🔥Your new real estate career starts with Real Estate Skills! Book a call with my team to join our program and community, APPLY HERE: www.realestateskills.com/apply?el=htwafhw0app ➡Learn More About The PRO WHOLESALER VIP Program: realestateskills.com/pro-wholesaler?el=htwafhw0 ➡Learn More About The ULTIMATE INVESTOR Program: realestateskills.com/ultimate-investor?el=htwafhw0
I have an opportunity to get a great deal under contract but I need a proof of funds if I send in proof of funds without actual backing from a lender or bank like you've shown in another video can I get into any legal issues doing that?
The proof of funds you can acquire from the companies here are legitimate: ruclips.net/video/RGdJ-bquL5E/видео.html They provide transactional lending if the deal checks out. Nothing illegitimate about that. If you have a legit proof of funds, then there's no issue with that. You can also acquire a proof of funds from other Hard Money Lenders or Cash Buyers if you'd like.
@@RealEstateSkills ok perfect just wanted to make sure these where legit lenders. thanks for replying back so quickly thank you for your knowledge man.
Ive done door to door sales for half a year and someone i trained recently introduced me to this I’m going to try this on the side and see how it goes! I’ll post an update in a couple months.
Boom Domanic! Your door to door experience will prove to be invaluable when it comes to wholesaling real estate. Best of luck on your real estate wholesaling journey! Be sure to SUBSCRIBE here so you're notified when our next videos come out on wholesale real estate: ruclips.net/user/realestateskills Also, you can check out our free training here with case studies: www.realestateskills.com/training?el=htwafhw0 Cheers & Happy Wholesaling! 👍🏠
Hey I followed all the steps, got it under contract, got good numbers but no one wants to buy as an active listing. Now i’m building a bad rep to the agent as this is my second back out. I might need a JV or a second pair of eyes. Thank you!!
@magcas421 It's hard to give feedback without knowing anything about the deal. The best thing you can do is book a call with our team and shed some light on what exactly is going on and we will see if we can help you! Here is a link to book your call: www.realestateskills.com/apply?el=htwafhw0app We look forward to hearing from you soon!
Boom! Way to keep on training & educating yourself! Excited for you to get started soon and crush it! In the meantime, be sure to SUBSCRIBE to the channel if you haven't yet! Cheers & Happy Wholesaling! 🏠
You mentioned that your cash buyer provided you with their bank statement as proof of funds. Is that a common practice? It seems like most cash buyers would not want to do that.
Yep. This is simple to acquire if you're a professional wholesaler dealing with professional cash buyers. My viewpoint is the opposite. I know most professional cash buyers would want to do so. If you could bring a cash buyer 2 wholesale deals a month that they can make $40k profit on per house flip, and you work with them because they are assisting you with a proof of funds. Then, that decision of theirs to assist with the proof of funds just generated them $960,000 of profit across a 12 month span if you bring them 2 deals a month (2 deals a month x 12 months x $40,000 of profit per flip for them). Make sense? This is why we like to be professional wholesalers & work with professional cash buyers. There are a lot of amateur wholesalers and fix & flippers out there that can't look past one deal. We've always had a longer time horizon and work with those who have a long time horizon, as well. If you want to see what this looks like in practice & see more case studies, then you can check out my free training here: realestateskills.com/training?el=htfhsbs Happy Wholesaling! 🏠
Hi there! Virtual wholesaling from a rural area is a great move! Focus on nearby cities or active markets with high demand. Use tools like PropStream or Privy to analyze markets and connect with local agents, title companies, and contractors to build your network. Find cash buyers using strategies like Craigslist or the Google Ninja Trick, and research local price points to ensure your deals are appealing. hope this helps!💙
At 42:00 calling the agent, offering them to represent you as a buyer. Does this still apply if you are just flipping the contract to a real cash buyer?
Hi Kevin! Yes, this still applies! Offering the agent the chance to represent you as a buyer can help build rapport, even if you plan to assign the contract to a cash buyer. It aligns their interests with yours, increasing their motivation to get the deal accepted. Just be transparent if needed, and many wholesalers find this approach strengthens relationships with agents.
@Usernameinvalid9888 We don't currently have a local meetup or an in person group. However, we do have a great online community within our program where you can be apart of bi-weekly coaching calls and our Skool community to get all of your wholesaling questions answered! 🚀 If you're interested in getting ahold of our team directly, here is a link so you can speak with us directly and get your questions answered: www.realestateskills.com/apply?el=htwafhw0app We look forward to hearing from you soon! 🙂
Hi Sterson, Thanks so much for the kind words! 😊 We're thrilled you found value in the content. If you ever have more questions or need guidance on wholesaling or real estate investing, feel free to reach out! For more gems, check out our free training here: www.realestateskills.com/training Hope this helps!💙
What happens if you do put down the earnest money deposit and then assigned the contract? Do you just raise your wholesale fee by the earnest money amount?
Yep, that's exactly what we do! Great thinking. Additionally, if this is a new cash buyer that we don't have a strong relationship with then we'll also agree to a non-refundable deposit at assignment that covers the EMD amount.
