Wholesaling Success Story- Tony Zamberlin Makes 5k on a HUD Wholesale Deal!

Greetings Blogosphere- I just finished up a new Flip This Success Story interview for you guys!

In this installment you’ll be hearing from Tony Zamberlin- a wholesaler from Anderson South Carolina, who has closed 5 wholesale deals off of the MLS so far this year!

Say Hi to Tony, everybody…

Real Estate Wholesaling Success Story Tony Zamberlin

During the call, Tony gives the details of his latest deal, which was a HUD property that he wholesaled to an investor for a 5k profit!  To listen in, just click on the sack o’ cash below…

wholesaling real estate

http://www.flipthiswholesaler.net/successstories/tony2.mp3

If you have any questions about the call, leave them below in the comments, and we will do our best to answer them for you!

Later Gators!
:)

P.S.
Congrats again on your success this year, Tony, and thanks for sharing your story with us!

  1. On October 19, 2011 at 7:29pm, AJ said...

    Hi Steph;

    It seems that there is only about 5 minutes of the interview with Tony. It cuts off.

  2. On October 19, 2011 at 7:48pm, Robert Carter said...

    how do you join rea groups do you have to be a Realtor Thanx

    • On October 21, 2011 at 12:22am, Jay von Mohr said...

      Hey Robert,

      You don’t need to be a Realtor to join REI groups. Just Google Real Estate Investment Groups for your area.

      You can also check out reiclub.com/real-estate-clubs.php (they have a nationwide list).

      Or meetup.com has tons of groups (for real estate & anything else). Just go there & search for Real Estate Investment Groups in your area.

      A lot of the groups are free. Some have a small fee at the door. It will say on the groups info page. Then all you need to do is show up & take notes.

      Hope that helps,

      Jay von Mohr

  3. On October 19, 2011 at 7:54pm, Robert Carter said...

    another question I didn’t get to hear the whole interview but did hud have any restrictions about resaling the property

  4. On October 19, 2011 at 7:56pm, Daniel Courtney said...

    Hey Steph,
    Interview sounds great so far. Is there a second half? It cut off before the call ended.

  5. On October 19, 2011 at 8:30pm, Derron said...

    Hi Step something is wrong with the audio.it keep cutting off not even close to the middle of audio.

  6. On October 19, 2011 at 8:33pm, Stephani said...

    I’m working on fixing it- sorry about that!

  7. On October 19, 2011 at 8:39pm, Arlene said...

    Yep, cuts off on me too. :(

  8. On October 19, 2011 at 9:02pm, Stephani said...

    It should be working now- sorry about that guys!

  9. On October 19, 2011 at 9:27pm, Jonathan said...

    This is very exciting, wholesaling HUD properties – I’m preparing to do this myself. Hope to be the next success story :) Thank you for all the great and inspiring content!!!!

  10. On October 19, 2011 at 10:19pm, Macke said...

    Hey Steph,

    Great success story about how Tony Zamberlin made 5K on his HUD deal. To do this HUD property deal did Tony need to provide a Letter of Funds? Thanks in advance.

    Macke
    Las Vegas

    • On October 20, 2011 at 8:37am, Stephani said...

      Hi Macke,

      Yes, you will need a POF letter when making an offer on a HUD if you are offering cash. I’m not sure what Tony used, but I think it was from a transactional lender. Hopefully he will chime in here and let you know.

  11. On October 19, 2011 at 10:41pm, Jaime said...

    Great interview. I’m working on wholesaling REOs and hitting HUD now. Lots of offers out there, waiting for one to stick

    Thanks, Steph

  12. On October 19, 2011 at 11:17pm, Patrick said...

    Hey thanx ya much “Mrs.Steph D.” and Tony…loved it i heard 17+ minutes of the talk between ya’ll and gots some nuggets from it love ya steph d…cheer’s

  13. On October 20, 2011 at 2:37am, MARIO DUSSIAS said...

    DEAR STEPH: I COULD NOT LISTEN TO ZAMBERLINS RECORDING WOULD NOT OPEN THE LINK . I BELIEVE OTHERS HAD A PROBLEM ALSO PLEASE RESUBMIT ANOTHER WAY THANKS CAUSE I’M INTERESTED IN HUD PROPERTIES

    • On October 20, 2011 at 5:39am, Stephani said...

