doing deals with none of your money

The deals with the lowest earnest money are usually the ones that you deal directly with the unlisted, motivated homeowner/seller. Even if you do have to put up earnest money on a deal through an agent you can cover that with the earnest money from your buyer!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

if it's a great deal you have, you could borrow money from a friend or family member for 30 days, and when it closes you can pay them a fee for 'the loan'; I did that with my brother and paid him after my deal closed, and now he is the one asking me if I want to borrow money from him.

Also, you can give your agent a copy of a check, and tell her that you will give her the original check when the deal closes- I have done that too

wishing you success,

Find out in your state who chooses the title company. In my state the buyer does.... I tell agents or anyone for that matter.... I buy a lot of homes and get a discount using my attorney, I will supply you with a copy.... most of the time the check never leaves my house.... unless I assign it of course!! FYI I never put down more then $ 500.00 I tell them its just a credit towards my purchase price so what does it matter??? Do you want $ 1,000.00 tied up for a month or two?? They say no and I change EMD to a few hundred bucks !! Agents cant be pushy.... Educate them !

Forget Dealing with agents, it will take up to much time trying to convince them to a deal the way you need to get it done.

For now just get Bandit Signs out! Get phone calls coming in! Negotiate a killer deal and assign it to your buyer! Here is a little in between the lines explanation of Mangham's response.

1) Negotiate deal
2) Put deal in writing with $100 to be the earnest money deposit amount
3) Seller acceptance with buyer and/or assigns acceptance
4) Contact your awesome cash buyer, fill out assignment contract, with a $500 non refundable deposit.
5) Deliver Purchase agreement, assignment of contract, $100 Earnest check to attorney. Put $400 to more marketing (okay $300, and $100 for a nice dinner with the significant other)
6) wait 30 days until closing, collect remainder of assignment fee.
7) do it again.

Hope this helps!

Follow Mikes advice, go for MOTIVATED UNLISTED sellers.

Thanks for the help

I agree with Michael - you don't need to use any of your own money. The agent is trying to secure the deal. This is a typical tactic by agents. You can make a copy of the earnest money check (ei: $100) Then after the offer is accepted you have your contingency period to get your buyer and collect the earnest money from your buyer. Remember...your agent works for you! You set the terms. If the agent gives you a hard time then you need a new agent.

good luck!

Karen