How to Become a CIA: (Part 3) Wholesaling 101
Welcome … to Part 3 of the “How to Become a CIA” creative real estate investing series … Wholesaling 101 …
(if you’re new to the series, you may want to start with the introduction)
This week, wholesaling extraordinaire, Stephani Davis of Flip this Wholesaler is gonna teach you the basics to wholesaling real estate for quick cash.
But, before I let Stephani take it away … I’d like to tell you what I like most about wholesaling real estate …
3 Things I Love About Wholesaling Real Estate
1. Little to No Risk
2. Don’t Need Your Own Cash or Good Credit (see Stephani’s video below)
3. Fastest Way to Create Cash in the Biz
Learning how to wholesale real estate … developing the skills to successfully turn a contract in to cash … is one of the most empowering things you’ll ever experience.
Think about it … you find a great deal, you contract it, you send out an email to your buyer’s list or you make a couple phone calls … and voila … you put $3K, $5K, maybe even $10K CASH in your pocket!
What would you do with an extra $10,000 this month?
… and you didn’t have to put anything at risk, didn’t have to sign your life away, didn’t have to empty your bank account … heck, you didn’t even have to fill out an application.
If Stephani … a 30 something bartender turned wholesaler can do it …. you can too!
Wholesaling 101 with Stephani Davis
Here’s what Stephani is gonna cover …
>> Nuts and Bolts of a Wholesaling Transaction
>> THE Most Important Aspect of any Wholesale Deal
>> What She Did to Get Her Phone Ringing Off the Hook with Motivated Sellers
>> How She Marketed the Crap Out of Her First Deal and Turned It Into Cold Hard Cash
>> And Some Other Cool Stuff
Check out the video below …
“How to Become a CIA” Action List
1. Download your free assignment contract … Yes, this is the exact same assignment contract that Stephani uses in her wholesaling biz.
2. Comment below with your questions, thoughts, and tips!
Stephani told me she is going to be checking back regularly to answer any of your questions … sooooo get your questions answered while you can …
3. Check out this article, 10 Easy Steps to Wholesaling Real Estate for Quick Cash … there are a bunch of links to other articles and resources in that article … make sure you click through and grab the free form for building your wholesaling buyer’s list …
And that concludes Part 3 … Wholesaling 101 …
A BIG thanks goes out to Stephani Davis of Flip this Wholesaler for putting together this week’s video and for giving us access to her assignment contract … THANKS Stephani … you’re awesome!
Here are the links to the rest of the series …
Intro | Part 1 | Part 2 | Part 4 | Part 5 | Part 6 | Part 7
Tags: creative real estate investing, flip this wholesaler, how to become a cia, real estate investing, real estate wholesaling, steph davis, stephani davis, wholesaler, wholesaling, wholesaling real estate
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Patrick Riddle:
Dusty Keefe:
Loving the series so far Pat. Keep up the good work. Looking forward to next week.
Thank you so much for the wonderful series Patrick. You do not know how much I appreciate it. I have a question for Stephani. Is there a way to set up the contract so that none of the earnest money is at risk? I do not want to lose any money on a deal if my buyer doesn’t end up closing. thank you.
You’re very welcome … it’s been fun putting it all together. Glad so many people are enjoying it …
Good question Rhonda. Stephani will be back by to help you out …
Stephani … here’s what one of my Facebook friends, Chandra, said about the video … “I watched it! It was great to see a woman discussing investing for a chance. The information was valuable. Thanks Patrick”
If you guys have any more questions, ask away in the comment area here …
~ Patrick
Greetings Guys and Gals!
Rhonda, if you’re dealing with a private seller, you can get away with only putting down a very small deposit. I gave 10 bucks for a deposit on the deal that I talked about in the video..
You also want to make sure to get a hefty deposit from your end buyer that is non-refundable. I always get 2k from my buyers, no exceptions. This usually keeps them from walking…
Hope that helps.
Steph
P.S.
Thanks for including me in your series, Patrick- keep up the great work. :)
Stephani´s last blog ..Quitclaim Deeds and REOs- Saturday Night Reader Mail..
Thank you very much Patrick and Stephani! Great info and inspiration. One quick question…Do you ever get questions from your potential new buyers about the property having a clean title? If so how do you handle?
Thanks again!
Patrick thanks again for all the great content!
Hi Chris,
Glad you enjoyed the video..
Regarding the title, it states in the purchase contract that the property will be delivered w clear title, so the buyer is protected..
Steph
Stephani´s last blog ..Flip This REO! is here!
Hey Rhonda … another tip with earnest money is to have your contract state that your closing attorney/title company holds the earnest money check. I always put an escape clause in each contract so that if I don’t end up closing, I can walk away and easily get my earnest money back.
Stephani … good tip on getting the deposit from the end buyer!
Dave … always good to hear from ya man … you’re welcome!
Chris … I order a title search as soon as i get a property under contract to make sure the title is clean. I like to make sure it’s clean before marketing it to an end buyer …
~ Patrick
While I have looked at many different real estate gurus programs, and they have a wealth of knowledge in them. I have never ran into anyone that makes it so plane, that even I can understand it. All this while doing it for free! I have struggled for a long time to get started in this business, but when I hear, and watch you teach. I feel as though I can do anything! Thanks for making this all possible! I can’t wait to get enough money to join your program Patrick!!
More great stuff Patrick. I was wondering if you would be willing to share a generic Purchase Agreement with us. Maybe you could point us to someplace that has one. Thanks for your help. I love your website.
Kraig
Thank you Stephanie! I love to see woman that are successful in this business! I know a lot of woman are involved but not many come forward to teach and share their knowledge! Great…and inspiring.
I wish you luck.
Gail
William … that’s quite the compliment! I appreciate you sharing that with me … one of the main reasons I love teaching is hearing from students like yourself … so thank you!
Kraig … I don’t have a generic P and S to share with you right now. Part 7 of the series is forms, contracts, and contingencies … sooo stay tuned and we’ll see what resources we can provide.
Gail … it is great to see some women in the REI training arena. Make sure you head over to Stephani’s blog if you haven’t already … it’s at http://www.flipthiswholesaler.net
~ Patrick
What contract do you use with the seller when you get the agreement to wholesale it?
Are there any subject tos put in the contract? Where can I get a copy of this contract? Also does this contract work in Canada?
Thanks
Sophie
Hey Sophie … the assignment contract available above for download is what Stephani uses when wholesaling deals.
That contract would not be conducive to buying property subject to … but I may have a resource to point you towards in part 7 of the series … that week is on contracts, forms, and contingencies …
Soooo, stay tuned :)
~ Patrick
Stephanie is great, I’m glad you brought her on Patrick. I do want to ask you guys how you handle the seller if they ask who will actually be buying the home? And how long do your contracts with the seller last for? Do you run into any problems/issues in your respective states for acting similar to an agent? Are you ever asked for a proof of funds?
Thanks to you both.
Lui´s last blog ..Private Money Lending
Lui …
If you plan on wholesaling a home, I’d suggest that you tell the homeowner that you’re connected to an investor network and your plan is to find an investor buyer for the home. If you plan on buying the home regardless of whether you find a wholesale buyer, I’d leave that out.
When I got started I would contract homes for anywhere from 1 to several months. I wanted to get people under contract as long as possible so that I would have ample time to do my due diligence and lock up funds for purchase. But, once I got plenty of private lenders to funds my deals, I would usually offer to close within a week or two.
I haven’t ever run into any problems acting similar to an agent.
You’ll only get asked for proof of funds if you’re working through an agent on a listed property. When negotiating direct with sellers, they never ask for one.
~ Patrick
Thanks alot for your time Stephanie