      It should be working now- I just tried it in Safari, Chrome, and Firefox and it works fine in all three browsers. If you can’t click on the link for some reason, try pasting the link address into the address field at the top of your screen: http://www.flipthiswholesaler.net/successstories/tony2.mp3

  14. On October 20, 2011 at 7:41am, Nina Styles said...

    I am in process of getting another car, that I need as a single mom, will I be able to do these HUD deals without leaving home to see the property and wholesale to an investor until I get my new car?
    Thanks
    Nina

    • On October 20, 2011 at 8:46am, Stephani said...

      Hi Nina,

      Yes, it’s possible to wholesale deals without looking at them in person, but it’s important that you do market research in the areas you’re going to be working so that you have a really good grasp of what a deal is and what your end buyers are looking for. I’ve wholesaled many deals without looking at them first and just going by the pictures on the MLS, but these were in areas that I knew very well and when I made my offers I knew that I would be able to sell them to an end buyer even if they were in worse condition that what I had expected.

      You also might consider paying someone a small fee for going out and looking at the properties for you. Or maybe you could work out something where you pay them a percentage of the deal if you end up wholesaling it successfully.

      Bottom line- yes, it is possible to do, but there will just be a few extra hoops for you to jump through.

      Take care,
      Steph

  15. On October 20, 2011 at 8:31am, Shirley said...

    Hi Steph, Good interview but I didn’t hear how he handled his Proof of Funds letter? Did he get transactional funding or was he able to qualify for the loan himself?
    And I just found out after years of selling Hud Homes as an agent, that a buyer can use their own attorney. They just have to pay for it. Maybe it was always that way, but I just took a contining ed class on HUD’s new way of selling and they brought up the right to use whatever real estate closing attorny the buyer wants. Learn something nenew all the time.

    • On October 20, 2011 at 11:01am, Stephani said...

      He used a POF letter from a transactional lender (Coastal Funding). He did a simultaneous closing and used his end buyer’s funds to fund both the A-B and the B-C transaction, so he did not have to use any of his own cash or qualify for a loan.

  16. On October 20, 2011 at 8:52am, Travis Derod said...

    If I choose to work from home like you and the other single mom above was talking about. Whats the best way to submit offers? Would it be ok to e-mail them?

    • On October 20, 2011 at 10:59am, Stephani said...

      Sure- you can scan and email the offers. Or use a buyer’s agent and have them do the work for you.

  17. On October 20, 2011 at 10:57am, tony zamberlin said...

    Robert you don’t have to be a realtor to join a reia, at least not here, just google “real estate groups or clubs” in your area and you should find it..

  18. On October 20, 2011 at 10:59am, tony zamberlin said...

    Guys the best pof letter I have used and works 9 out of 10 times is http://www.coastal-funding.com

  19. On October 20, 2011 at 11:26am, tony zamberlin said...

    Robert,
    I have never ran into deed restrictions with them..

  20. On October 20, 2011 at 11:31am, tony zamberlin said...

    Nina,
    I only look at about 20% of the properties i wholesale in person! What i’d recommend doing is seeing if the agent will send u the bpo pictures.. Most in my experience will! that will give u better idea. also make sure to look at arial views on zillow.

  21. On October 20, 2011 at 12:43pm, Zac said...

    Congratulations Tony! And thanks for sharing your story with all of us here on Steph’s blog. Correct me if I’m wrong, but as I understand it transactional funding is considered a commercial loan so you must close the A-B side of the transaction in either a corporation or a land trust. If so, which do you use (LLC or Land Trust) and why? Also, is this something you would recommend a Real Estate Attorney or a CPA setup for you? Thanks!

  22. On October 20, 2011 at 11:59pm, Jay von Mohr said...

    Congrats man! Your focus & work are paying off (just the beginning).

    Thanks also to Steph for providing all the info you give out, here & in your vids.

    Jay von Mohr

  23. On October 21, 2011 at 12:35am, sandra said...

    how to get access to MLS or hud deal if you are not a Realtor, i think Mr zimberlain said he was in three area how did he get these areas of find these area withaccess to these area i know you can find out what sold and who they were sold to if you are a realtor is he a realtor did he put the offer under an option got the offer excepted at below list price @ $17500 put earnest money of $500.00 on the contract via his attorney because hud want to use there title company r he uses an attorney to do the paper work for a simultaneous closing after he had gotten the offer excepted, then he began marketing the property on backpage, craigslist etc, did he post have pictures that he posted
    what type of paper did the attorney do for him what is the attorney charge for his work
    please advice i would like to do some of the properties, buy i’m not a Realtor so i do need a lot of help
    please advice

  24. On October 21, 2011 at 9:31am, tony zamberlin said...

    Thanks for your comments Zac and Jay!
    Zac,
    I use a transactional funding pof, but never use them to close my deals.. i have an attorney that handles all that.. we 9 times out of 10 do what steph teaches…, but our attorney handles it all! we dont bring a dime to closing… I’ve never used an llc or land trust, but my buyer did buy it from me in a land trust!

