Comments on: Happy Monday

By: Tony Zamberlin

Tony Zamberlin — Sat, 19 Sep 2009 20:53:40 +0000

steph,
im organizing a spredsheet and wandering what to put as my labels?? thanks
PS. also how to organize my offers via paper??

By: Stephani

Stephani — Fri, 28 Aug 2009 00:09:13 +0000

Unless you like having your dreams squashed like a bug, don’t tell the realtors that you plan on wholesaling the properties. That’s none of their business, and all they are going to do is try to discourage you.

Just make sure the deals get to closing. That’s all they care about, and that’s all they need to know.

She was right about having to have cash buyers lined up, though. Either that or hard money buyers. You can’t sell to people getting conventional loans.

There are plenty of cash buyers out there, your job is to find them.

Steph

By: Jamie

Jamie — Thu, 27 Aug 2009 23:58:25 +0000

Hi Steph,

Sorry, another random question from me. I have been contacting multiple realtors in my area to try to find a few more to work with. I was a little distraught when one e-mailed me back and all she said was.. all I can say to you is good luck most people tend to fail at that type of invesment because to do assignments and double closing it is very difficult and you must have cash buyers to do so? Is any of this true? I am relatively new to investing and have been busting my butt to learn. I am starting out with wholesaing because I don’t have a ton of money to go and buy properties cash. Is any of what she said true? I don’t know why this just ticked me off. Thanks a lot.

By: Stephani

Stephani — Fri, 21 Aug 2009 19:35:51 +0000

Hi Thomas,

Yeah, it might be easier for you to write it up cash.

I haven’t written a financed offer in a long time (2 yrs), but I don’t remember them
ever asking me anything about APR. I just checked the box and sent in my HML letter along with my offer.

Does your agent know you are using a transactional funding source?

Steph

By: Thomas

Thomas — Fri, 21 Aug 2009 18:35:57 +0000

LOL! You guys are killing me with the SIMS…LOL Anyway, Steph I have an REO/transactional funding question. My realtor wrote up my offer as 100% conventional financing which I thought maybe would work since it gave me a financing contingency, but now he is saying the listing realtor wants to know the apr and years and all this foolishness. Since its transactional funding it obviously doesn’t work that way. I called your buddy Brian and he said it would be easier to write it up cash, but I noticed you did tell someone else about the financing contingency before. Do you have any suggestions on the best way to write up a contract when using transactional funding? Thanks a bunch….and nice pics

By: Hugh

Hugh — Wed, 12 Aug 2009 21:50:58 +0000

Glad you ask. LOL

What type of upfront paperwork and or agreemnt do you have in place?
What kind of questions do you ask to see if they are a true wholesaler?
Are you mainly leveraging each other buyers list?
Once they produce a buyer do you pay them for that buyer over and over?

Thats about all and thank you for taking my question.

Hugh

By: Stephani

Stephani — Wed, 12 Aug 2009 21:11:32 +0000

Sure, I can do that.

Any questions in particular you’d like me to address?

By: Hugh

Hugh — Wed, 12 Aug 2009 20:45:52 +0000

Steph,

I love the way you JV with other wholesalers. I hope you don’t mind me giving you this
suggestions for future articles but how bout you write an article on tips on how to JV with other investors. I believe that would be a great one to. You seem to have a good bit of knowledge and experience in that arnea.

Hugh

By: Stephani

Stephani — Wed, 12 Aug 2009 14:39:59 +0000

Hi Hugh,

I’ll post links to them here as well as on Twitter and FB.

By: Stephani

Stephani — Wed, 12 Aug 2009 14:38:08 +0000

Thanks, MHG!

I can’t take credit for the name, though… my buddy Brian came up with it.