Is it necessary for me to go and see or do a showing with a real estate agent when I’m wholesaling or do I just make an offer on the 2nd phone calls? Do I necessarily have to see the property physically since I’m the wholesaler not the buyer or who sees the property, and goes for the showing the wholesaler or the cash buyer Because some real estate agents, ask you to come and see the property
@deliveranceotuitatoyo447 You don't necessarily have to go see the properties yourself. Your cash buyer is going to want to walk the property typically and they will usually bring their team of contractors to assess the status of the property. Sometimes you may have to go look at the property and that's why we recommend starting locally. Cheers! 🏠
@@RealEstateSkills Ok how do I protect myself from Cash Buyers STEALING my Deal when they ask for the Address so they can Inspect the Property and I havent had him sign my Assignment Agreement yet?
Hello, what if there's a really mixed amount of comps, for example, some going from 70,000 to 170,000. How do we find the average for the ARV through that?
Hello, @allurisubs3994! If you look at step 3 of this video you will have a much better understanding of how to analyze properties and find the best comps. Here is a link to that video: ruclips.net/video/5g50aoOd_4k/видео.html Cheers! 🏠
@@RealEstateSkills I watched that part but I'm still a bit confused on how to assess the ARV in real life. Your example is good for the hypothetical, but its kind of difficult to apply it to real properties. Whenever Ive tried to find comps around the property I'm looking at, there sometimes seems to be quite a variety. Maybe you can show us an example one day of you finding the ARV from real property.
Hi Gladys! No, you don’t need to own the listing to wholesale it. In wholesaling, you secure a contract to buy the property, then assign that contract to a cash buyer for a profit. You’re selling your rights to purchase, not the property itself. Just ensure the contract allows assignment! Hope this helps!💙
Hey there from Toronto Canada here. My name is Dylan and I came across this content the other day and have been following the steps. God bless you sir. Real Estate skills and Alex Martinez. Step #1 Pick your local market. DONE Step #2 Find 3-5 Cash buys I have 1 confirmed DONE Step #3 Found 1 deal Done Step # 4 How to talk to R E Agents I am brand new but I am excited to learn and grow thanks everyone!
Hi there! No earnest money? No problem! Partner with a cash buyer to fund it, use transactional funding, or provide a proof of funds letter from a lender. You can also negotiate for a lower earnest money amount, sometimes as little as $100. Get creative and leverage partnerships to keep the deal moving! Hope this helps!💙
Hey! We're not attorneys and this isn't legal advice. Here's what we would do, though: Multiple solutions: 1) Use an assignment of agreement addendum to now make the original contract assignable. This is what we do in California - our contracts also have a "non-assignable" clause when working with realtors. It requires the seller, the new buyer, and you to all sign this addendum. Once this is signed the original contract is now assignable. Not a roadblock, whatsoever. Business as usual. Or, 2) You can cross out the clause before signing the contract & have both you and the seller initial crossing it out. You can also then put "and/or assigns" next to your contract to make its assignable nature more apparent. We don't typically do this, but just another strategy. Or, 3) You can also just double close on the property if you want to avoid having to assign it. There are a few ways we'd go about it! Cheers & Happy Wholesaling P.S. Shoot us a Subscribe if you haven't yet ;) We'll be having more awesome content coming out soon!
What happens in such a situation The company J.C.Moses Management got the property from the owner last month and we are double closing on the deal Can the regular wholesale assignment contract be or a joint venture wholesale sales and agreements contract and how do I get the contract?
@@RealEstateSkills my point is is the homeowner like the seller is double closing is this going to be a joint venture as I am the wholesaler and do I need two contract one for Seller and one for The end Cash Buyer ? What is the contract i give to the homeowner? And does it have to be a joint venture contract if the homeowner is double closing
@EmpressFee1 Great question! This is where you complete the purchase from the original seller (A-to-B first transaction), handle the closing costs and paperwork, and then immediately sell to your end buyer (B-to-C final transaction). This process involves a lot of coordination and is often best handled with the help of a knowledgeable title company. We actually made an article that will teach you all about double closing. 🙂 Here is a link: www.realestateskills.com/blog/double-closing Cheers! 🏠
You're very welcome! Be sure to check out my additional free training here: realestateskills.com/training?el=htfhsbs You'll see everything we do in practice, as well as, case studies! Happy Wholesaling! 🏠 P.S. Be sure to subscribe if you want to see more content like this!
I would like to know being only 16 going on 17 how I would show proof of funds for such a large amount as well as what I would need to do to get a contract signed since I can't sign it myself. I have many more questions. I have set an appointment for a phone call with realestate skills in hope of answering many of this and starting my course.
You will learn a bunch on that call with our team! Yes you do need to be 18 in order to sign contracts. You can partner with your parents and have them sign for you, but now it is best to just educate yourself as much as possible with the process of wholesaling in your area. Cheers! 🏠
Hey Caleb, When wholesaling real estate on market & with real estate agents, the agents commissions are usually paid by the actual seller of the property. As a general rule, closing costs are typically split 50/50 between the buyer and seller. :)
On step 3 you say to get the deal under contract with speed how are you supposed to get the deal under contract when they’re asking for like $100k down payment and $30k earnest money deposit?
Hey! Regarding the down payment, there are no down payments on these properties. We or our cash buyers are purchasing the property with all cash. How do we get them under contract? You do that by following the steps and getting it under contract. Doesn’t cost any money to put the deal under contract. How do you do a deal with $30k earnest money? You either assign/wholesale the deal before the earnest money is due and the cash buyer handles it, which is common. This means that YOU never actually put in the EMD. The cash buyer does. Or, you borrow the $30k, put it into escrow, and get the $30k reimbursed once you wholesale it. If you don’t wholesale it, then get the $30k refunded back to you. Make sure the deposit is refundable, it will state this in the contract.
