Breaking stone to be success

25 Responses to “Real Estate Investing Training Video – How To Wholesale Houses Part 2”

1. 90260
   January 18th, 2010 at 4:46 am

   Do you recomend 5 Books for me to buy and read in Order for me to get started?

2. localmentor
   January 18th, 2010 at 5:41 am

   no.

3. 90260
   January 18th, 2010 at 6:01 am

   do i have to have a real estate licene to do this?

4. DOOCLINKUS
   January 18th, 2010 at 6:58 am

   Great information. It’s refreshing to find a real estate investor who actually explains the process.

5. kyotic77
   January 18th, 2010 at 7:56 am

   How can i aquire an LLC and how do you put it together quickly

6. localmentor
   January 18th, 2010 at 7:56 am

   LLC = Limited Liability Company

7. localmentor
   January 18th, 2010 at 8:02 am

   If they owe more than it’s worth (synonymous with negative equity) your only option to help them is to short sale it (get the lender to accept less than what owed to avoid foreclosing and liquidating the house themselves). Ideally this is the lesser of many evils the seller faces. It will ideally stop them from going to foreclosure and help their credit recover quicker, however many lenders still won’t give them a loan within 3 years (same as foreclosure) for another house.

8. kyotic77
   January 18th, 2010 at 8:29 am

   I got a whole lot of foreclosed properties, and some buyers. My question is, what if the owner(in a pre-foreclosure) owe more than whats the house i worth? also, what if their equity is also in the negative? whats an LLC?

9. bubbafatz
   January 18th, 2010 at 9:15 am

   Hi,

   makes alot of sense and well explained. It answers alot of the questions I had. It does seem that there is alot of work to be done, from finding the property, turning detective to contact the owner, seeing if they want to sell, then trying to get a very low price (50% off in your example) then title check, finding your buyer. It sounds like it would take weeks todo. But very little risk, I like that part. Thanks for sharing. Appreciated.

10. localmentor
    January 18th, 2010 at 10:07 am

    . . . not just a big paycheck for myself.

11. localmentor
    January 18th, 2010 at 10:18 am

    You’ve posted several comments on my videos and you come across very confrontational, whether you mean to or not. Wholesaling like all business is about relationships. If you focus on building relationships with buyers you will find that selling your deals gets easier and easier.
    If you can’t communicate well and don’t have a good relationship or if people flat out don’t like you, they won’t do business with you.
    My buyers deal with me because they know I have THEIR interests at heart. . . .

12. warmerup
    January 18th, 2010 at 10:40 am

    Renegotiating is that part I may still be willing to learn. My last seller just backed out. “NOT selling anymore”

13. localmentor
    January 18th, 2010 at 10:53 am

    Title companies do charge for closings. Call one locally for fees. some states also have transfer taxes/fees. The title co. can give you an idea of what it costs in your area. If you are wholesaling, then you don’t pay any fees if assigning, if double closing you can dump them one way buying and another way selling, but they are there.

14. Liz2000a
    January 18th, 2010 at 11:33 am

    This info is very helpful! Thank you! Does the title company charge a fee for doing this service? If so how much is the fee usually?

15. localmentor
    January 18th, 2010 at 11:51 am

    I use a purchase and sale agreement with the seller and an assignment of contract form to assign to my buyer. I have all my forms included with my wholesaling course.

16. jeremy1113
    January 18th, 2010 at 12:21 pm

    what is the contract called that you tie the seller to. and what is the contract called where you sell to the buyer. and where can i get these?

17. localmentor
    January 18th, 2010 at 12:25 pm

    never had a deal I couldn’t wholesale – key word is “deal”. If you have a buyers list and know what buyers will pay and how quick they can close, you’ll never have a problem getting out of a deal.

    IF you goof up, you need an ‘exit’ on your contract – “subject to. . . . ” something then you can exit, BUT, I’d renegotiate first, if you haven’t sold it, you should have at least gotten offers on what you COULD get for it, so go back, renegotiate and get it for a price you can wholesale.

18. space10
    January 18th, 2010 at 1:16 pm

    Hi Mike! Terrific video, although I do have a question. Have you ever been in a situation where you are assigned a house but no one on your buyers list takes the house? What do you do in that situation since you are already under contract?

19. want2wholesale
    January 18th, 2010 at 2:00 pm

    How do I join your mentoring? Do you sell a course? have any dvd’s or cd’s?

20. orfla
    January 18th, 2010 at 2:02 pm

    great information

21. orfla
    January 18th, 2010 at 2:27 pm

    vey

22. localmentor
    January 18th, 2010 at 2:29 pm

    that’s the basics of the ’steps’. Easy? Depends on your definition – it was hard for me to figure out all the details, but once you get it, yes, it does seem easy.
    Most of my mentoring clients are in CO, but I’ve trained investors in many states. Folks like someone close, but the fundamentals work anywhere.

23. templeinvesting
    January 18th, 2010 at 2:30 pm

    Really? Is it that easy? Why do some make it seem complicated. Awesome explanation! Thanks! Do you only do local Colorado mentoring?

24. noelkhuu
    January 18th, 2010 at 2:55 pm

    This video is awesome Mike. I hope I’ll be able to make enough money with this information so that I can join your Platinum Mentoring Program.

25. localmentor
    January 18th, 2010 at 3:53 pm

    most states require some type of “consideration” to bind the contract. State Approved agreements typically expect an earnest money check – most of my wholesales I do I find by direct marketing, so I have sellers calling me. In this case I use my own agreement and give a promissory note.