notes from the class today:
it would be nice to make a living as a
WHOLESALE REHAB INVESTOR
therefore I'm jotting down these notes - gotta start somewhere
class mentions:
THE DIFFERENT TYPES OF INCOME:
saw something about a Z-estimate - not sure what that is....
you can find data about a property on some websites.. maybe city data?
so basically you want to target properties that are in MEDIAN price range... they tend to have the biggest buyer pool.
allow for minimum 90 days on rehab when doing rehab type deal.
but when you do wholesaling can be accompleshed in less than 90 days per deal
which makes sense because you typeically have a contract ofor 30-45 days.
2 types of ways to get money and uses.
1private money lending (lender)
for rehab
they dont need to check credit
they check the deal
70% of arv%lower
2 cash buyers
used for wholesale deals
you make money when you buy a proeprty not when you sell.
foreclosure is just one facet
QRP
qualified retirement plan.
somehting about using the money in retirement plan to pay for real estate
something I noticed about tax liens....
good states to buy tax leiens is
HAWAII
DELEWARE
OHIO
because these 3 have only 1 year redemption periods..
meaning if taxes arent paid 1 year later you can own the proeprty.
fastest way to generate wealth
1. wholesaleing
-traditional wholesaling
-reverse wholesaling with cash buyer
1. build list of active cash buyers - documented in county records
2. determine what the cash buyers want.
3. find properties using system
4. contract.
1. cash buyer list
2. locate property
3.contract for 30-45 days (equitable interest in property)
4. create a wholesaling packet
for the cash buyer
HOW MUCH PROFIT
WHY THEY CAN PROFIT
AND EXIT STRATEGY
example:
40k profit built in deal. i take 10k off the top for wholesale fee.
instructor also mentioned after class possibly 1% of arv??
step 5
MARKET TO AND CLOSE BUYER
for marketing you can use
flyers
direct mail
social networking
door hangars
search distressed properties.
EXIT STRATEGY < important words
note
a cash buyer is typically a REHABBER.
obviously.
Q. do you pay any money to acquire the contract?
A. yes, this is called consideration )contingency)
find deals via MARKETING (speeds up process).
search:
preforeclosure lists
bankruptcy lists
eviction lists
probate
divorce lists
delinquent lists
fire damage lists
bankruptcy attorney lists
code violation
distressed property
it would be nice to make a living as a
WHOLESALE REHAB INVESTOR
therefore I'm jotting down these notes - gotta start somewhere
class mentions:
- BUYING SHORT SALE
- ACCESS TO MORE FUNDING
- REVERSE WHOLESALING
- WHOLESALE
THE DIFFERENT TYPES OF INCOME:
- ACTIVE INCOME
†wholesaling
†rehabbing - PASSIVE INCOME
†rental properties
†turn-key properties - BUSINESS & INTEREST INCOME
†private lending
†tax lien investing
saw something about a Z-estimate - not sure what that is....
you can find data about a property on some websites.. maybe city data?
so basically you want to target properties that are in MEDIAN price range... they tend to have the biggest buyer pool.
allow for minimum 90 days on rehab when doing rehab type deal.
but when you do wholesaling can be accompleshed in less than 90 days per deal
which makes sense because you typeically have a contract ofor 30-45 days.
2 types of ways to get money and uses.
1private money lending (lender)
for rehab
they dont need to check credit
they check the deal
70% of arv%lower
2 cash buyers
used for wholesale deals
you make money when you buy a proeprty not when you sell.
foreclosure is just one facet
QRP
qualified retirement plan.
somehting about using the money in retirement plan to pay for real estate
something I noticed about tax liens....
good states to buy tax leiens is
HAWAII
DELEWARE
OHIO
because these 3 have only 1 year redemption periods..
meaning if taxes arent paid 1 year later you can own the proeprty.
fastest way to generate wealth
1. wholesaleing
-traditional wholesaling
-reverse wholesaling with cash buyer
1. build list of active cash buyers - documented in county records
2. determine what the cash buyers want.
3. find properties using system
4. contract.
1. cash buyer list
2. locate property
3.contract for 30-45 days (equitable interest in property)
4. create a wholesaling packet
for the cash buyer
HOW MUCH PROFIT
WHY THEY CAN PROFIT
AND EXIT STRATEGY
example:
40k profit built in deal. i take 10k off the top for wholesale fee.
instructor also mentioned after class possibly 1% of arv??
step 5
MARKET TO AND CLOSE BUYER
for marketing you can use
flyers
direct mail
social networking
door hangars
search distressed properties.
EXIT STRATEGY < important words
note
a cash buyer is typically a REHABBER.
obviously.
Q. do you pay any money to acquire the contract?
A. yes, this is called consideration )contingency)
find deals via MARKETING (speeds up process).
search:
preforeclosure lists
bankruptcy lists
eviction lists
probate
divorce lists
delinquent lists
fire damage lists
bankruptcy attorney lists
code violation
distressed property