OfflineI am a new Wholesaler and I am having trouble getting 2 deals off the ground, I need direction on how to do them, they're both short sales in LA County, California. If someone can help me get started, anything from.
1) Making offer (Purchase contract, exit strategies...etc)
2) Analyzing deal
3) What if they say, Yes! What next...
4) Negotiating with bank...You get the idea!
I am willing to share in the profits if someone is willing to "hold my hand" and walk me through these 2 deals...
Mike
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1. I assume you are working with a realtor? If so they will supply all Contracts
2. You need to learn how to do this before you do anything else. Have your realtor run sold comps for the last 6 months, run comps that are currently for sale and/ or under contract. Then you will know what the FMV of the property is. How long on market, how many on market.
Then you must know what repairs, remodeling is needed. What those costs are. What you holding, closing and commission costs will be. Then you will know what to offer!
3. You should know this before you ever make an offer!
4.You will not do this yourself in most cases, maybe a small local bank. Usually what happens is they counter your offer and then you counter theirs
A short sale is pretty advanced for someone just starting, I would recommend you do a lot of study and research.
5. You have no "deal" not even close! Talk to your realtor and have them explain the process from start to finish.
Are you a success academy student? Have you joined any real estate investment clubs? If not I recommend both if you are serious about getting started. Have you read Dean's books?
Good Luck,
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Well I have read up on wholesaling properties, I just happend to be in an area where there are a lot of short sales. I am currently looking to join an REI club to be a part of and learn as well, and I will check up Dean's books. I appreciate it.
There aren't any of these in my town that anybody knows about. What do they consist of and can I start one?