Real Estate Wholesaling Made Simple

As an author of several highly successful real estate investing courses I have often been perplexed by the success of those using my course material. I have always had a very curious mind as to what leads some of my students to real estate investing success, while others do absolutely nothing with what they have learned. I decided to survey some of my successful students and some of my unsuccessful students the results may surprise you.

One of the most powerful findings that I came across had to do with the initial intentions of the purchaser. Why were they buying the course? The “Why” became one of the most important factors in determining whether or not my student would become a real estate success story, or just another sad statistic. The successful students did not buy the course because they thought it would be a magic pill that would lead to real estate investing success. Instead they bought the course as a tool to add to their investing success tool kit. The unsuccessful students, on the other hand bought the course because they thought it would be the holy grail of investing success. They thought it would be the magic pill that would instantly transform their real estate investing lives with no effort on their part.

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Eric Medemar is a real estate investor from Grand Rapids, MI. Be sure to get your Free Guide To Real Estate Wholesaling. You can also view Erics real estate investing guide here.

Get your FREE Report “6 steps to wholesaling real estate” at www.TheForeclosurecollege.com

Get your FREE Report “5 Easy steps to becoming a real estate bird dog” at www.BirdDogBiz.com

Don’t miss your chance to Listen in with 12 Real Estate Investing Experts including myself for FREE All at REI Summit 2008.

Starting today www.REISummit2008.com Kicks off with a bang! Be sure to register, only 1000 slots will be open for the teleconference tonight.

Alan Cowgill: Private Lending Expert

Founder of Private Lending Made Easy and the Wildly Popular Where to Get the Money Systems

Diane Kennedy: Tax Strategist and Wealth Creation Expert

Rich Dad Advisor, Best-Selling Author of Tax Loopholes for Real Estate Investors and founder of Tax Loopholes the ultimate resource for paying less tax… legally.

Peter Conti: No Money Down Expert

Best-Selling Author of How to Create Multiple Streams of Income Buying Nice Homes in Nice Areas with Nothing Down, the newly released Commercial Real Estate Investing for Dummies and founder of Mentor Financial Group.

Tom Kish: Unsecured Business Lines of Credit Expert

Creator of The Ultimate Real Estate Investor’s Guide: How to Create Wealth Without Using Your Own Cash.

Susan Lassiter-Lyons: Investor Financing Expert

Investor Finance Specialist, Private Equity Mortgage Portfolio Manager, Author of Mortgage Secrets for Real Estate Investors and Creator of the Finance it Right!™ System for Real Estate Investors.

Brad Wozny: Strategic Business Systems and Syndication Expert

Founder of the 8 FIGURE Empire™ strategic syndication system, where you’ll discover from Brad how to quickly become a syndicator to Generate a 6 FIGURE Bank Account and Realize 7 Figure Gains in 7 months. Brad’s endeavors have been featured in Business.com, The Toronto Star, and the Los Angeles Times. He is endorsed by Mark Victor Hansen, co-Creator of Chicken Soup for the Soul™ series, and Robert G. Allen, NY Times-Best Selling Author of Nothing Down.

Ken Stimson: Probate Investing Expert

Creator of the Rivers of Gold Probate Prospecting System.

Eric Medemar: Wholesaling Expert
Eric Medemar is the creator of The Ultimate Wholesaling System and The Ultimate Bird Dog System. Eric has been consulting with investors from New York To Los Angeles, to help them take their investing business to the next level. Eric prides himself on his innovative investing ideas ranging from his one of a kind Profit Stacking Method to his closely guarded secrets for finding and assigning HUD homes.

Dustin Scaffide: Online Lead Generation Expert

Founder of Realnopoly, Massive Online Lead Generation for Investors, Wholesalers and Bird-Dogs.

Monica Villasenor: Commercial Investing Expert

Best-selling Author of The Best Damn Commercial Investing Book Ever Written and star of the upcoming reality show, The Making of a Millionaire.

T.J. Marrs: Mortgage Acceleration Expert

Creator of the Live Free and Clear System for Mortgage Elimination in 3-9 Years, Frequent Contributor to the Wall Street Journal, CNBC’s Power Lunch and Co-Author of The Idiot’s Guide to Foreclosure Investing.

Mike Lautensack: Direct Response Marketing Expert

Founder of Real Estate Wealth Today and Recently Named One of the Top 50 Real Estate Guru’s by Guru Review.