Hi there! No, you don’t need a real estate license to wholesale properties in most states. Wholesaling is essentially acting as a middleman between a seller and a cash buyer by assigning your contract, which doesn’t require a license. However, some states like Illinois and Oklahoma have stricter regulations around wholesaling, and having a license can make things easier in certain areas. It's always a good idea to familiarize yourself with your state's laws or consult with a local real estate attorney to make sure you're compliant. Hope this helps!💙
My partner is basically saying that we should find a buyer first before we assign the contract and send it to the owner but at the did end of the day. The cash buyer is not going to want a property that is on the market 99% of cash buyers want off market properties.
I’m literally considering doing this deal on my own because at the end of the day time waits for nobody why put in the time to find the cash buyer if at the end of the day someone else signs the contract with the owner
@@deliveranceotuitatoyo447 Thanks for the response. I’ve found that in my experience when I first started in 2016 I had a horrible time finding buyers if the property was On Market. But now, with the specific buyers I have now, I have no problem with them buying my on market deals. Bc as long as I’m bringing them deals that are significantly less than the list price they are happy to buy. But I say this bc I know my buyers buy numbers in and out. I know at what price and percentage they run their numbers and as long as I run my numbers exactly how they do I have a better chance of bringing them deals every time. So in my opinion and experience….know your buyers! Don’t get too greedy with your fee and focus on bringing them good deals. The more I did that the more trust I built with them and the more they buy from me. But, that’s what I found works for me. What works for me might not work for everyone.
@PrecisionOutdoors446 Here is a summary of the process: 1.) Determine the Title Company: Check the contract for the designated title company or escrow agent. 2.) Contact Them: Confirm their procedures for accepting earnest money deposits. 3.) Prepare the Payment: Choose a method (check or wire transfer) based on the title company’s preferences. 4.) Deliver the Money: Either in person, by mail, or via wire transfer. 5.) Obtain Confirmation: Always get a receipt or confirmation of the deposit. Following these steps ensures that the earnest money is properly handled and credited towards the purchase of the property. If you have any more questions, feel free to ask! If you want to learn more about our wholesaling process check out our free training here: www.realestateskills.com/training?el=htwafhw0app Once you go through the training, you will be able to book a call and speak directly with our team and get any other questions you have answered! We look forward to hearing from you soon.
Great question, @brandonvintila2696! Assignment of contract is pretty standard in real estate contracts and we have never come across a title/escrow company that was unable to help us. The same goes for double closing. Cheers! 🏠
I stay in Chicago Illinois do I use the Illinois contract and send it to the home owner or the seller or do I use the Texas contract because that’s the property that I’m wholesaling
@@RealEstateSkills what happens if I’m working with for sale by owner? Where do I get the contract from? And how do I know what is the right contract and how do I put all my offer terms in the contract if I don’t have a lawyer If I’m in Chicago and I am wholesaling in other states, other than Chicago
Thank you very much for the kind words! The best answer is: it depends because everything is negotiable. Commonly, the Seller has paid for both the Listing Agent and Buyers agent commission. Commonalities are now changing. Buyers must sign a buyer's agent representation agreement before working with an agent, and the Seller is not obligated to pay a Buyer's agent commission. However, you can have the Listing Agent represent you as your Buyer's agent and negotiate that the seller pays. Cheers & Happy Wholesaling!
Appreciate it, Kevin! You da man! Hit SUBSCRIBE for more gold content on wholesaling, flipping, & buying rental properties my friend! Cheers & Happy Wholesaling!
Yes it can, @TheOnlyException92! What we teach is for the USA market, but I'm sure many of the same principles will be useful for you. I would learn your local laws and regulations before you get started. Cheers! 🏠
When you see "VTB" or "Vendor Take Back" in a real estate listing, it refers to a type of seller financing where the seller of the property provides a loan to the buyer to cover part or all of the purchase price. Here’s a breakdown: Vendor Take Back (VTB) - This is when the seller acts as the lender. Instead of the buyer getting a mortgage from a bank, the seller agrees to "take back" a portion of the purchase price as a loan. The buyer then pays the seller back over time, typically with interest, under agreed-upon terms. Seller Financing - This is similar to VTB and often used interchangeably. It means the seller is offering to finance the buyer, either partially or fully, depending on the agreement. The buyer makes payments directly to the seller instead of a traditional lender. Subject to Terms - This means that the details of the VTB or seller financing (like interest rate, payment schedule, and loan duration) are negotiable and will be specified in the purchase agreement. Both parties need to agree on these terms. In short, VTB and seller financing offer an alternative to traditional bank mortgages, making it easier for buyers to purchase a property, especially if they have difficulty securing a loan from a bank. It also allows sellers to potentially sell their property faster and earn interest on the loan. If you’re considering a VTB, make sure to carefully review the terms and consider consulting with a real estate attorney or financial advisor to ensure it aligns with your financial goals. Hope this helps! 💙
What I don’t understand is there are so many wholesalers out there, many of which don’t even live in the state they are trying to buy in - isn’t this segment of investing over- saturated?
