A’s to Your Biggest Q’s on Wholesaling Houses for Quick Cash

11 comments

Hey, so if you have a finger (or two) in the proverbial pie of wholesaling houses for quick cash, then you’ll really enjoy and appreciate this.

Here’s the deal in a nutshell:

Just by being ‘out there’ in the arena, we tend to get a wide and steady stream of awesome questions coming our way all the time. And as you might imagine, these questions can run the gamut of just about every facet of real estate investing you can think of.

But it’s probably no big surprise to hear that, hands down, we get more questions about wholesaling houses than anything else – by a wide margin actually.

And sure, we do our best to help out by answering as many questions at we can. But at the end of the day there’s only so many hours and only so much we can do fielding questions one-to-one.

Which is precisely why we were struck recently with the idea of hosting a live, ‘anything-goes’ webcast for some frank back-and-forth on the topic, and invited as many people as possible along for the ride.  

Well based on the response it went off extremely well and filled in more than a few ‘knowledge gaps’ for the folks who were able to join us. Unfortunately many who wanted to, simply couldn’t for one reason or another.

If that’s you and you missed the boat, then great news–it’s swinging around for another pass! You’ll find a replay of the whole shebang here for you below.

You, me, and the unrelenting 3rd degree…

For starters, understand that we kept this intentionally simple with no agenda whatsoever, except for offering straight, unfiltered answers to as many hard-hitting questions on wholesaling houses as we could possibly fit into our time together.

I’ve wholesaled hundreds of houses myself over 16+ years and it’s kind of my jam. But because no man is an island (and also I like doing stuff with my friends) I invited Smooth Operator Justin Wilmot to join me for this, and together we tackled every head-scratcher you guys could toss at us for 90+ minutes.

If you don’t already know Justin, he’s a surfer dude turned real estate investor from Flagler Beach, Florida, and also happens to be our resident “10-Hour Wholesaler.” He drives an impressively lifestyle-centric business focused on his own unique flavor of wholesaling, does deals in multiple markets monthly, and with only around 10 hours or so a week of his time and effort.

The guy literally figured out his own bass-ackwards way to make a great living wholesaling houses and spend as much time surfing and goofing on the beach with family and friends as possible. (Side note: It’s funny how some things just don’t seem to make sense together, till one day someone comes along swimming against the tide and makes it happen any darn way, ya know?)

Anyways Justin and I have been friends for years now, so on top of answering questions-o-plenty, we also quipped, wisecracked and imbibed a good time together. Because that’s who we are, and because, whythehecknot.

Some stuff we tackled to give you an idea:

 The skinny on “virtual wholesaling” anymore
 Making strong offers, with the right paperwork
 Is wholesaling becoming illegal or considered fraudulent in some states?
 The sticky subject of agent/investor relationships
 Can you still legally wholesale another wholesaler’s deal?
 How double closings really work in the real world
 What the heck is a reverse mortgage and can you wholesaling one?
 What should your bottom line wholesale profit margin be?
 How should wholesalers handle earnest money deposits?
 Should EMDs be made out to the seller? Title company? An agent?
 Should wholesalers say they’re selling “houses” or “contracts”?
 What’s an Affidavit of Equitable Interest? (and why should you care?)
 Are there certain places I shouldn’t be advertising my deals?
 Do I really need a team to help me, or can I do this all by my lonesome?
 And, yes, even more wholesaling stuff…

But look, here’s the bottom line

We’re not rock stars. We’re not celebrities or geniuses or wizards or anything. We put our pants on the same way you do every day.

But we do have a pile of real-life investing experiences, including some of the hard-learned lessons from the old school of hard knocks. And we’re more than happy to bring these things to the table for you in our live wholesaling Q&A jam session.

So with that said…

Let the bean spilling begin…

Pro Tip:

This is a full webinar, so if you’re short on time or attention span, feel free to use the lower-right “gear” to speed it up and watch faster… Or slow it down to hear us sound drunk if you want. Cause that’s always fun.

Thoughts?

Yes, we’d love to hear them–please leave a comment below.

Patrick & JP

Hi, we are Patrick and JP and we are real estate nerds, older and somewhat more respectable than we typically look, and mostly pretty good friends. Patrick: Visionary, freelance ponderer, unapologetic iced coffee enthusiast, loves beach volleyball, local IPAs & flipping pillows over to get to the cold side. JP: Communicator, troublemaker, bacon evangelist, harsh critic of them who put clothes on their pets, loves Costco samples & traveling everywhere like such as. Together: They combine to form the Giant Superhero Robot that is Awesome REI.

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11 comments
Drew

You have found the sweet spot and I look forward to Wholesaling using your techniques and expertise.

Reply
Susie Mize

Hey Patrick! Just finished first amp in Profit. You shared about your tough times. Thank you! I am learning a lot more from you and JP than I have from any other Company. I have put myself in financial bind by becoming a member of another Company. I tried to do my first wholesale and backed out coz my Mom passed away. But I got some Buyers on my list! Thanks again!

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Julie

I took your seminar today on empty houses my problem is I can’t afford your program but I have a lot of empty houses in my area but it’s in the country so are things different from the city

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Iris Acheson

Thank you very much for sharing all the good info on wholesaling. Also information on reverse mortgages which is the headache in my life@ present. Alway’s learn alittle more. It’s either find a cash buyer, pay the lien then upgrade and renovate the house. Still have the mindset to either rent it out or sell. Will be looking forward to 10hourwholesaler.com.

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Luke

J U S T ‘found’ your link …. Spent many minutes viewing the presentation …. Enjoyed it all !!

Looking forward to spending MUCH more time, gaining more knowledge !!

Reply
    Patrick Riddle

    Hey Luke, glad you enjoyed! And thanks for joining in the conversation here in the comment area 🙂

    – Patrick

    Reply
Michael

Great presentation.

Question: What do you do if your Cash End Buyer decides to back out of the deal on THE DAY OF THE CLOSING?

Thanks Guys
M. Johnson

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    Johnpaul Moses

    Hey Michael, thanks for the props! To answer your question, firstly you should always aim to get a EMD from your cash buyer, even when assigning. It should be non-refundable unless closing doesn’t happen due to title issues or the seller backs out… basically any reason the buyer can’t control, otherwise non-refundable. We always get $2K minimum earnest money deposit from our buyers unless we’ve done at least 3 deals with them. If they have skin in the game they’re much less likely to walk away from it at the last minute, but if they do, at least you’ve got $2K as consolation.

    Besides that, just make sure that if they try to back out for a lame reason, you assure them that REI is a small world and word spreads quickly when that kind of thing happens. That might be enough to make them do the right thing.

    Reply
Robin

Can you talk about virtual wholesaling and how that works
Thanks Robin

Reply
    Johnpaul Moses

    Hi Robin. “Virtual” wholesaling is just a term some people use for wholesaling a deal in an area outside of your own local market. Personally I think a better (more accurate) terminology would be REMOTE wholesaling. And the short answer to your question of “how it works” is that it works just like regular wholesaling, except you have to make offers long-distance, and usually have to find & rely on someone else to be your boots on the ground.

    Reply
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