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Professional Development: THE FIRST STEPS TO REAL ESTATE WHOLESALING · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J.
• 0:20
  Speaker 2: Trump's leadership.
• 0:21
  Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.
• 0:25
  Speaker 1: Under President Trump, attempted illegal border crossings are at the
• 0:29
  Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
• 0:33
  Speaker 1: aliens have been arrested. If you are here illegally, your
• 0:37
  Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,
• 0:41
  Speaker 1: and deported.
• 0:42
  Speaker 2: You will never return.
• 0:44
  Speaker 1: But if you register using our CBP home app and
• 0:47
  Speaker 1: leave now, you could be allowed to return legally.
• 0:50
  Speaker 2: Do what's right. Leave now.
• 0:53
  Speaker 1: Under President Trump, America's laws, border and families will.
• 0:57
  Speaker 3: Be protected sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 4: So once you find properties that you're interested in, you
• 1:04
  Speaker 4: have resources to skip trace the individual's information pass just
• 1:10
  Speaker 4: the address, so I use people finders and been verified
• 1:15
  Speaker 4: for individual information as far as phone numbers, and.
• 1:18
  Speaker 5: Emails, and then you can use.
• 1:21
  Speaker 4: A skip tracer like RII Rail for more than just
• 1:27
  Speaker 4: one address at a time. Also here in Harris County
• 1:30
  Speaker 4: we have the Appraisal District which say you may not
• 1:34
  Speaker 4: be able to tell the owner's name, but you have
• 1:37
  Speaker 4: an address. You can type the address into the search
• 1:40
  Speaker 4: bar and it allows you to find the owner they're mailing.
• 1:44
  Speaker 5: Address for the property if they don't live there anymore.
• 1:49
  Speaker 4: Okay, So everybody says that I have what's called the
• 1:54
  Speaker 4: Green effect, which is being able to kind of resonate
• 1:59
  Speaker 4: within individuals on homeowners or sellers, being able to talk
• 2:05
  Speaker 4: to them and kind of put myself in their shoes,
• 2:08
  Speaker 4: being able to negotiate and get them to sell to me.
• 2:13
  Speaker 4: Because a lot of times, even though you may think
• 2:15
  Speaker 4: that you're the first person that comes across this property,
• 2:17
  Speaker 4: and a lot of times that you're not. But being
• 2:19
  Speaker 4: able to set yourself above that bar and get them
• 2:24
  Speaker 4: to agree to sell to you is definitely what sets
• 2:26
  Speaker 4: me apart from everybody else. So find your niche and
• 2:29
  Speaker 4: do what others aren't willing to do.
• 2:31
  Speaker 5: Okay, So after you.
• 2:33
  Speaker 4: Find your lead and you have talked to the seller
• 2:37
  Speaker 4: and they agreed to sell to you, you want to
• 2:40
  Speaker 4: send them your contract. Now, when I first started out,
• 2:43
  Speaker 4: I did start using a online wholesale contract that I
• 2:47
  Speaker 4: got from a local wholesaler.
• 2:49
  Speaker 5: I have gotten away from.
• 2:50
  Speaker 4: That because number one, I did not feel comfortable with
• 2:55
  Speaker 4: the verbage because I did not get this contract on
• 2:58
  Speaker 4: my own. So I will say as a disclaimer, consultant, attorney,
• 3:03
  Speaker 4: or a whole experienced wholesaler before using a contract that
• 3:06
  Speaker 4: you find online. So now we use the Texas real
• 3:11
  Speaker 4: Estate contract.
• 3:12
  Speaker 5: Now. Of course, with this.
• 3:14
  Speaker 4: Document, it does have a lot of options in it
• 3:18
  Speaker 4: that may not apply to me, but it's a lot
• 3:20
  Speaker 4: easier because you know it's a universal legal form that's
• 3:23
  Speaker 4: used here in Texas.
• 3:24
  Speaker 5: So even if we don't use all the boxes, I am.
• 3:27
  Speaker 4: Familiar with the form and I can go through each
• 3:30
  Speaker 4: section and explain to the seller if it applies to
• 3:34
  Speaker 4: us or not.
• 3:34
  Speaker 5: So a lot of times it's just.
• 3:36
  Speaker 4: Going to be who you're selling, who you're purchasing the
• 3:39
  Speaker 4: property from, your closing date, how much.
• 3:43
  Speaker 5: You're buying the property for in their signatures. That's it.
• 3:47
  Speaker 4: Depending on who you're selling to, you can use DOCU
• 3:50
  Speaker 4: signed to send them the contracts. A lot of my
• 3:53
  Speaker 4: clients tend to be older, so I have to print
• 3:55
  Speaker 4: out the forms for them and take it to them
• 3:58
  Speaker 4: directly for them to sign.
• 4:02
  Speaker 5: So this is a very important line.