Hi Johan! While wholesaling may seem crowded, it's not over-saturated if you know how to stand out. Here's why: Local Expertise Matters: Many virtual wholesalers don't fully understand the markets they're targeting. By mastering your market's specifics, you can spot deals others miss. Consistency is Key: Most wholesalers quit too early. Sticking to a solid strategy and being consistent can lead to long-term success where others fail. Virtual Wholesaling Requires Strategy: Operating in another state isn't a shortcut. It demands strong local connections and market knowledge to be effective. By focusing on these areas, you can thrive even in competitive markets. Hope this helps!💙 For more tips, visit our blog: www.realestateskills.com/blog
Glad you enjoyed it & found it helpful! Nothing fires us up more than helping others to provide for themselves & their families through real estate! Wishing you nothing but the best on your wholesale real estate journey! Cheers & Happy Wholesaling! P.S. Here's a link to our free wholesaling & flipping training if you want to go even more in-depth & see some case studies: www.realestateskills.com/training?el=htwafhw0 P.P.S. Please shoot us a SUBSCRIBE when you get the chance! We'll be coming out with more content each week :)
Hi Sunny! De nada! I'm glad you're enjoying the content. If you have any questions or need more tips, don't hesitate to ask. Keep up the great work! Cheers!💙
@MrIsrael_ Not at all! Savvy investors understand what you're doing and also account for it. As long as the deal makes them money and fits their buying criteria, it shouldn't matter what your wholesale fee is.
Solid! We recommend finding your Cash Buyers first to ensure they actually want deals in the area you're looking! Once you find the Cash Buyers, then look in the area they want to buy to find the exact properties they want and to increase your likelihood of wholesaling the property! Here's one of our videos on How To Find Cash Buyers: ruclips.net/video/YzWGQJPKv6c/видео.html Hope this helps! Cheers & Happy Wholesaling!
Can I use my name To contact relesate agents for propertys and proof of funds as my name ? Im only 16 years old But Once I’ve Got down the contract I can have my parents sign it off Or Will I have to use my dads name For everything ?
Great question, @JayoTheGen! You must be 18 in order to sign any contract. You can partner up with your parents and educate them on the process. That way you can do the legwork and have them sign the contracts. You are starting so early so just make sure you familiarize yourself with your local laws and regulations before you move forward with wholesaling! Cheers! 🏠
@GSyes-no9iq Florida is a great state to be wholesaling in! If you want to learn how to find deals to wholesale while spending $0 on marketing, check out our free training here: ➡️ www.realestateskills.com/training?el=htwafhw0 We have a great community that you can JV with and help you get your deals closed! 🙂 Cheers! 🏠
You're an OG! You were here first 😎 Now it's over 800! ha sure hope you enjoyed it! Definitely subscribe if it resonated with you. We'll be coming out with more content on all things wholesaling, fixing & flipping, and even buying rental properties - all things we've been working on for over a decade. Don't want you to miss :) Happy Wholesaling!
Thanks man We want you to know , You are Highly Appreciated. Do you have instagram or something that we can ask personal questions concerning this topics?
Hey! We appreciate the love! Our instagram is here: instagram.com/realestateskills/ - we'll definitely try to get to your question on there. Also, we don't mind answering questions in the comments too when appropriate. You can also check out our free training on wholesaling & flipping here, which covers different topics than the video above! Here's the link: www.realestateskills.com/training?el=htwafhw0app Looking forward to getting connected! Cheers & Happy Wholesaling!
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🔥Your new real estate career starts with Real Estate Skills! Book a call with my team to join our program and community, APPLY HERE: www.realestateskills.com/apply?el=htwafhw0app
➡Learn More About The PRO WHOLESALER VIP Program: realestateskills.com/pro-wholesaler?el=htwafhw0
➡Learn More About The ULTIMATE INVESTOR Program: realestateskills.com/ultimate-investor?el=htwafhw0
I have an opportunity to get a great deal under contract but I need a proof of funds if I send in proof of funds without actual backing from a lender or bank like you've shown in another video can I get into any legal issues doing that?
The proof of funds you can acquire from the companies here are legitimate: ruclips.net/video/RGdJ-bquL5E/видео.html
They provide transactional lending if the deal checks out. Nothing illegitimate about that. If you have a legit proof of funds, then there's no issue with that. You can also acquire a proof of funds from other Hard Money Lenders or Cash Buyers if you'd like.
@@RealEstateSkills ok perfect just wanted to make sure these where legit lenders. thanks for replying back so quickly thank you for your knowledge man.
@@CM-er2bx You got it! We recommend giving them a call and learning more about the companies. The more knowledge you have, the better.
Any advice?
Ive done door to door sales for half a year and someone i trained recently introduced me to this I’m going to try this on the side and see how it goes! I’ll post an update in a couple months.
Boom Domanic!
Your door to door experience will prove to be invaluable when it comes to wholesaling real estate.
Best of luck on your real estate wholesaling journey!
Be sure to SUBSCRIBE here so you're notified when our next videos come out on wholesale real estate: ruclips.net/user/realestateskills
Also, you can check out our free training here with case studies: www.realestateskills.com/training?el=htwafhw0
Cheers & Happy Wholesaling! 👍🏠
Hey I followed all the steps, got it under contract, got good numbers but no one wants to buy as an active listing. Now i’m building a bad rep to the agent as this is my second back out. I might need a JV or a second pair of eyes. Thank you!!
