The following is an transcript excerpt from a full day seminar called Learn To Be Rich Wholesaling Real Estate.
Okay, so we will get started. All right, so welcome. What we’re going to be going over today is Learn To Be Rich Wholesaling Real Estate. I’m going to start on the outline and I’m going to be going from however far we can get in the next like hour and a half. We’ll take a break somewhere around 10ish for restrooms, stretching your legs stuff like that. Then we’re going to go again from whatever time we get back from the break ‘til lunch. Then when we go from lunch we’ll have a similar schedule in the afternoon.
So if you need to get up and leave because you can’t hold it and really need a drink or something like that, it’s fine, that’s not going to bother me. Here’s what we’re going to go over today in an overview. The first thing that we’re going to go over is what is wholesaling because some of you may be a little bit foggy about exactly what wholesaling is, so we’re going to cover that. We’re going to cover why you want to wholesale. Why you would be interested in wholesaling to begin with as opposed to some other things. We’re going to go over the steps for wholesaling so each of the things we talk about when we define what wholesaling is. We’re going to break it down and we’re going to go over each individual step so that you feel comfortable knowing what you’re supposed to be doing during each phase okay? Now again, if I miss anything, if you’re feeling like he didn’t talk about xyz and I really need to know about that, go ahead and write it down and we’ll try to cover it on a break. Maybe I’ll go back and try to readdress that issue to make sure I cover it, okay? So I’m really here to give you the information you need to get started. This is like a boot camp, jump start but at the same time I’m also trying to record it. So with that being said, I’m also going to cover the philosophies. I’ll tell you a little bit about some of the different philosophies I have as an investor and if you can understand how I think, you can start thinking that way if it makes sense to you and become more of a professional investor rather than just where am I going. So you’ll hear a little bit about some philosophies today.
So what is wholesaling? Wholesaling, in my opinion, is finding deals which include looking through the MLS, putting out marketing, getting motivated sellers calling you. You want to find the deals. Once you find the deals you’re going to analyze the deals. Analyzing the deals includes deal structuring, looking at what a property is worth, how to figure out comps, how to get comps, knowing to offer something of value to a seller, not all sellers are priced based. Some sellers need other things, like they need a quick sale, sometimes they need terms, so we’re going to talk about some different things about that. How to negotiate deals, getting offers accepted what to do when you’re in the house, things of that nature. We’re going to talk a little bit about negotiating and some negotiating strategies. How to control deals how to actually take the deals off the market in order to do that, in order to be able to wholesale them. How to actually sell your deals whether you’re going to sell them to an end buyer or whether you’re going to sell them to another investor, and then how to actually get paid because there are some tricky things when you’re wholesaling property about getting paid. We’re going to address a lot of those. So that’s what wholesaling is in my mind, find deals, analyze deals, negotiate deals, control deals, sell deals, and collect fees. Is there anything in there that you think I missed? Okay, I think I covered them all.
Until my next post,
James
P.S. The entire full day seminar is available for download for our Real Estate Investor Bronze Members along with over 100 other real estate courses, all my systems, checklists forms and much more.
I recently realized that a full day seminar that I held and actually recorded last year called Learn To Be Rich Wholesaling Real Estate was never actually added to the Real Estate Investor Wiki as a free download for our Real Estate Investor Bronze Members or even made available for sale directly.
So, I am in the process of adding the recording of the seminar to the wiki and making it available for sale on the LearnToBeRich.com website. While I could list out all the things that this particular full day seminar covered instead I will allow you to download a copy of the 14 page seminar outline that I gave you as notes on the day of the seminar.
Enjoy!
Until my next post,
James
I am a huge advocate of building up a list of both Wholesale/Investor Buyers and also Retail or Rent To Own Buyers (depending on your real estate investing business model). Today, I am going to share with you a new checklist that I just added to the Real Estate Investor Wiki for our Real Estate Investor Bronze Members about how to Email Blast To Your Buyers List.
First, I want to point out that I am only recommending you do this to your personal list of buyers that asked to be notified about properties you have for sale. Do NOT buy a list of send e-mails to people that did not sign up to receive information from you. That is not what this is all about.
In the new checklist above, I discuss some of the companies you can use to send out e-mails including which one I personally have used and what I am using now. I will also keep that updated as that changes (which we have changed 3 times in the last year alone so I suspect it might happen again).
A key part of e-mailing your list is to do it frequently enough so that they know who you are, but not too much to alienate a large portion of your list. I find a few times a week for most lists is acceptable. What do you do if you don’t have that many properties? Offer to send out deals from other investors or helpful tips on things relating to real estate, home buying, rent to own, etc.