Other Special Appearances and Bonuses…

Kevin Amolsch, author of The 45 Day Investor and Owner of 25 Lease Options

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One of the main reasons that newbies to real estate investing never get their investing business off the ground is because they never take the time to figure out why they want to be investors. As a newbie investor you must build up enough reasons why you must succeed. Your reasons for wanting to succeed will serve as your light at the end of the tunnel when the inevitable obstacle shows up on your path to real estate success.

When you are laying out your reasons for why you want to become a real estate investor be sure that the reasons are your own. You cannot find success in life if you are trying to do it for somebody else or to impress somebody else. I know this idea may seem foreign, but many newbie investors simply stop their investing business after telling their friends and family that they are becoming a real estate investor. These newbies did not actually want to become investors, instead they wanted the respect and pride that they thought real estate investing would bring.

A strong enough why can get you through almost any challenge that the real estate investing world throws at you. Take about 10 minutes every morning as your real estate investing business is getting off the ground to review the reasons why you wanted to become an investor in the first place. This review session will keep you focused on the outcome stemming from all of your efforts.

Check out the new real estate investing forums at www.Themillionaireuniversity.com

Eric Medemar is a real estate investor from Grand Rapids, MI. Be sure to get your Free Guide To Real Estate Wholesaling. You can also view Erics real estate investing guide here.

Get your FREE Report “6 steps to wholesaling real estate” at www.TheForeclosurecollege.com

Get your FREE Report “5 Easy steps to becoming a real estate bird dog” at www.BirdDogBiz.com

Is it truly possible to do a $0 down real estate deal anymore? You bet it is. I am not talking about the prehistoric illegal methods of over inflating purchase prices either. The $0 down investing strategy that I am talking about is real estate wholesaling.

Real estate wholesaling is by far the most fantastic method that I have come across for investing in real estate. Why? Well here are a couple of reasons:

1. You never have to deal with nightmare tenants
2. You can make $5,000 to $30,000 per house without the need for cash, credit, or risk.
3. You are only buying homes that you already have sold.

Wholesaling real estate virtually eliminates all of the barriers that stand between you and real estate success. I cannot think of any investing strategies that will allow you to make the same kind of money that you can with real estate wholesaling. The best part is that risk does not even need to be figured into the equation, because if you learn how to wholesale correctly risk is all but eliminated. One of the things that keeps most rookie investors from ever experiencing any level of success is the fear risk. Because real estate wholesaling has no risk, many newbie investors could start making between $5,000-$30.000 per transaction with no experience at all. Wholesaling eliminates risk because as a property wholesaler you only deal in homes that you already have buyers for. Traditional buy and flip investing strategies involve buying homes an then hoping you find a buyer when your finished, wholesaling avoids that all together.

Eric Medemar is a real estate investor and internet marketer from Grand Rapids, MI. Be sure to get your Free Guide To Real Estate Wholesaling. You can also view Erics wholesaling real estate blog here. Also check out Eric’s free guide to real estate short sales at Short Sale University.

The second of the 10 R’s of life is roles. Not all people are familiar with their roles that they play in life. In fact many people don’t even know that they fall into certain roles with certain people or certain situations.

Roles are the essentially the way your character plays out in a particular area of of your life or with a particular group of people. For instance you may be a very powerful person at work because that is your role but when you get together with your family you become a bumbling idiot. Most people are completely unconscious of the roles they play.

Roles are the way you “play the part” of what others expect of you. If other people respect you and think your a leader, then without thinking your role becomes that of a leader. On the other hand if people expect you to be an idiot, and you prove them right, even just a couple of times, then your role becomes that of an idiot.

Not all roles are bad, but it is very helpful to know the roles you fall into. What are your roles:

• At Work (Are you the office clown, the high powered executive, or the gossip?)
• At Home (Are you the enforcer of rules, the push over, or the one who is hard to get along with?)
• With your parents or in-laws (Do you keep acting like a child, are you still mommies little boy or girl? Are you still a screw up to your in laws?)
• With your friends- Are you the party animal, the gossip, or the tough one?

The trouble with roles, is that when you start falling into roles, it is very easy to become unconscious to reality. You just start “Playing your part” without any real thought as to why. Take some time to inventory the roles that you have for yourself when relating to others and then eliminate any of your roles that seem unhelpful.

A word of caution. People will want to keep you in your roles, after all, you falling into your role helps keep their world together.

To start breaking your unhealthy roles, begin by picturing in your mind what your new role will look like. How will others react to your new role? How will you feel in your new role? How will you carry yourself in your new role? What will you do differently in your new role? Then when the time comes to actually perform your new role in the physical world, you simply need to do what you have already done in your mental world.

