if i got this right

[REstatebuyersClub1]

where do we find the website to download the forms the forms?

[aftereight01]

Double closing: I find a motivated buyer a house that matches their investment criteria. The buyer, myself and the seller go to the title company together to close. I close my assignment contract with the investor and collect my assignment fee (i close). Then the Actual buyer closes with the seller (2nd close). Not necessary. Once buyer signs assignment with you they can pay you right then and take the deal from there. Its up to the 2 of you how you want to close.

[Pyromaniac21]

Explain to me what a double close is and what a simultaneous close is. The REI books I've read on wholesaling/contract assigning leave these terms out and also completely leave out what to do when seller has an RE broker/agent.

[localmentor]

simultaneous close on this one, however most of the time I do assignments. Wholesaling eliminates the need to close with your own money - you either get paid as an assignment or as proceeds between a simultaneous closing.

[Pyromaniac21]

If this was a simultaneous closing didn't YOU have to pay some closing costs?

[motoman8000]

I am wondering, was this a double closing, simultaneous closing, or did the wholesaler actually buy the property first, and then sell?

[georgelink1]

great! makes a complicated process seem so simplified. maybe I just make it complicated in my mind. I subscribed to your videos - thanks for posting them!