Wholesaling Properties - Posted by Shawn Arsenault

Posted by marla on March 26, 1999 at 13:29:15:

Thanks, Nate. I’ve forwarded your address.

Marla (Santa Clara, CA)

Wholesaling Properties - Posted by Shawn Arsenault

Posted by Shawn Arsenault on March 25, 1999 at 14:29:34:

I am still in the studying phase of RE investing. I finished CS and have read Ron Legrands Fast Cash.(Thanks to the referal of someone on this site. Thanks!) I’m considering returning CS and getting Ron Legrands course or attending a Boot Camp. Ron Legrand is Great! Any way I have a new out look on investing since reading the book. I never really wanted to be a land lord, at least not now, I need some cash first to be able to be a better invester. Now I know some would disagree, but for me I would feel more secure. So I’ve decided to find good deals on fixer uppers and then wholesale them to another invester for a quick 3,000 or more? I’m not real sure what a fair price is.(Maybe it’s best to leave it negotiable?) Then I would save up this money and do repairs myself at a later time for a much larger profit. My bigest concern is what if I don’t find an invester to take my deal? I have no money to invest in repairs, no money for payments(just a little), not much money for a down paymentor closing costs.for you seasoned investers do you think I would have a hard time finding another invester to take my deal? I live in Indianapolis and every Sunday I see at least 10 I buy houses ads. I’m thinking I wouldn’t, but if I do I’m in trouble. I realize nothing in life is sure and you need to take some risks to acheive. I’m also curious in what kind of a deal is most attractive to an invester. Ron tends to speak a lot about cash sometimes due in 6 months or buying it outright for cash at close. Now you may laugh if your a succesful invester, but for me it’s hard to imagine that people actually have 40,000 or more or less in cash to invest. Also I’m a little unclear as to whether I would do a title search etc or everything is left up to the other buyer/invester. Do I just find the deal work out a contract and then leave with 3,000 or more. That’s what I understood, but just clarifying. Thank you so much for taking the time to read my book.LOL And also for taking the time to respond.
Thanks again,

If you are in Oregon email me - Posted by PBoone

Posted by PBoone on March 25, 1999 at 19:56:19:

I will purchase all the houses you can get your hands on.
Pat (Portland)

Re: Wholesaling Properties - Posted by Jim IL

Posted by Jim IL on March 25, 1999 at 17:16:40:

You said there are at least 10 “I buy homes” ads in your local paper?
Call them!
Find out buying criteria:
How much?
Type of home?
How fast to close?
Cash or finance?
anything else they can offer?
Also, are they willing to take deals from you IF you find one that “fits the bill”?

If that doesn’t get you a satisfactory buyers list, then run your own ad.(or do both)
I did and got a nice little list, plus when we find a home, it is placed into the paper, per Legrand as follows:
“Handy man special
Cheap, Cash
call xxx-xxxx”

We have an ad just like that running now. With one change.
I have an ad that runs permanently in the paper, and can change its content for free at will, as long as the new ad contains the same lines etc.
So, my current ad says:
ATTN: Bargain Hunters
Handyman Special
Cheap, Cash

When I don’t have a home “tied up”, my ad reads as follows:
We Buy Homes
Any price, condition, area
call xxx-xxxx

Although, honestly, I’m not so sure just how well the ad is doing to attract sellers, because we keep getting deals elsewhere and have to change to our “selling ad”.

Soon, after closing a couple, we plan on running both ads at the same time.

We have been getting no less than 15 to 25 calls a day so far, on the “selling ad” and this home WILL sell, I have no doubt.
But, just in case, we are covered with some “weasel clauses” and some alternative sources for funding (Hard Money).
The bottom line is, lose the fear and jump in. It can be done, but you’ll never know until you try.
Good luck to you,

P.S. And remember, this board is full of FRIENDS to help. So, do not be afraid to post ANY question, no matter how “stupid” you think it may be, chances are that someone here has encountered it before.

Do you buy in the Eugene area? - Posted by marla

Posted by marla on March 25, 1999 at 23:09:51:

Hi Pat. I think my sister’s about to take the plunge into REI, starting with wholesaling in her area, probably.

Marla (Santa Clara, CA)

Re: Do you buy in the Eugene area? - Posted by N8

Posted by N8 on March 26, 1999 at 24:46:09:

I may be interested…I am in Albany, but will buy in Eugene.

Have her e-mail me.


Re: Do you buy in the Eugene area? - Posted by PBoone

Posted by PBoone on March 25, 1999 at 23:50:21:

No we for small investments under $500K we stay in Portland if over have her contact me.