If Bronze Members have any questions about the checklist I have above, please do go ahead and leave a comment below and I will address it here.
Until my next post,
James
As we continue our discussion on Strategies For Investing In Real Estate Without You Getting New Conventional Financing, we will be discussing investing without ownership today by using options.
First, what is an option? An option is the right, but not the obligation, to buy a property at a certain price.
It allows you force a seller to sell a property, but does not require that you buy the property. It is your OPTION to do so.
So, if you want to get involved in real estate and want to have all the upside of prices on properties going up, but none of the risk of prices falling, then options may be a good strategy for you to consider.
There is almost always a cost to getting an option on a property and a large majority of sellers will not consider options, but a small percentage of sellers would consider selling or even giving you an option on the property.
One rare exception where a seller will often give you an option on a property for nothing or next to nothing is when you are using an option your agreement to wholesale the property. Imagine, if you found a seller who needed to sell and you, because of your extensive buyers list, asked him for a week long option to find match up a buyer on your list with your property. Many sellers would be willing to grant you a week long option (with the right to extend it if a buyer was found) for little or no money.
For options of considerable length there is almost without exception a fee paid for the option.
Until my next post,
James
P.S. For more information on how to wholesale properties and use options as a professional real estate investor check out our Real Estate Investor Bronze Membership and upgrade now.
In yesterday’s article on ways to invest in real estate without getting a new loan in your name, I discussed several different strategies for investing where you are not required to get a new loan in your own name.
For those of you that are interested in getting started with real estate investing and do not have 20% to put down or the ability to get an investor loan yet you may want to still get involved in the real estate investing process and earn while you learn. Wholesaling is a perfect fit for earning while you are learning because you get to do all the major processes of finding deals, structuring deals, putting together the paperwork, negotiating, doing your due diligence and selling deals except you are not required to get a new loan and you will ultimately not be the person buying the deal.
In the most basic terms, wholesaling is going out, finding a great deal and putting that deal under contract to buy it or, better yet, getting an option to buy it. Then, you find a buyer who is interested in buying the property and you agree, for a fee, to sell your rights to buy the house to them.
While the mechanics of how that works can vary from deal to deal, seller to seller, buyer to buyer, state to state and closing/title company to closing/title company. See our other articles for more specific detail information or upgrade to Real Estate Investor Bronze Membership today.
Wholesaling though is great for beginning investors. Why? Because it requires absolutely no money for down payments, holding costs, repairs or closing fees. If you are willing to put in a lot of hard work to find great deals and talk to sellers and build your buyers list you can start learning about your market, what properties and sellers are selling for in what neighborhoods, what investor buyers are looking for, build your dream team and network and make some money in the process.
Until my next post,
James
I was preparing to give a seminar to my local real estate investor group and this particular month I was speaking about Strategies For Investing In Real Estate Without You Getting New Conventional Financing. Our Real Estate Investor Bronze Members can access the entire outline for free by logging in and using that link.
As the financial markets are still relatively (relative to irrational lending practices of a couple years ago) tight, I wanted to share some strategies for getting involved with real estate investing that require absolutely no credit, no cash and no new financing for you.
Not every option below is a good option or one that will fit every situation. In fact, some are very limited in their ability to be used and some should not be used at all–especially if you have no credit, no cash and can’t get financing.
You can however, use some of these strategies to raise immediate cash so that you can document strong income and put healthy down payments so that you can buy some amazingly great deals that we are currently seeing in the real estate markets.
So, here is the list:
Wholesaler Your Deal – Find a deal, get the deal under contract and then sell your contract to the investor will ultimately buy the deal.
Create A Partnership With Someone That Has Cash Or Can Get A Loan – Find someone else that can and will get a loan and offer to partner with them on the deal.
Control The Property With A Lease And An Option (Lease Option) – Agree to Lease the property from the seller for a fixed monthly lease payment and have the option to buy the property for a fixed price within a certain period.
Assume The Seller’s Loan – With the seller’s permission, go to the bank and see if you can assume the existing loan.
Buy The Property On A Land Contract or Contract For Deed – Agree to make payments to the seller for a period of time and, if you make payments as agreed, after a certain period of time, you will get the deed to the property.
Purchase The Property “Subject To” The Existing Financing – Agree to take over making payments on the existing loan and have the seller deed you the property now.
Get An Option To Buy The Property – If you think the property will be going up in value, get an option on the property to buy it at a fixed priced at some point in the future.
Ask For Owner Financing From The Seller – If the property is owned without a mortgage or has a lot of equity, ask the seller if they will consider accepting payments instead of being cashed out.
Now, armed with that list above, you can use your creative thinking cap to go out and see just how you can structure deals to adapt to our current market conditions.
Until my next post,
James