In the next section about roles we are going to talk about the roles that we have for other people.

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Check out the new real estate investing forums at www.Themillionaireuniversity.com

Eric Medemar is a real estate investor from Grand Rapids, MI. Be sure to get your Free Guide To Real Estate Wholesaling. You can also view Erics real estate investing guide here.

Get your FREE Report “6 steps to wholesaling real estate” at www.TheForeclosurecollege.com

Get your FREE Report “5 Easy steps to becoming a real estate bird dog” at www.BirdDogBiz.com

Thank you for being here. I have always enjoyed learning and helping other people, I hope you pick up a idea or two from here.

The first R we are going to talk about is resistance.

My definition for resistance is mentally not accepting “what is”. Keep in mind that the difference between resisting and actually changing something, is that changing something must include the possibility of taking action on your part. Many of the thing that we resist cannot be changed, they simply “are what they are”.

Things you may say to yourself or others while you are in the process of resisting are:

• It shouldn’t be like this
• This isn’t fair
• I can’t believe this is happening to me

Another area of life to look for resistance is complaining. Things like:

• Isn’t this weather nasty
• I wish it weren’t raining
• That meeting was too long
• I wish I were somewhere else

Can you see what I mean by mentally not accepting something for what it is? We act as if when we change things in our minds, that our reality will somehow change. Resistance is the root of much unneeded mental suffering in our culture.

Why do we resist? Well in most cases resistance gives us a temporary feeling of being right, while whatever is truly happening is wrong. “I am right, the weather should really be more like this”, “The church service is going to long, it would be better if it we X minutes”. In both cases the things that are happening are going to happen either way, so why put yourself through the suffering?

A great way to gauge if you are resisting is to ask yourself “Is this something that I can change”, If the answer is yes, then ask yourself “Am I willing to do what it takes to change it”. If the answer is NO to either of those questions then you are in the process of resisting.

Once you can spot yourself resisting, you don’t need to start an argument in your head, simply observing the act of resistance without being caught up in it will be enough to stop the suffering.

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Check out the new real estate investing forums at www.Themillionaireuniversity.com

Eric Medemar is a real estate investor from Grand Rapids, MI. Be sure to get your Free Guide To Real Estate Wholesaling. You can also view Erics real estate investing guide here.

Get your FREE Report “6 steps to wholesaling real estate” at www.TheForeclosurecollege.com

Get your FREE Report “5 Easy steps to becoming a real estate bird dog” at www.BirdDogBiz.com

One of the problems in dealing trying to wholesale many of the current foreclosures is that banks will not allow their contracts to be assigned. Without the ability to assign the contracts many wholesalers have been missing out on some dynamite foreclosure deals. So how can investors get around the nonassignable contracts that many banks are using?

One of the easiest ways to get around the nonassignable contracts is to use Limited Liability Corporations (LLC’s). To use an LLC on a nonassignable contract all you need to do is fill in the purchase agreement in the usual fashion. But, instead of using the typical “and/or assignees” clause, you simply fill in the name of your corporation. Then instead of assigning the contract to another investor for profit, you will sell the other investor your LLC. Because the contract is filled out in the name of the LLC you will essentially be assigning the contract when you sell the LLC.

Having said all of that, make sure that you have the LLC set up prior to writing up any contracts. If you are serious about real estate wholesaling I would recommend always having a couple of pocket LLC’s ready in case a great deal comes your way. By having your LLC’s ready ahead of time, you can prevent the possibility of having a paperwork slowdown at the government level. The last thing that you need to have happen is to lose out on a $15,000 profit because you did not prepare enough ahead of time.

Eric Medemar is a real estate investor and internet marketer from Grand Rapids, MI. Be sure to get your Free Guide To Real Estate Wholesaling. You can also view Erics wholesaling real estate blog here. Eric is also a contributing member to The Real Estate Investing Forums at www.themillionaireuniversity.com

What is a real estate short sale?

A short sale occurs when you negotiate a sales price less than what the seller actually owes on a property. In other words a short sale is when a bank accepts less than what is owed on a property to keep the property from going through the foreclosure process. Instead of negotiating with the seller you negotiate a sales price directly with the bank. An example would be:

A seller has fallen behind on their payments to the bank. The seller has a mortgage note with the bank for $200,000. You write an offer of $150,000. If the bank decides to accept your offer you would have “Shorted the bank” $50,000.