@magcas421 It's hard to give feedback without knowing anything about the deal. The best thing you can do is book a call with our team and shed some light on what exactly is going on and we will see if we can help you!
Here is a link to book your call: www.realestateskills.com/apply?el=htwafhw0app
We look forward to hearing from you soon!
I'm literally watching this context on repeat until a couple of weeks when I can get coaching and start doing this part-time in Ontario, Canada. 🇨🇦
Thanks for the like, guys!
God bless America!
Boom! Way to keep on training & educating yourself! Excited for you to get started soon and crush it!
In the meantime, be sure to SUBSCRIBE to the channel if you haven't yet!
Cheers & Happy Wholesaling! 🏠
You mentioned that your cash buyer provided you with their bank statement as proof of funds. Is that a common practice? It seems like most cash buyers would not want to do that.
Yep. This is simple to acquire if you're a professional wholesaler dealing with professional cash buyers.
My viewpoint is the opposite. I know most professional cash buyers would want to do so. If you could bring a cash buyer 2 wholesale deals a month that they can make $40k profit on per house flip, and you work with them because they are assisting you with a proof of funds. Then, that decision of theirs to assist with the proof of funds just generated them $960,000 of profit across a 12 month span if you bring them 2 deals a month (2 deals a month x 12 months x $40,000 of profit per flip for them).
Make sense?
This is why we like to be professional wholesalers & work with professional cash buyers.
There are a lot of amateur wholesalers and fix & flippers out there that can't look past one deal. We've always had a longer time horizon and work with those who have a long time horizon, as well.
If you want to see what this looks like in practice & see more case studies, then you can check out my free training here: realestateskills.com/training?el=htfhsbs
Happy Wholesaling! 🏠
I'm in a small rural area and have to do it virtually.
Hi there!
Virtual wholesaling from a rural area is a great move! Focus on nearby cities or active markets with high demand. Use tools like PropStream or Privy to analyze markets and connect with local agents, title companies, and contractors to build your network. Find cash buyers using strategies like Craigslist or the Google Ninja Trick, and research local price points to ensure your deals are appealing.
hope this helps!💙
At 42:00 calling the agent, offering them to represent you as a buyer. Does this still apply if you are just flipping the contract to a real cash buyer?
Hi Kevin!
Yes, this still applies! Offering the agent the chance to represent you as a buyer can help build rapport, even if you plan to assign the contract to a cash buyer. It aligns their interests with yours, increasing their motivation to get the deal accepted. Just be transparent if needed, and many wholesalers find this approach strengthens relationships with agents.
Hey Brotha I’m also from San Diego doing wholesaling virtually
Do you have any in person meet up groups?
@Usernameinvalid9888 We don't currently have a local meetup or an in person group. However, we do have a great online community within our program where you can be apart of bi-weekly coaching calls and our Skool community to get all of your wholesaling questions answered! 🚀
If you're interested in getting ahold of our team directly, here is a link so you can speak with us directly and get your questions answered: www.realestateskills.com/apply?el=htwafhw0app
We look forward to hearing from you soon! 🙂
Thank you for this gem Alex😊
Hi Sterson,
Thanks so much for the kind words! 😊 We're thrilled you found value in the content. If you ever have more questions or need guidance on wholesaling or real estate investing, feel free to reach out!
For more gems, check out our free training here: www.realestateskills.com/training
Hope this helps!💙
What happens if you do put down the earnest money deposit and then assigned the contract? Do you just raise your wholesale fee by the earnest money amount?
Yep, that's exactly what we do! Great thinking. Additionally, if this is a new cash buyer that we don't have a strong relationship with then we'll also agree to a non-refundable deposit at assignment that covers the EMD amount.
Is it necessary for me to go and see or do a showing with a real estate agent when I’m wholesaling or do I just make an offer on the 2nd phone calls? Do I necessarily have to see the property physically since I’m the wholesaler not the buyer or who sees the property, and goes for the showing the wholesaler or the cash buyer
Because some real estate agents, ask you to come and see the property
@deliveranceotuitatoyo447 You don't necessarily have to go see the properties yourself. Your cash buyer is going to want to walk the property typically and they will usually bring their team of contractors to assess the status of the property.
Sometimes you may have to go look at the property and that's why we recommend starting locally.
Cheers! 🏠
@@RealEstateSkills Ok how do I protect myself from Cash Buyers STEALING my Deal when they ask for the Address so they can Inspect the Property and I havent had him sign my Assignment Agreement yet?
Hello, what if there's a really mixed amount of comps, for example, some going from 70,000 to 170,000. How do we find the average for the ARV through that?
Hello, @allurisubs3994! If you look at step 3 of this video you will have a much better understanding of how to analyze properties and find the best comps.
Here is a link to that video: ruclips.net/video/5g50aoOd_4k/видео.html
Cheers! 🏠
@@RealEstateSkills I watched that part but I'm still a bit confused on how to assess the ARV in real life. Your example is good for the hypothetical, but its kind of difficult to apply it to real properties. Whenever Ive tried to find comps around the property I'm looking at, there sometimes seems to be quite a variety. Maybe you can show us an example one day of you finding the ARV from real property.
Must I own the listing before I can wholesale it?
Hi Gladys!
