Flip This Wholesaler

Hi Guys/Gals…

Today’s post is being brought to you by Patrick Riddle of Must Know Investing.com.

Patrick and I recently connected through the blogosphere/internets, and I thought you guys would like his down to earth approach to wrastling up some private money for your real estate deals.

He put together a great video that I think you all will enjoy..

Pull up a chair, and please give him a warm welcome.

Thanks for putting this together for us, Patrick. 

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First off, I’d like to say “Thanks!” to Stephani for inviting me to Flip this Wholesaler to do a guest post. As a fan of this fine blog myself, I’m glad to be here.

If you don’t know me yet, I understand… it’s probably because I’m not one of those “big gurus” out there. I’m just a regular dude that figured out the secrets to getting private money… the secrets to having an unlimited source of funding for your real estate investing needs… to the tune of getting over $6 Million in cash in private money since I started investing.

Let me ask you a couple quick questions…

Have you ever lost an incredible deal because you didn’t have financing? If so, how much do you think that cost you?

When was the last time that you were beaten out by a cash investor? If it hasn’t happened yet, it’s bound to happen sooner or later…

Did you know that to take advantage of the HUGE opportunity in short sales and REOs, you need cash to purchase them?

Everyone knows that Cash is… come on say it with me guys… Cash is KING!

Once you learn how to get private money for your deals, once you’re in control of the cash, there’s nothing stopping you from closing as many deals as you want.

That’s why I’m here today. To help you get in control of the cash.

I shot a little video to teach you the “right” way to go about getting private money. Most investors go about it all wrong… and if that’s been you… if you’re struggling to get deals financed … you’re in luck.

Real quick before we get to the video, the answer is “yes”… I do have a system that I sell… it’s called the Private Money Blueprint. BUT that’s not why I’m here today. I’m here to teach you a simple technique to put you on the fast track to getting all the cash you need to operate in today’s market.

Hope you enjoy!

Sooooo now that you learned the private money basics, the truth behind lender luncheons, the biggest mistake you MUST avoid to get private money, and… the one and only… Half Minute Private Money Hook… what now?

I’ll tell you what now!

Take action! Get out there and spread the word about your private lending program and use the Half Minute Private Money Hook to do so…

Hopefully, I’ll be back in the future to share some more private money tips with you guys.

Catch you later…

~ Patrick Riddle

P.S.
To learn more about me, check out my creative real estate investing blog.

P.S.S.
Please feel free to leave any questions that you have in the comment area. I’ll be dropping back by to answer them.

P.S.S.S.
I really just did this whole P.S. thing so that my guest post was in true “Stephani Style”… how’d I do?

7/10/09

I just wanted to write a quick post to reiterate the fact that my title company, (Peer Title), rocks.

Having to constantly deal with incompetence and laziness from listing agents, asset managers, and the bank’s title companies, I can’t tell you what a breath of fresh air it is to deal with a title company that doesn’t suck.

I got an email from them this morning along with the preliminary HUD for the deal that I just got under contract (that isn’t supposed to close until the 24th). The email said, “We are ready to close this deal whenever you are ready..”

They haven’t even had the contract for 48 hours, and they are ready to close. God bless them.

I’m sure the bank’s title company will do their very best to fuck everything up, but it’s still nice to know that I have Peer on my side, ready to close the deal.

Amen to that.

If you’re in the Tampa Bay area, and you need an investor-friendly title company, give Peer a call: 813.870.1614. I’ve been with them for almost 3 years, and have never once had them drop the ball. They ROCK.

And that’s all I have to say about that.

10-4, over and out.

P.S.
Have a great weekend, Blogosphere!

P.P.S.
If you have any interest in securing private money to fund your real estate deals, set aside some time this weekend to watch Patrick and Trevor’s free training videos. They are providing a TON of free, quality info, including a Q and A session that is almost 4 hours long, as well as the power point presentation that they use when approaching potential private lenders. Lots of good stuff in there…

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7/2/09

Sooooo….I got a deal under contract and sold yesterday! This is a different deal than the Hooker House I wrote about last time, which I am going to pass on.

I’m pretty sure this was the fastest I’ve ever sold a deal. And it was all done via text.

Here’s how it went down….

2:32 pm- Phone call from listing agent of a property I offered on this past Monday. It went to highest and best, and I offered 21k (10k over list). She said there were 20 offers on the property, and they had it narrowed down to 3, one of which was mine. She told me if I verbally agreed to their new terms, she could get my offer pushed through. They wanted 10% in escrow instead of the 1k I offered, and everything else was the same. I agreed to the new terms.

Oh, and she also wanted to verify that I was giving her both sides of the commission, including the 3k bonus to the selling agent. I’m sure this had nothing to do with me getting the offer accepted.

5:07 pm- Email from listing agent telling me they are taking my offer, and that I need to sign bank’s addendum and return it within 48 hours, along with earnest deposit.

5:50 pm- After going to look at the house one more time, sent the following text message to my favorite buyer: “Hey Favorite Buyer, I just got a house you are going to like. 123 Main Street. 1200 sf frame, carport, fireplace, comes with extra lot. Nice street. Lock box 8590. Asking 29k.”

6:35 pm- Text from Favorite Buyer: “20k.”

6:36pm- Text to Favorite Buyer: “27k.”

6:36 pm- Text from FB: “24k.”

6:38 pm- Text to FB: “26k. Work with me here.”

6:39 pm- Text from FB: “OK. 26k.”

6:39 pm- Text to FB: “Cool. It’s scheduled to close on the 24th. That OK?”

6:40 pm- Text from FB: “OK.”

6:42 pm- Text to FB: “If you’re around this weekend, we can meet to sign everything. Just let me know when.”

6:46 pm- Text from FB: “OK, no problem.”

And there you have it.

I probably could have found a buyer for more than 26k, but I’m always one to take the quick nickel, especially if it is from one of my solid buyers. This will be the 4th house I’ve sold to this guy this year, and the 6th since last summer.

Just to give you a little insight as to how important it is to make clean offers when you’re bidding on a hot REO property….. the agent told me there was an offer of 30k on the table, but they wanted a 7 day inspection period. My offer was 9k less, but had zero contingencies.

It also helps to bribe the agent by giving them both sides of the commission. Especially when there is a 3k bonus being offered..

OK, Gotta run..

Have a safe and fun-filled 4th of July!

P.S.
I just added Patrick and Trevor’s Private Money Blueprint to my list of recommended courses. If you have time this weekend, check out the free videos- there’s several hours of quality content for your viewing pleasure…