• 4:06
  Speaker 4: Even starting out, you want to build a real estate team,
• 4:11
  Speaker 4: especially when you're doing probates or pre foreclosures. You want
• 4:16
  Speaker 4: to have a real estate attorney because a lot of
• 4:18
  Speaker 4: times when these properties are going into foreclosure, the owner
• 4:23
  Speaker 4: has passed and it's been left to an air but
• 4:28
  Speaker 4: it wasn't transferred correctly, so you have to walk them
• 4:32
  Speaker 4: through the process to transfer the property from the deceased
• 4:36
  Speaker 4: owner's name to their name to allow them to be.
• 4:40
  Speaker 5: Able to sell the property to you. Also, the inspector.
• 4:44
  Speaker 4: A lot of times with the houses going into foreclosure,
• 4:47
  Speaker 4: they may not have left the houses in the best condition,
• 4:50
  Speaker 4: so you definitely want to have an inspector walk through
• 4:53
  Speaker 4: so you can make sure you know what you're getting
• 4:55
  Speaker 4: yourself into. Even if you know you're buying the house
• 4:58
  Speaker 4: as is, you you definitely want to be able to
• 5:02
  Speaker 4: get an idea what.
• 5:03
  Speaker 5: Your repairs are going to be to run your numbers.
• 5:06
  Speaker 5: Wholesale friendly title company.
• 5:08
  Speaker 4: This is also important because you want to make sure
• 5:12
  Speaker 4: you have a title company that's familiar with assignments and
• 5:16
  Speaker 4: being able to set up your paperwork correctly so that
• 5:21
  Speaker 4: you don't get left out of the deal. And they're
• 5:24
  Speaker 4: familiar with wholesaling and assignments so that you can transfer
• 5:28
  Speaker 4: your properties correctly.
• 5:29
  Speaker 5: Say that you may not, well, I'm sorry, say that
• 5:33
  Speaker 5: you want to.
• 5:35
  Speaker 6: This episode is brought to you by P and C Bank.
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• 7:25
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 7:29
  Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador
• 7:33
  Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with
• 7:37
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 7:41
  Speaker 1: some of the heinous migrant criminals caught because of President
• 7:45
  Speaker 1: Donald J.
• 7:46
  Speaker 2: Trump's leadership. I'm Christy Nohm, the.
• 7:48
  Speaker 1: United States Secretary of Homeland Security. Under President Trump, attempted
• 7:53
  Speaker 1: illegal border crossings are at the lowest levels ever recorded,
• 7:57
  Speaker 1: and over one hundred thousand illegal aliens have been arrested.
• 8:00
  Speaker 2: If you were here illegally, you're next.
• 8:03
  Speaker 1: You will be fine nearly one thousand dollars a day,
• 8:06
  Speaker 1: imprisoned and deported.
• 8:08
  Speaker 2: You will never return.
• 8:09
  Speaker 1: But if you register using our CBP home app and
• 8:13
  Speaker 1: leave now, you could be allowed to return legally.
• 8:16
  Speaker 2: Do what's right. Leave now.
• 8:18
  Speaker 1: Under President Trump America's laws, border and families will be protected.
• 8:23
  Speaker 3: Sponsored by the United States Department of Homeland Security.
• 8:25
  Speaker 4: Who You don't want to hold on to the properties
• 8:29
  Speaker 4: to rehab. You want to make sure you have a
• 8:32
  Speaker 4: cash buyers network so that you're not holding onto these
• 8:35
  Speaker 4: properties too long. Facebook is a good option. They have
• 8:38
  Speaker 4: a lot of real estate groups. All you just have
• 8:41
  Speaker 4: to do is type real estate in your area and.
• 8:45
  Speaker 5: You'll more than likely find a group online.
• 8:49
  Speaker 4: So, just like I mentioned for your exit strategy, if
• 8:53
  Speaker 4: you are wholesaling specifically and you have no intentions on
• 8:59
  Speaker 4: holding onto the property and you just want to get
• 9:01
  Speaker 4: in and get out. You have to make sure you
• 9:04
  Speaker 4: have that cash buyers network. So finding a cash in
• 9:08
  Speaker 4: buyer is important. Like I said, there's a lot of
• 9:11
  Speaker 4: people who post on Facebook all the time looking for
• 9:15
  Speaker 4: cash buyers to help build up their email lists, or
• 9:19
  Speaker 4: you can just post in these groups your deal that
• 9:22
  Speaker 4: you have to find someone qualifying to close you out
• 9:25
  Speaker 4: of your property. If you're looking to get a bigger,
• 9:31
  Speaker 4: bigger you can mentor with someone. You can find a
• 9:35
  Speaker 4: mentor partner to do a joint venture. This is how
• 9:39
  Speaker 4: Andre and I first met, doing these joint mentor joint
• 9:43
  Speaker 4: ventures and moving me from being just a wholesaler and
• 9:48
  Speaker 4: now reh having properties. For number three is buy and hold.
• 9:52
  Speaker 4: We also do some buy and holds my mother and
• 9:55
  Speaker 4: I of these properties. I've yet to do Airbnb, but this.