No, you don’t need to own the listing to wholesale it. In wholesaling, you secure a contract to buy the property, then assign that contract to a cash buyer for a profit. You’re selling your rights to purchase, not the property itself.
Just ensure the contract allows assignment!
Hope this helps!💙
@@RealEstateSkills yes, thanks!
Hey there from Toronto Canada here. My name is Dylan and I came across this content the other day and have been following the steps. God bless you sir. Real Estate skills and Alex Martinez.
Step #1 Pick your local market. DONE
Step #2 Find 3-5 Cash buys I have 1 confirmed DONE
Step #3 Found 1 deal Done
Step # 4 How to talk to R E Agents
I am brand new but I am excited to learn and grow thanks everyone!
@user-ks5gw6dx1x Way to take action! 🚀
What about if you don’t have the earnest money what do you do next
Hi there!
No earnest money? No problem! Partner with a cash buyer to fund it, use transactional funding, or provide a proof of funds letter from a lender. You can also negotiate for a lower earnest money amount, sometimes as little as $100. Get creative and leverage partnerships to keep the deal moving!
Hope this helps!💙
I love these videos ❤
Hi Moses,
Thanks so much! ❤ Glad you're loving the videos! Stay tuned for more great content coming your way! 😊
Keep going and motivating us as students ✅
Love your comment! We'll never stop!!! Cheers & Happy Wholesaling!
What's your solution if the state contract has an non-assignable clause in the contract? That's standard in Virginia Beach.
Hey! We're not attorneys and this isn't legal advice. Here's what we would do, though:
Multiple solutions:
1) Use an assignment of agreement addendum to now make the original contract assignable. This is what we do in California - our contracts also have a "non-assignable" clause when working with realtors. It requires the seller, the new buyer, and you to all sign this addendum. Once this is signed the original contract is now assignable. Not a roadblock, whatsoever. Business as usual.
Or, 2) You can cross out the clause before signing the contract & have both you and the seller initial crossing it out. You can also then put "and/or assigns" next to your contract to make its assignable nature more apparent. We don't typically do this, but just another strategy.
Or, 3) You can also just double close on the property if you want to avoid having to assign it.
There are a few ways we'd go about it!
Cheers & Happy Wholesaling
P.S. Shoot us a Subscribe if you haven't yet ;) We'll be having more awesome content coming out soon!
What happens in such a situation The company J.C.Moses Management got the property from the owner last month and we are double closing on the deal
Can the regular wholesale assignment contract be or a joint venture wholesale sales and agreements contract and how do I get the contract?
@deliveranceotuitatoyo447 Can you clarify your question here?
@@RealEstateSkills my point is is the homeowner like the seller is double closing is this going to be a joint venture as I am the wholesaler and do I need two contract one for Seller and one for The end Cash Buyer ? What is the contract i give to the homeowner? And does it have to be a joint venture contract if the homeowner is double closing
How do you double close when you use a realtor to find deals?
@EmpressFee1 Great question! This is where you complete the purchase from the original seller (A-to-B first transaction), handle the closing costs and paperwork, and then immediately sell to your end buyer (B-to-C final transaction). This process involves a lot of coordination and is often best handled with the help of a knowledgeable title company.
We actually made an article that will teach you all about double closing. 🙂
Here is a link: www.realestateskills.com/blog/double-closing
Cheers! 🏠
thank you so much for this!
You're very welcome!
Be sure to check out my additional free training here: realestateskills.com/training?el=htfhsbs
You'll see everything we do in practice, as well as, case studies!
Happy Wholesaling! 🏠
P.S. Be sure to subscribe if you want to see more content like this!
Hey I am 16 and was wondering about how I would go about some of these steps especially in step 6 and I was hoping you could reach out to me? thankyou
@TrentonBlair-cw1el What would you like to know? 🙂
I would like to know being only 16 going on 17 how I would show proof of funds for such a large amount as well as what I would need to do to get a contract signed since I can't sign it myself. I have many more questions. I have set an appointment for a phone call with realestate skills in hope of answering many of this and starting my course.
I have also contacted an attorney recently to know my local laws I'm just waiting for a reply
You will learn a bunch on that call with our team! Yes you do need to be 18 in order to sign contracts. You can partner with your parents and have them sign for you, but now it is best to just educate yourself as much as possible with the process of wholesaling in your area.
Cheers! 🏠
Just curious if I missed it or not but do you talk about covering closing costs and agent commission?
Hey Caleb,
When wholesaling real estate on market & with real estate agents, the agents commissions are usually paid by the actual seller of the property.
As a general rule, closing costs are typically split 50/50 between the buyer and seller. :)
So who would pay the wholesaling fee to the whole seller if the selling agent is representing the buyers side as well?
Your cash buyer pays your wholesale fee!
On step 3 you say to get the deal under contract with speed how are you supposed to get the deal under contract when they’re asking for like $100k down payment and $30k earnest money deposit?
Hey!
Regarding the down payment, there are no down payments on these properties. We or our cash buyers are purchasing the property with all cash.
How do we get them under contract? You do that by following the steps and getting it under contract. Doesn’t cost any money to put the deal under contract.
How do you do a deal with $30k earnest money? You either assign/wholesale the deal before the earnest money is due and the cash buyer handles it, which is common. This means that YOU never actually put in the EMD. The cash buyer does.
