Real Estate Wholesaling Made Simple

Setting goals and keeping them is something that I have always been intrigued by.

Why do people not set goals? The fact is, most people spend more time printing a map to Disney world than they do making the map that will become their lives.

Why do people need goals? Living life without having specific, and measurable goals is a lot like trying to put together a puzzle without having a picture to look at. A goal is the prize on the other side of the wall that life puts in front of you. If your pretty sure that there is nothing on the other side of that 10ft wall then why would you climb it? A goal is what gets you over life’s obstacles, it gives you reasons for doing what you are doing.

Its here proven software for goal setting, motivation and wealth building Click Here!

What types of goals are best? If you even have goals your one step ahead, but the best types of goals are written and very specific. Having too many goals makes achieving any of them very difficult. Remember when you were a kid and played the catch a snowflake on your tongue game? The snowflakes were everywhere yet none would fall in your mouth until you focused on just one snowflake, then it was easy. Too many goals are like the light bulb that lights an entire room, specific goals are like a laser, focused light, they can cut through metal.

Eric Medemar
www.TheMillionairesBlog.com
www.TheForeclosureCollege.com

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I talk to endless amounts of people who have been thinking of getting into real estate their whole lives. Here is what you need to know.

If you have been “thinking about getting into real estate” for more than a month or two, you are no longer “thinking about getting into real estate” but instead you are “thinking of reasons why you should not do real estate”.

Real estate investing is really easy ill lay it out here, every thing you need to know:

Flipping
1. Buy a home
2. Sell it for more than you paid

If you want to wholesale

1. Find a buyer
2. Find a Home
3. Use your buyers money to buy the home your going to sell to him.

If you want to get into rentals
1. Buy a home that rents for 1% or more of what you paid.
2. Check what most homes rent for in the area and be sure that the one your buying is nicer than them, and you can afford to rent it for $50 to $100 less than them.

I know that it is a hare more complicated than this but its definately not rocket science. Im an idiot and I do a ton of real estate.

“Thinking about buying real estate” is like wanting to shoot a deer but never bringing your gun to the woods. You could be the worlds best tracker, best scouter, and have the perfect place to hunt, and the perfect blind, but if you never bring your weapon out to the woods, more than likely you wont shoot a deer.

If you would like to talk to me personally about real estate investing visit www.TheForeclosureCollege.com

Eric Medemar
www.TheMillionairesBlog.com
www.TheForeclosureCollege.com

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A lesson in Wholesaling

1. Make sure that your buyers are solid (have cash or preapproval letter)
2. Make sure that your buyers wont try to cut you out of the transaction
3. If comps are strong put under contract, just buy with the usual contract that all agents use. Put as little down as possible, and be sure you have an easy out for the first 7 days of the contract.
4. During that 7 days once it is under contract show it to all of your buyers and get a contract from them with a sizeable deposoit (at least enough to cover any expenses you might incurr if they back out). If none of them want it then use your out.
5. If you signed the original contract with “your name and or assignees” you can assign the contract to your buyer who you already have a contract with.
6. If you dont mind closing on it (slightly more expensive), then you could simply do a simultaneous closing. If the buyer has cash then you would close on the home. The title company would then close on the home with your buyer. Then they would take his money to pay off the first transaction and he would bring another check to you for the difference.
7. Your paid.

Things to keep in mind.

1. There are alot of investors out there who get upset if they see that your making too much money. If I run into one of them many times I wont assign the contract, I will do a simultaneous closing. That way I close the home, then I sell it too them right afterword and close on my transaction using their money. Doing it this way costs more because you end up doing one extra step, but this way the buyer doesnt know what you paid for the property. (I dont know why investors get mad if I make alot of money, who cares they are going to make good money too)

2. When doing comps pay close attention to more than the size of the home and bedrooms and baths. Be sure that the bedooms are livable, that the yard is usable, and that kitchens and baths are user friendly. Floor plans are very expensive to change and they can make or break your flip. Try to tour what else is available on the market and see what the competition is after all that is what your up against when you sell.