• 9:59
  Speaker 5: Is also an option if he decided to buy and
• 10:01
  Speaker 5: hold as a rental.
• 10:03
  Speaker 4: This is one of our rehab properties. There was a
• 10:06
  Speaker 4: wholesale deal. It was going into foreclosure. This is Southington,
• 10:11
  Speaker 4: so this was found by the county records. The property
• 10:15
  Speaker 4: was going into foreclosure. The owner had died and her
• 10:19
  Speaker 4: grandson was living in the house. He was pretty much
• 10:21
  Speaker 4: waiting until the auction for someone to come to the
• 10:26
  Speaker 4: house and tell him that he had purchased the house
• 10:28
  Speaker 4: before he left. So I initially his skiff traced the
• 10:32
  Speaker 4: information and never got a response, of course, because she
• 10:35
  Speaker 4: was deceased. Soone out door knocked. That's when I met
• 10:38
  Speaker 4: the grandson. He was able to connect me with his mother,
• 10:41
  Speaker 4: who was technically the immediate heir to the property. We
• 10:45
  Speaker 4: came to an agreement, paid off the mortgage balance and
• 10:48
  Speaker 4: the mechanic liens attached to property. So the mechanic lean
• 10:53
  Speaker 4: was the grandmother technically had some plumbing work done and
• 10:58
  Speaker 4: she did not pay pay the company, so the company
• 11:02
  Speaker 4: put a lien on the house that had to be
• 11:03
  Speaker 4: paid out before they would allow us to purchase the property.
• 11:08
  Speaker 4: So we use hard money a rehab loan to purchase
• 11:11
  Speaker 4: the property, pay the family pretty much their cash for keys,
• 11:15
  Speaker 4: and then do all our construction to the property be
• 11:20
  Speaker 4: able to sell it. So our exit strategy for this
• 11:22
  Speaker 4: one was we rehabbed and sold it instead of just
• 11:26
  Speaker 4: transferring it to a cash buyer from wholesale. So yes,
• 11:32
  Speaker 4: so a little bit more about hard money. Hard money
• 11:35
  Speaker 4: is typically issued by a private investor of companies. Interest
• 11:39
  Speaker 4: rates are higher and they can usually close in forty eight.
• 11:43
  Speaker 5: Hours or less.
• 11:44
  Speaker 4: Yes, well, majority of it, depending on which companies that
• 11:48
  Speaker 4: you use.
• 11:49
  Speaker 5: We have two different companies that we.
• 11:51
  Speaker 4: Use, and Flipco covers up to eighty or ninety percent
• 11:57
  Speaker 4: and they don't require credit check, but you do need
• 12:01
  Speaker 4: an LLC to use them, and they don't do land,
• 12:05
  Speaker 4: but that allows you to purchase the property and give
• 12:10
  Speaker 4: them your rehab budget and they'll give you draws. So
• 12:14
  Speaker 4: each time you have something done, foundation, roof whatever, you
• 12:17
  Speaker 4: take pictures and provide an information to them and they
• 12:20
  Speaker 4: pay you back, pay you back the money that you spent.
• 12:24
  Speaker 5: It's called flip code. We also have fun that netflip.
• 12:28
  Speaker 5: They do do a credit check, you're required to have.
• 12:30
  Speaker 4: An LLC and they will incorporate your land purchase for
• 12:36
  Speaker 4: new construction, so you're able to get a rehab a
• 12:40
  Speaker 4: rehab budget for a whole new construction project and you're
• 12:43
  Speaker 4: able to get your money back from doing a new construction.
• 12:46
  Speaker 5: So again that's Flipco and fun Netflip.
• 12:49
  Speaker 4: So our contact with Flipco is going to be Sidney
• 12:53
  Speaker 4: Campbell and then for fun netflip is Donovan adcer role.
• 12:58
  Speaker 5: I hope I didn't mess up his last name.
• 13:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 13:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 13:07
  Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with
• 13:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 13:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 13:19
  Speaker 1: Donald J.
• 13:20
  Speaker 2: Trump's leadership. I'm Christy nom.
• 13:22
  Speaker 1: The United States Secretary of Homeland Security. Under President Trump,
• 13:26
  Speaker 1: attempted illegal border crossings are at the lowest levels ever recorded,
• 13:31
  Speaker 1: and over one hundred thousand illegal aliens have been arrested.
• 13:34
  Speaker 1: If you are here illegally, your next you will be
• 13:38
  Speaker 1: fined nearly one thousand dollars a day, imprisoned, and deported.
• 13:42
  Speaker 2: You will never return.
• 13:44
  Speaker 1: But if you register using our CBP home app and
• 13:47
  Speaker 1: leave now, you could be allowed to return legally.
• 13:50
  Speaker 2: Do what's right. Leave now.
• 13:53
  Speaker 1: Under President Trump, America's laws, border and families will be protected.
• 13:57
  Speaker 3: Sponsored by the United States Department of Homeland Security,