More WHOLESALING MULTIPLE deals! 25/1 works again!

Michael,
Congrats. I don't know how long you have been doing REI but it sounds like you have it down. Selling the LLC seems like a clean transfer as long as it works in the state your doing it in and the seller, title company and any lender is ok with it. One question I haven't seen in this thread: can you give some tips on what you do to build your HUGE buyers list?
Thanks for the info and best of luck to you.
Ken

Go to county foreclosure auctions. REAL buyers are there. Get their contact info.

Go to every REI meeting and event you can find. Hand out and take cards. Real buyers are there.

Place ads on craigs list advertising your services. Real buyers will respond.

Stop by every rehab in progress you see and get the owners contact info. Real buyers are there.

Get a list of CASH solds from the last 90 days from your agent.

Hand out your cards where ever you go.

Never stop building your buyers list, do all the above constantly, week in and week out.

There you go!

Michael

Mike! Great detailed information. Will definately try this method. Does it work in Georgia?

thanks Mike. ALL good stuff!
Ken

I wonder how that would work in Ca where it costs $800 to form an LLC?

Yes! Your sharing has been a tremendous help. I keep hearing that birddogging and wholesaling is illegal in Texas. I learned of someone's friend who recently went to jail and his lawyer regarding real estate. Everyday I drag my feet in making phone calls due to fear. I read these threads far too long, but I learn so much from them. And now I've learned of the work around. "If we can't do a contract assignment, we do the LLC transfer." You even gave the details. I don't fully understand the details you outlined and I live every day on God's good graces in that I'm not gainfully employed. I have grandchildren, I don't want to see them through a jail cell because I tried to make what I thought was an honest living. Every day I hear myself asking the question, so how do I find the answer to do this with real estate investing. Thank you so much!!! There is another way!! There is hope!

Thank you for sharing, I am just starting out and I appreciate all the success stories. Definitely motivating to see that it works everywhere.

Thanks Michael. I appreciate the feedback.

= MORE money!

Counter offers are to be expected.

FOLLOW UP on ALL offers.

Worst case scenario is you get a NEW Buyer!!!

Congrats and the LLC or Corp transfer is picking up speed I love it for NY. Reason we don't use LLC to transfer in NY is because NY state requires advertising and the advertising of the LLC can cost up to $500. Congrats again and keep moving forward!!

Harriett,

Have not done one in Georgia, ask investors at your local REI meeting or consult a local attorney that does Real Estate only.

Tony,

I have heard it does not cost $800 to create the Articles of Incorporation for an LLC in California. I would check with the local REI clubs and a RE local attorney. Even if it costs $800, isn't that cheaper than a 2nd closing?

Bren,

Get Dean's book 30 Days to Real Estate Cash and do what the book teaches step by step.

Oatsie,

Again, I would confirm everything you have heard through an attorney that specializes in RE. How much does a 2nd closing cost? It is usually more than $500.

ALSO, the LLC transfer is the best way to overcome deed restrictions. The best for you and YOUR BUYER.

Whatever works!
Michael

Hey Michael!
I remember your Send Me Away video you talked about 2 or 3 wholesale deals you did from bandit signs. Do you still use them and do you recommend them to new investors?
Take care

Tara

I always use Bandit Signs!

Michael

What is the situation when u can't do a contract assignment? And how can that situation be fitted to do the LLC transfer?
Basically, what are the differences in between those two methods?
I'm sorry, I hope I'm not dragging you with the basic terms and methods. I am one of the newbies in REI. ^^

Thanks for being so detailed in your explanation of how these deals came into fruition. Keep sharing.

You can't do a contract assignment when the contract is not assignable. Example: A bank owned property contract will not be assignable. So we make offers in a LLC in those circumstances.

MIchael

Does it mean that you can't do BD or wholesale the REOs unless u have your business entity?
What about short sales?

You are the man! Keep up the momentum!

Romaluv22
Signing out,

Ronda Love

No , you don't have to have a business entity to BD or make offers on REOs. However most offers on REOs require a POF letter and a copy of the earnest money check. Short sales are the same thing. For us, we have found listed short sales to be a waste of time. Then when the offer is accepted you have 24 to 48 hours to supply earnest. Banks are pretty strict about this. Individual and unlisted sellers are easier to deal with in most cases.

Michael

Thanks! The momentum grows daily!

Michael

Michael,
Do you have any recent deals you've done from bandit signs that you could tell me about? I'd love to hear some!

Tara

Glad to hear your moving along Mike, I actually like the transfer strategy but havent tried it yet. I would like to use it on the two SS I have going if the banks accept my offers in the end.
Good luck!!
Richie
Never EVER give up!!!

The most recent deal I closed from a bandit sign lead was about 5 weeks ago. A fix/flip investor saw my "I buy Houses" sign and called and said he had one to many houses under contract or in the process of rehab. He asked if I wanted to buy the latest one he had acquired. I checked it out and told him I did not want it myself but had several interested buyers. He said no problem. I put a buyer together with him and made $8,000. That one deal paid for 4000 bandit signs. (sign,stake,marker) That is three years of putting 25 signs out once a week!

He says he will send me a property every 2 or 3 months. I would have never come across this guy had it not been for my bandit sign.

That is just one example of how bandit signs work!! They work better is some cities than they do in others. I have a friend that puts out 15 and gets 10 good leads in 48 hours!

Michael

Thanks man! Hope all is well up there and your housing situation is better now. I figured Obama would have the whole place rebuilt by now. The way Bush caught it from the media over Katrina I just thought Sandy was all taken care of. NOT!!

Good luck!
Michael

Michael,
In your opinion, why do you think bandit signs work better in some areas than they do in others? Wonder if it has to do with how many letters/postcards sellers are getting. If in a certain area public records are difficult to access sellers probably aren't receiving many mailers, so they end up seeing a bandit sign and figure I better call.

I think it relates to amount of available inventory and demand in the subject area. If houses are selling left and right for top dollar sellers will use an agent to sell their house. When the market is depressed more people will call bandit signs. Bandit signs work everywhere, they just work better is some areas than others. Just my opinion.
One side note: Mailers are the LEAST effective form of marketing we do.

Networking (wholesalers), Craigs List, the MLS using 25/1 and bandit signs bring us 90% of our deals. Everything else we do fits in the remaining 10%.

Michael

Mailers are your least effective form of marketing?...that's suprising. A couple of investors I spoke with (one lives in Kentucky and the other is Texas) said direct mail is their top producer. They mail absentee and probates. The key is they mail to the lists every month consistently.

Our home is almost back to normal, living without a kitchen for another 6 weeks until the order comes in but the rest of the house is done. Thanks to Dean and REI i was able to get some cash to finish most of my house while i continue to fight with the insurance company. I gonna have give you a ring again one day to hear exactly how you do the LLC transfer. That would work great with the BOFA SS's i have going.
Best of luck Mike!!
Richie

We mail almost daily. Out of state absentees, probates and pre foreclosures. I did not say not to do it, just saying the other ways are far more productive. I think there have been many, many studies done buy huge companies that do HUGE mailing campaigns and they say a great response rate is 2%. That is a response, not a sale.

Whatever works!!

Michael

Glad everything is getting back to normal for you. We are lucky to be REIs! Call me anytime on the LLC transfer.

Michael