  25. On October 21, 2011 at 9:37am, tony zamberlin said...

    Sandra,
    I have a friend who is a realtor and i help him split fees is how i got access.. Some areas u can just contact 20 ppl that don’t look like they have alot of work or deals and say “ok im an investor and i’ll be needing comps pulled on alot of properties and don’t wanna take alot of your time, so how bout every deal i close i’ll give u 200 bucks. or u could see if they will let u split fees like i do.. or they can add u on as an assistant in some areas.. No im not a realtor.. I don’t do options.. i make the offer with a regular contract that the realtors draw up.. My partner put the 500 earnest $ up we got house at 10,500.. not sure where u heard we got it for 17500.. that was what we sold it for.. ? my contract says i’ll use my attorney to close and usually they are fine with that, but sellers attorney usually prepares deed and does their title work anyway, but i never trust it thats why we use our own attorney.. hope that helps! Make it happen!!

  26. On October 21, 2011 at 1:55pm, Shirley said...

    Hud houses have to be sold by Licensed Real Estate Agents so why wouldn’t you just have the Agent your working with pull the comps?

  27. On October 24, 2011 at 6:35am, Larry S. said...

    When you turn the contract over to your attorney, do they set up the simultaneous closing? I thought I heard Tony say “they send a closer out.” Is he referring to HUD sending a closer to the attorney’s office or my attorney sending a closure to the title company on closing day? Thanks in advance for your response.

  28. On October 24, 2011 at 9:09pm, tony zamberlin said...

    Shirley,
    i choose to work directly with the top listing agents normally to submit my offers. they are so busy listing properties and doing bpos. that i rarely can get them to pull comps..

  29. On October 24, 2011 at 9:10pm, tony zamberlin said...

    Larry,
    I just let my attorney handle the details.. on several deals. we had to wait til the sellers attorney or closer to deliver the deed before getting make.. don’t matter to me as long as i get paid.. i let the experts handle all the details..

  30. On October 24, 2011 at 9:11pm, tony zamberlin said...

    oops meant getting paid in that last one Larry..

  31. On October 25, 2011 at 9:20am, Shirley said...

    I have a question as to why don’t you just go with a buyers agent? They would be more than happy to send you the newest listings as well give you all the comps.

  32. On October 25, 2011 at 6:27pm, Greg Ward said...

    Tony,

    Congrats on your success. Steph interviewed me over a year ago on my 1st flip. I am waiting the closing on my 2nd flip (got sidetracked with the birth of my twin girls). I have only focused on probates, so I was wondering how do you get your end buyers into HUD houses after you have it under contract? Do you have to get the realtor to let you in, or do they give you a HUD key?

    Thanks,
    Greg

  33. On October 27, 2011 at 9:53am, tony zamberlin said...

    Greg,
    thanks man! Congrats on the twins : ) email me directly for that answer freedomproperties1@gmail.com

  34. On October 27, 2011 at 9:54am, tony zamberlin said...

    Shirley,
    i do use a couple different buyers agents to submit offers to, but only if listiing agent done wanna deal with buyers.. i find as well as other ppl i know that going to the listing agent to make your offer gives them the full comission and gives u the buyer a better shot at buying the deal.. we have to do more leg work that way, but i think its worth it..

  35. On October 27, 2011 at 10:20am, Shirley said...

    I see where your coming from about the listing agent. But it is not up to the listing agent, so I think you are missing all the service the buyers agent can do for you. Meaning, the agent can’t get a offer through first just based on her/him getting a double commission, for the bank is going to take the highest net to them! As a buyers agent, I have tired to discount my commission, thinking I could get my buyer the deal, and the bank still paid my broker the full 3%.

    • On October 30, 2011 at 9:07pm, Jay von Mohr said...

      Shirley,

      The thing is, the listing agent controls quite a lot. Look up “pocket listings”. It happens every day.

      It’s not always, “who has the highest offer wins”. The listing agent will look at all the offers & one could be much lower, but a proven closer (with a relationship with the listing agent), & you can bet that lower offer will get the deal.

      After all, the Listing agents main goal is to move product for the lender, so they will always choose a proven closer over any other higher offer that’s an unknown.