3. If the home has been on the market for quite a while, you need to look over the deal carefully. If it was priced to high and you get the price way down then your probably safe. Price is what pays so be sure theres not something your missing. Keep in mind if your giving close to full asking price and the home has sat for quite a while, then every investor has passed on it for one reason or another. I always tell people who want to buy aged inventory and they dont get price down that they are pretty much saying that “I know more than every single investor who has been in this home”.

If you would like to talk to me personally about wholesaling or flipping properties visit www.TheForeclosureCollege.com

www.TheMillionairesBlog.com
www.TheForeclosureCollege.com

5:00
So I wake up this morning to run out and check out a cottage that I have just purchased out of foreclosure. When im done with it it will sell for about $80,000 and I got it for $24,000. I will maybe stick $10,000 into it. I could be happy with a $45,000 return, and I get to use a lake house for 2 years. Then comes the 1031 Exchange. Then comes the next good deal on a lake house. So anyway on with my great day

8:30
Got a call from a realtor who is righting an offer on 5 of my properties, I have put about $190,000 into all five. (the market is bad here so homes are cheap). Anyway he sends me an offer for $60,000 a piece for a grand total of $300,000. I counter him back at $310,000.

1:00
Close on the cottage, call my contractors work starts tommorow for them. This real estate stuff is great, spend the banks money to make myself rich

2:30
Got a call from the realtor they excepted my $310,000 counter offer. $120,000 return not bad if I should say so myself.

5:00 Return home play with our child (were first time parents), good days work needs a good days play

Celebrate birthday, Im 31 thats pretty frickin old if you ask me. I have been noticing lately that people in america have no clue at how easy wealth is to build. Four years ago I couldnt even buy groceries, now I have a corvette, harley, and we just sold our boat because of time constraints, not bad for a dumb kid. (note all toys are paid for in cash)

Anyway at dinner get a call from a Realtor to buy a 3 unit for $36,000. This will be an 85k home all day long when im done plus if I hold onto it, it will generate $1300/mo in rent. If my predictions are right this could cashflow about $1000/mo

So Im leaving dinner and I bump into one of my old customers who proceeds to tell me how bad the market is right now. How slow homes are selling, How he cant believe that im still buying. Did he along with 99% of the investors I know miss the lesson in” buy low sell high”

After he finishes telling me how crazy i am too buy now, I keep it to myself that I just got an offer with over 100k in profit on the table, and that I picked up a lake home for $24k that later ill make $45k on. I also forget to tell him that just these two deals could make me over $140k. Thats $35k a year for the next 4 years, I know a ton of people that dont even make $35k a year.

These homes that I will make over $100k on, were just purchased this year, after many days on the market. Yeah its slow but it could stay slow forever as far as im concerned.

If you would like to talk to me personally about real estate investing visit www.TheForeclosureCollege.com

Eric Medemar
www.TheForeclosureFinder.com
www.TheMillionairesBlog.com

If you want to learn even more about foreclosures you should defineately buy this book I think its like $19.95.Click Here! I always try to look at my return on investment in whatever I purchase. I picked up one tip from this E book and used it to make a $7000 wholesale deal happen

How much money should I expect to make assigning and flipping contracts?

In my market you could make $100,000 plus dollars just doing HUD assignments. I have been at the closing table with my buyers who leave with $14,000 cash from just one HUD home all done using none of their own money and perfectly legal.From my experiences anyone could easily make $100,000 assigning contracts, its so easy. People love to complicate things with learning and over analyizing things, and “what iffing”, There is not a person in this forum that could not make $100k plus assigning and wholesaling. I am not smart at all, I graduated in the 10% of my highshcool that made the other 90% possible. If I can do it, in a very slow market then anybody can.

If you would like to talk to me personally about buying, flipping and wholesaling visit www.TheForeclosureCollege.com

Eric Medemar
www.TheMillionairesBlog.com

www.DomainRentalsDirect.com