The banks would be willing to accept a loss of $50,000 for a couple of reasons:

1. Banks are not in the business of owning homes they are in the business of loaning money.

2. If the property ends up going up for auction the banks will incur many more fees plus they may lose the opportunity to loan out the money that would otherwise be tied up in the property.

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Check out the new real estate investing forums at www.Themillionaireuniversity.com

Eric Medemar is a real estate investor from Grand Rapids, MI. Be sure to get your Free Guide To Real Estate Wholesaling. You can also view Erics real estate investing guide here.

Get your FREE Report “6 steps to wholesaling real estate” at www.TheForeclosurecollege.com

Get your FREE Report “5 Easy steps to becoming a real estate bird dog” at www.BirdDogBiz.com

When you are not living your life in the present moment you are living in either fear or regret. Fear of what might come in the future, regret about what happened in the past or a bit of both. Something that you might find very interesting, yet frustrating as well, is the way we use our present moments. In many cases you use your present moments fearing something in the future, but when you arrive in that future you were fearing, you live in regret of not being present in the past moment that you spent fearing the moment that you are currently in. Is your head spinning yet? To clear things up a bit I will give you a real life example.

Present Moment: A new mother is sitting at home worrying about going back to work in 6 weeks and leaving her precious child with daycare.

Body: Sitting with her new born child in the living room breast feeding.

Mind: Projecting into the future 6 weeks when she has to go back to work and needs to leave her child at daycare.

This cycle of picturing that sad day occurs daily up until the moment that the new mother needs to go back to work. Then it goes like this.

Present Moment: Sitting in her office getting ready to work on a new project.

Body: At the office, behind her desk.

Mind: Looking back over the past 6 weeks regretting that it went too quick and she doesn’t remember much of the time spent with her newborn.

Can you see the problem with not being present? By not being present the new mother spent her time with her newborn worrying going back to work. When the new mother finally had to go back to work she spent her time regretting not being mentally present with her child because she was mentally already working. Now that she is actually working she is spending her mental time back with her child. Her body and her mind were never merging into the same space.

Are you guilty of the same thing? Is your body at home with the family, while your mind is at work? Once at work is your mind back at home with the family?

One of the easiest ways to merge the body and mind is through gratitude. In order to be grateful for the things that surround you, you must be present to enjoy them. To practice gratitude simply stop for a moment and look around you, I am sure you can find something you are grateful for.

If your at home with your family look at your wife and kids, what could you love about them?

If your at the office what could you be thankful for?

If your out fishing what could you enjoy about the moment?

Notice that I don’t use the word should. The word should can lead to feelings of regret because you are saying that you don’t enjoy something, yet you know that you should. I don’t use the word are because it is way to easy to answer with nothing if you happen to be in a foul mood. The word could is a possibility word. You can’t get regret from could, you can only get the feelings of hope or choice. So the next time you find yourself not merging the mind and body together in the present simply ask, “What could I enjoy about this moment and the people or places in it?”.

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Eric Medemar is a real estate investor from Grand Rapids, MI. Be sure to get your Free Guide To Real Estate Wholesaling. You can also view Erics real estate investing guide here. Eric is also a contributing member to The Real Estate Investing Forums at www.themillionaireuniversity.com

Get your FREE Report “6 steps to wholesaling real estate” at www.TheForeclosurecollege.com

Get your FREE Report “5 Easy steps to becoming a real estate bird dog” at www.BirdDogBiz.com

Even in the slowest of markets you can still make money in real estate wholesaling. Even in “Bad locations” you can still make money wholesaling real estate. Here are a few of the deals that I have done in Bad locations:

A few of My “Bad Location Homes” have been like this:

paid 26k, repairs 5k, rented $675, sold for $62k
paid 38k, repairs 5k, rented $1000 (2 unit) sold for $62k
paid 33k, repairs 5k, rented $675, sold for $62k
paid 30k, repairs 12k, rented $675, sold for $62k
paid 30k, repairs 10k, rented $675k, sold it for $62k
Total paid $157, Repairs $37k, Sold $319k Gross Profit $125k

These are all homes that anyone could have bought, but they were in the “bad areas”.

Im beginning to think that “good areas” might be “bad areas” for the wallet.

Look at the cash on cash returns.

Good area= 15000/100000 =15% cash on cash return

Bad area= 20000/40000= 50% cash on cash return

Good area rents $800 on $100,000 home .08% return on Rent

Bad area $675 on a $40,000 home 1.6% return on rent

But wait, your thinking bad area bad tenants, good area good tenants, right?

Wrong. Bad tenants are bad tenants ANYWHERE, good tenants are good tenants ANYWHERE.

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