Or, you borrow the $30k, put it into escrow, and get the $30k reimbursed once you wholesale it. If you don’t wholesale it, then get the $30k refunded back to you. Make sure the deposit is refundable, it will state this in the contract.
do i need a real estate license
Hi there!
No, you don’t need a real estate license to wholesale properties in most states. Wholesaling is essentially acting as a middleman between a seller and a cash buyer by assigning your contract, which doesn’t require a license. However, some states like Illinois and Oklahoma have stricter regulations around wholesaling, and having a license can make things easier in certain areas.
It's always a good idea to familiarize yourself with your state's laws or consult with a local real estate attorney to make sure you're compliant.
Hope this helps!💙
Good video😀 Quick question, do you feel it’s more difficult to find a buyer with an on market deal?
My partner is basically saying that we should find a buyer first before we assign the contract and send it to the owner but at the did end of the day. The cash buyer is not going to want a property that is on the market 99% of cash buyers want off market properties.
I’m literally considering doing this deal on my own because at the end of the day time waits for nobody why put in the time to find the cash buyer if at the end of the day someone else signs the contract with the owner
@@deliveranceotuitatoyo447 Thanks for the response. I’ve found that in my experience when I first started in 2016 I had a horrible time finding buyers if the property was On Market. But now, with the specific buyers I have now, I have no problem with them buying my on market deals. Bc as long as I’m bringing them deals that are significantly less than the list price they are happy to buy. But I say this bc I know my buyers buy numbers in and out. I know at what price and percentage they run their numbers and as long as I run my numbers exactly how they do I have a better chance of bringing them deals every time. So in my opinion and experience….know your buyers! Don’t get too greedy with your fee and focus on bringing them good deals. The more I did that the more trust I built with them and the more they buy from me. But, that’s what I found works for me. What works for me might not work for everyone.
Probably won’t get a reply but how and who do I send the earnest money to if I send it to the title company how do I send it?
@PrecisionOutdoors446 Here is a summary of the process:
1.) Determine the Title Company: Check the contract for the designated title company or escrow agent.
2.) Contact Them: Confirm their procedures for accepting earnest money deposits.
3.) Prepare the Payment: Choose a method (check or wire transfer) based on the title company’s preferences.
4.) Deliver the Money: Either in person, by mail, or via wire transfer.
5.) Obtain Confirmation: Always get a receipt or confirmation of the deposit.
Following these steps ensures that the earnest money is properly handled and credited towards the purchase of the property. If you have any more questions, feel free to ask!
If you want to learn more about our wholesaling process check out our free training here: www.realestateskills.com/training?el=htwafhw0app
Once you go through the training, you will be able to book a call and speak directly with our team and get any other questions you have answered!
We look forward to hearing from you soon.
@@RealEstateSkills thank you so much for reply this helps alot
We're happy to help!
Question. What if the agent insists on using their preferred title company, one that doesn't know anything about assignments or double closing?
Great question, @brandonvintila2696! Assignment of contract is pretty standard in real estate contracts and we have never come across a title/escrow company that was unable to help us. The same goes for double closing.
Cheers! 🏠
I stay in Chicago Illinois do I use the Illinois contract and send it to the home owner or the seller or do I use the Texas contract because that’s the property that I’m wholesaling
@deliveranceotuitatoyo447 The agent you're working with will draft up the contract in the state that the property is in.
@@RealEstateSkills what happens if I’m working with for sale by owner? Where do I get the contract from? And how do I know what is the right contract and how do I put all my offer terms in the contract if I don’t have a lawyer
If I’m in Chicago and I am wholesaling in other states, other than Chicago
enjoy your valuable insight, but if you work with an agent who pays for the agent commission your end buyer
Thank you very much for the kind words!
The best answer is: it depends because everything is negotiable. Commonly, the Seller has paid for both the Listing Agent and Buyers agent commission. Commonalities are now changing. Buyers must sign a buyer's agent representation agreement before working with an agent, and the Seller is not obligated to pay a Buyer's agent commission. However, you can have the Listing Agent represent you as your Buyer's agent and negotiate that the seller pays.
Cheers & Happy Wholesaling!
This is a genuis order. Ill be testing this theory tomorrow
We're glad to hear you agree, @GloriaAllen-fu6es! Keep us updated on your progress. 🙂
Cheers! 🏠
How did it go!?!
@CollinAnderson-th3hw Take what you've learned and go try it! You got this!
This is gold
Appreciate it, Kevin! You da man!
Hit SUBSCRIBE for more gold content on wholesaling, flipping, & buying rental properties my friend!
Cheers & Happy Wholesaling!
First I got the email and clicked instantly I’m at my 9-5 too lol
BOOM! Gotta watch when you can! I respect it! Cheers!
Can this be done from AUS
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Yes it can, @TheOnlyException92! What we teach is for the USA market, but I'm sure many of the same principles will be useful for you. I would learn your local laws and regulations before you get started.
Cheers! 🏠
What does VTB ( Vendor Take Back )/ Seller Financing Mortgage Loan Available Subject To Terms!?
When you see "VTB" or "Vendor Take Back" in a real estate listing, it refers to a type of seller financing where the seller of the property provides a loan to the buyer to cover part or all of the purchase price. Here’s a breakdown:
Vendor Take Back (VTB) - This is when the seller acts as the lender. Instead of the buyer getting a mortgage from a bank, the seller agrees to "take back" a portion of the purchase price as a loan. The buyer then pays the seller back over time, typically with interest, under agreed-upon terms.