  36. On October 30, 2011 at 8:12pm, tony zamberlin said...

    Shirley,
    i use buyers agents sometimes, but alot of times accept on “huds” if you have a good relationship with the listing agent u can get “inside” info as to where u need to be to buy the house! i’ve had several experiences when a friend of mine local competitor offered 5k higher than me and i still got the deal, so its not always true that the bank wants the most $ net.. this has been my experience anyway.

  37. On October 31, 2011 at 2:08pm, Jim said...

    Anybody know where I can get this script seen in this video?

    The script shows if you are buying a good HUD deal or not. The properties are color-coed green for deals and red for no deals. Comps and everything… Pretty cool…

    http://www.youtube.com/watch?v=wSHiMP0N57A

  38. On October 31, 2011 at 8:07pm, Gene Brown said...

    I’m a few days away from getting my LLC in an attempt to start wholesaling, will you give me some advice on how I should persue this new endeavor, I’m located in Norfolk Va.I’ve been looking at your videos and this really appears to be doable.A friend of mine told me how he has been successful and is going to help me out he is already making deals, where should I begin?

    • On November 02, 2011 at 8:03am, Jay von Mohr said...

      Hi Gene,

      I would watch all the vids Steph has & read the stuff on this site.

      If your friend is doing deals, & is local to you, you can start finding deals for him (bird dog) & he can shop them to his buyers list.

      At the same time, I would start building your buyers list as well (with bandit signs, networking at REI groups, social media & going to local property auctions & letting all those buyers know you can bring them deals like that, without them having to bid against the crowd).

      Jay von Mohr
      Mohr Equity

      • On November 02, 2011 at 8:14am, Stephani said...

        Ditto what Jay said. :)

      • On November 02, 2011 at 5:35pm, Gene Brown said...

        Thankyou!

  39. On November 01, 2011 at 7:24pm, Sullivan County NY Real Estate said...

    I agree, with good REO’s priced right, the listing agent has all the control, and I have seen blood in the water frenzy over properties. The bank does not care who buys it, as long as they are getting the money.

  40. On November 02, 2011 at 8:47am, Shirley said...

    I thank you for your comments and if your happy with how you work with agents that is all that counts. I also agree the bank doesn’t care who buys it as long as they are getting the money……. But help me out here for a second……..don’t you think that the listing agent “has to send ALL OFFERS to the bank?”……… So then my question is how can that listing agent push to get a favorite investors deal through?

    • On November 02, 2011 at 8:55am, Stephani said...

      It happens all the time, Shirley. Especially if the agent knows the investor has a proven track record of closing, they can sway the asset manager to take their offer even if it is lower. And they tend to be more willing to do that when they have 2 sides of the commission at stake.

      There’s all kinds of dirty pool that goes on around here with REO agents not submitting offers and getting paid cash on the side to do so. I assume it goes on elsewhere, too.

  41. On November 02, 2011 at 8:59am, Shirley said...

    Thanks Steph, I appreciate you sharing with me also what is really going on. I know we all have to be resourseful these days.

    • On November 02, 2011 at 9:02am, Stephani said...

      :)

    • On November 02, 2011 at 10:06am, Jay von Mohr said...

      Shirley,

      That also points out how critical it is in the REO game to develop a relationship with listing agents & make your offers directly through them.

      Just think of it from the listing agents viewpoint, the more product they move, the more valuable they are to the lender (even if the prices they move the properties for isn’t the highest offer price).

      Hope that helps,

      Jay von Mohr
      Mohr Equity

  42. On November 05, 2011 at 7:06pm, Joanne B said...

    Hi Steph and Tony and thanks for so many good points. I never got an accepted offer from HUD but did luck out on a REO from FM. This will be my first wholesale type of a deal. My question concerns the DBL closing and the end buyer. I hope so much you could answer it. (Yes, I happened to know my end buyer already.)

    QUESTION: Assuming the Hard Money Lender for the end buyer finds out there is a Transactional Lender involved and DBL closing (I am assuming HMLs are not stupid) – will they still go on with the transaction? Does anyone know how that part of a deal works? Is there a way to handle HML on the end buyer’s side to avoid such problems? Thanks in advance.

    Steph, you said a few times before that there ARE end buyers who use HM…

    Joanne.

  43. On November 15, 2011 at 9:19am, christy said...

    Hi Tony. You mention using the MLS to find your deals. In a “regular” wholesale deal (assignment), what did you have your agent do for you? Please be specific, from start to finish. Thank you, Christy

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