Comments on: St. Louis and Stuff

By: Celeste

Celeste — Sun, 31 Jan 2010 00:06:22 +0000

Good idea about trying to move her properties, if there’s anything to work with. I’ll give her a call back on that tmrw. Thanks again!

Celeste

By: Stephani

Stephani — Sat, 30 Jan 2010 23:53:45 +0000

Hi Celeste,

It sounds to me like she might be a motivated seller, not a wholesaler. Maybe you could try moving some of her properties if they are good deals…

Just a thought,
Steph

By: Stephani

Stephani — Sat, 30 Jan 2010 23:50:11 +0000

Wow, he did it in 10 days, huh? Pretty impressive. Did it have to be a good deal, I wonder, or just a no money down deal? I could probably pull that off in 10 days easily if it didn’t have to be a good deal…

Thanks for stopping by,
Steph

By: Celeste

Celeste — Sat, 30 Jan 2010 19:01:35 +0000

See, I have another question already! I called on the sign I mentioned above (potential owner financed deal) and when I asked if they’re looking for any more invest. properties, she said no and they are only trying to unload the ones they have. I thanked her & told her maybe down the road she’d be looking for more and I’d touch base then. What would you have said when she told you what she told me? I’m wondering if I missed an opportunity here? Maybe I could’ve asked her if she was a wholesaler and helped her market her homes?? What are your thoughts?

Celeste Bueno

By: Celeste

Celeste — Sat, 30 Jan 2010 18:55:49 +0000

Thanks Steph! I appreciate your willingness to reply to my post. One day I hope I’m doing as good as you are doing and can also post my many experiences to help others. Thanks for any future replies as well ‘cuz I’m sure I’ll be asking many more questions!
p.s. Good luck w/your out of state investments!

Celeste

By: Luis

Luis — Sat, 30 Jan 2010 15:29:50 +0000

Well, there is only one way to settle the whole “investing in another market” thing…do it! I don’t know about you but I am one who learns by doing. As long as it is a calculated risk go for it and at the very least the benefit of it is that we all are going to learn from it, through you

You are right, back in the day (in the 90’s) Robert Allen took a challenge from a LA Times reporter where he had his wallet taken away, put in LA and challenged to acquire a property no money down in about 10 days or so. He did it, and the LA Times ran a feauture article on him. I betcha that had a lot to do with his book making best seller and the rest is history…

Just like you I also use my blog/site to post my experiences so others learn from them. One thing I have learned is that it takes a lot of courage to do what you do and “put yourseld out there” kind of thing. But it seems you have it down pretty good. I have learned that even reporting a “failure” although embarassing might actually give you credibility. I have also found other bloggers out there that only post the “good” stuff and leave the bad out, therefore presenting only a half view of how things really are.
.-= Luis´s last blog ..1/28-House #3 is Complete and For Sale! =-.

By: Stephani

Stephani — Fri, 29 Jan 2010 17:24:39 +0000

Hi Gus,

Transactional funding is used when you are wholesaling an REO or short sale and can not assign your contract so you actually have to close on the property yourself, and then sell it to your end buyer. There are no credit requirements or income verification, you just have to have your end buyer in place or they will not fund the deal.

It will cost you a few grand in fees, so you will have to factor that into your offers…

Here’s a link with more info….
http://fundthiswholesaler.net/

Hope that helps,
Steph

By: Gus

Gus — Fri, 29 Jan 2010 17:12:25 +0000

HI Steph, Thank you so much for the advice! . Can I ask you what do you mean by Transaccional Funding and how you ussually get it. Thanks again and Best of Luck! Gus.

By: Stephani

Stephani — Thu, 28 Jan 2010 21:17:13 +0000

Hi Gus,

I always advise people to find some of the active wholesalers in their market and get a referral from them. If you start cold calling title companies, many of them are not investor-friendly and will not know what you are talking about.

That being said, there are some areas where you might not be able to find a title company who will do a simul close, so you might have to use transactional funding instead so you can fund the A-B sale between you and the bank.

Just find some active wholesalers and ask them who they are using and how they are closing their deal. It’s much easier that way…

Thanks for stopping by.
Steph

By: Gus

Gus — Thu, 28 Jan 2010 21:12:57 +0000

Hi Steph, I just start reading your blog and I can’t believe how well you’re doing! Good for you. Every story just give me hope. I’m investing in Detroit metro area and I called almost every title agency asking about simultaneus closing and nobody is able to perform that type of closing, they made it sound like it’s something illegal. Do you know any title agency or somebody in my area willing to do this? Thank you so much & God Bless