Seller Financing - This is similar to VTB and often used interchangeably. It means the seller is offering to finance the buyer, either partially or fully, depending on the agreement. The buyer makes payments directly to the seller instead of a traditional lender.
Subject to Terms - This means that the details of the VTB or seller financing (like interest rate, payment schedule, and loan duration) are negotiable and will be specified in the purchase agreement. Both parties need to agree on these terms.
In short, VTB and seller financing offer an alternative to traditional bank mortgages, making it easier for buyers to purchase a property, especially if they have difficulty securing a loan from a bank. It also allows sellers to potentially sell their property faster and earn interest on the loan.
If you’re considering a VTB, make sure to carefully review the terms and consider consulting with a real estate attorney or financial advisor to ensure it aligns with your financial goals.
Hope this helps! 💙
What I don’t understand is there are so many wholesalers out there, many of which don’t even live in the state they are trying to buy in - isn’t this segment of investing over- saturated?
Hi Johan!
While wholesaling may seem crowded, it's not over-saturated if you know how to stand out. Here's why:
Local Expertise Matters: Many virtual wholesalers don't fully understand the markets they're targeting. By mastering your market's specifics, you can spot deals others miss.
Consistency is Key: Most wholesalers quit too early. Sticking to a solid strategy and being consistent can lead to long-term success where others fail.
Virtual Wholesaling Requires Strategy: Operating in another state isn't a shortcut. It demands strong local connections and market knowledge to be effective.
By focusing on these areas, you can thrive even in competitive markets.
Hope this helps!💙
For more tips, visit our blog:
www.realestateskills.com/blog
Extremely educational. Thanks so much for sharing. People like you make the world a better place.
Glad you enjoyed it & found it helpful! Nothing fires us up more than helping others to provide for themselves & their families through real estate!
Wishing you nothing but the best on your wholesale real estate journey!
Cheers & Happy Wholesaling!
P.S. Here's a link to our free wholesaling & flipping training if you want to go even more in-depth & see some case studies: www.realestateskills.com/training?el=htwafhw0
P.P.S. Please shoot us a SUBSCRIBE when you get the chance! We'll be coming out with more content each week :)
Gracias alex!!!!!!
Hi Sunny!
De nada! I'm glad you're enjoying the content. If you have any questions or need more tips, don't hesitate to ask. Keep up the great work!
Cheers!💙
Would you lose the buyers trust when they find out you raised the purchase price from 170k to 180k
@MrIsrael_ Not at all! Savvy investors understand what you're doing and also account for it. As long as the deal makes them money and fits their buying criteria, it shouldn't matter what your wholesale fee is.
I found a really distressed property up north in the country.
Solid! We recommend finding your Cash Buyers first to ensure they actually want deals in the area you're looking!
Once you find the Cash Buyers, then look in the area they want to buy to find the exact properties they want and to increase your likelihood of wholesaling the property!
Here's one of our videos on How To Find Cash Buyers: ruclips.net/video/YzWGQJPKv6c/видео.html
Hope this helps!
Cheers & Happy Wholesaling!
Can I use my name To contact relesate agents for propertys and proof of funds as my name ? Im only 16 years old But Once I’ve Got down the contract I can have my parents sign it off Or Will I have to use my dads name For everything ?
Great question, @JayoTheGen! You must be 18 in order to sign any contract. You can partner up with your parents and educate them on the process. That way you can do the legwork and have them sign the contracts.
You are starting so early so just make sure you familiarize yourself with your local laws and regulations before you move forward with wholesaling!
Cheers! 🏠
One more question What % Am I Suppose to offer to the realtors So I can make money off the house ?
Typically as the wholesaler you don't pay the agents commission. The seller and buyer negotiate who pays what before the time of closing.
Very knowledgeable
We're glad you learned something from the video, @user-de2uy7py1y! 💙
Cheers! 🏠
I’m a wholesaler here in the Florida market if anyone wants to network
@GSyes-no9iq Florida is a great state to be wholesaling in! If you want to learn how to find deals to wholesale while spending $0 on marketing, check out our free training here:
➡️ www.realestateskills.com/training?el=htwafhw0
We have a great community that you can JV with and help you get your deals closed! 🙂
Cheers! 🏠
This is awesome
We're happy to help, @sharonceaser-wheeler3364! 🚀
Cheers! 🏠
Idk how this is Just 500 views
You're an OG! You were here first 😎 Now it's over 800!
ha sure hope you enjoyed it! Definitely subscribe if it resonated with you. We'll be coming out with more content on all things wholesaling, fixing & flipping, and even buying rental properties - all things we've been working on for over a decade. Don't want you to miss :)
Happy Wholesaling!
37:45 lmao
😂🚀
Thanks man We want you to know , You are Highly Appreciated. Do you have instagram or something that we can ask personal questions concerning this topics?
Hey! We appreciate the love! Our instagram is here: instagram.com/realestateskills/ - we'll definitely try to get to your question on there. Also, we don't mind answering questions in the comments too when appropriate.
You can also check out our free training on wholesaling & flipping here, which covers different topics than the video above! Here's the link: www.realestateskills.com/training?el=htwafhw0app
Looking forward to getting connected!
Cheers & Happy Wholesaling!