Does anyone wholesale real estate in the Northeast?
- Thread starter UncleTomFord15
- Start date
buyer is in a fukked up situation, probably embarrassed at the situation, doesn’t know the rules and isn’t aware of somebody who is willing to quickly do a cash buy. Some people just sit in denial until the sheriff shows up at their door.
UpAndComing
Veteran
The contracts, possibility of losing money, and legal ramifications if things go wrong is enough to deter people from selling a house on their own
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Thurgood Thurston III
#LLNB #LLLB #E4R x 2 🖤🖤🖤🆚🌀🌀
What's crazy is that this is what I used to do on Craigslist but with logos and websites instead.
It was easy as fukk until Fiverr got popular.
UncleTomFord15
Veteran
People pay thousands of dollars to get the info this guy gave out for free ^. Been watching this over and over again combined with some other YT channels, I getting the general idea more and more. Just need to cop my whip before I get involved in this.
Ozymandeas
Veteran
Large rehabbers will have whole teams to handle getting houses so they won’t need wholesalers as much. Smaller rehabbers don’t. They don’t have time to be on the phone all day or meeting with people all day. They just want to flip 10-20 houses a year. So it’s easier to just pay someone $5K or $7K for bringing them a good deal. If you still make $30,000.00 at the end it’s worth it.
Find someone willing to sell their house for cheap in exchange for getting the the deal done fast (in deep debt, moving or already lives far away, about to lose the house, the house owner passed away, home hasn’t sold on the market, another investor tired of the house, they just want out of the house, house is super fukked up but has promise). Find a house flipper looking for houses to rehab. Get the house from the seller under contract. Assign the contract to the rehabber. Profit from the difference.
can you get into more detail wheres it's bolded?
UncleTomFord15
Veteran
The video I posted breaks it down very well. If you dont have anytime you can look at the first 7 mins to get the general idea, but watch the whole thing when you have a chance.
Ozymandeas
Veteran
Let’s say you think the house is worth $200,000 after the house is fixed up. You have to get the house for 70 percent of that minus repairs to make it work. Let’s say the house needs $15,000 in repairs. So you offer the house owner $125,000. Most house owners might not take that low of an offer. That’s why you focus on people who need the money immediately. You go out there and you find house flippers who are interested in buying houses. Honestly, you should be meeting up with house flippers first so you can have a rolodex already built up. Then worry about finding the houses. So anyway you tell the house flipper you got a house that’s potentially worth $200,000 after $15,000 in repairs and you’ll let them have it for $135,000. That’s a $10,000 profit for you. So the flipper puts in the $15,000 in repairs. And let’s say maybe they have some other miscellaneous costs (let’s say another $10K) so when it’s all done they’re in for $160,000 total. Lets say the house flipper tries to sell the house for $200K but has to sell it for $190K. They made $30,000 on that house. Some flippers are flipping 5, 10, 20 houses a year. And big companies at a scale you can’t imagine. In terms of the contracts. You can do an assignment. That’s one contract so to speak so all parties will see what you’re making. So the house seller will see you’re buying their house for $125K and selling it for $135K and the house flipper will see he’s paying a $10,000 fee to you for the house. If you know how to juelz this situation then that works
The title company cuts the check to you for $10K and the house seller for $125K. The house flipper takes the house for $135K, starts his rehabbing and the transaction’s over. The other way is doing a double closing. With that you do a contract with the house seller. Buy the house. The seller never sees how much you’re selling the house for. Then you do another contract with the house flipper/buyer. Sell him the house. He never sees what you paid for it. Going this route costs more and you have to get the money to buy the property. Usually people will use a hard money lender or credit lines or other investors. But essentially ends the same way. That’s how it works. You know enough to look into it further now 
Tony the closer definitely knows his shyt.Wait, that's the same guy that beefed with Jay Morrison
Let’s say you think the house is worth $200,000 after the house is fixed up. You have to get the house for 70 percent of that minus repairs to make it work. Let’s say the house needs $15,000 in repairs. So you offer the house owner $125,000. Most house owners might not take that low of an offer. That’s why you focus on people who need the money immediately. You go out there and you find house flippers who are interested in buying houses. Honestly, you should be meeting up with house flippers first so you can have a rolodex already built up. Then worry about finding the houses. So anyway you tell the house flipper you got a house that’s potentially worth $200,000 after $15,000 in repairs and you’ll let them have it for $135,000. That’s a $10,000 profit for you. So the flipper puts in the $15,000 in repairs. And let’s say maybe they have some other miscellaneous costs (let’s say another $10K) so when it’s all done they’re in for $160,000 total. Lets say the house flipper tries to sell the house for $200K but has to sell it for $190K. They made $30,000 on that house. Some flippers are flipping 5, 10, 20 houses a year. And big companies at a scale you can’t imagine. In terms of the contracts. You can do an assignment. That’s one contract so to speak so all parties will see what you’re making. So the house seller will see you’re buying their house for $125K and selling it for $135K and the house flipper will see he’s paying a $10,000 fee to you for the house. If you know how to juelz this situation then that works
On point.
