to claim your free MHD membership and get access to the largest wholesale property directory in your market visit http://MyFlipLeads.com
Richard Drake was live on facebook
Who is Richard Drake and why should you care?
Welll.. he is the real deal… Ricahrd is a Home Vestors Franchisee Owner, Renters Warehouse CEO and partner of Jet Lending – If you havent claimed your free membership go to myflipleads.com
Listen in a candid conversation from a HUGE player in the Houston market… here is a couple of things we covered below
Lots of golden nuggets and real useful content
How did he purchase over 1,5000 properties?
How to scale a rental business?
Biggest source of leads today?
Most lucrative strategy?
How he explains his rental business
Whats the best lead?
How do you get in front of people first before they talk to anyone else?
A Few Things to Consider…
Does your neighborhood allow for carrying of deadly weapons?
Should wholesalers close on the property?
Do you tell sellers you are going to flip their house?
How to build wealth through real estate?
Is there wealth building in flipping?
How do you collect rent?
Do you use private/hard money for your own business?
Whats the best way to start investing?
When Should I quit my job?
What percentage of your leads do you close on?
Have you ever paid retail for a property?
What percentage ARV do you pay?
How do you classify your neighborhoods?
How do you pulls comps?
How do you incentivize your tenants to stay long term?
What syndication tools and softwares do you use?
How do you manage houses?
Whats your tenant criteria?
What is Rent feeder?
P.S. to claim your free MHD membership and get access to the largest wholesale property directory in your market visit http://MyFlipLeads.com
Sponsored by LazarineLaw.com
Real Estate Agent Vs Real Estate Lawyer
http://www.REIClub.com – What Happens During Real Estate Closings? Here Are A Few Tips On Closing Real Estate As a Wholesaler…
Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I’ve got quick video on how a typical wholesale closing works.
The first thing you have to do is find is a title company:
Title company, closing agent/attorney
– Quick – avg 3 business days
– Attorney – look over title work, cleared
Types of Closings – (money usually sits in closing escrow)
– Simultaneous closing (aka. double closing, back to back closing) – using buyer funds to close, buyer shows up first (morning), purpose of this close is to obtain cash at closing.
– Transactional – using short term third party funds to close
– Find the buyer (C of transaction) to repay the third party.
– prefer using your closing agent for all real estate closings
– ease of paperwork
– saves time, energy and money
– closing agent that understands wholesaling deals – back to back closings, double closings
– make sure the seller and buyer show up at different times (morning vs afternoon)
Closing Costs – negotiable
– Wire fees
– Attorney fees
– Tax Service Fee
– Title Insurance
– Title Examination Fee
– Deed Preparation
– although two closings – A to B to C closing
– should not have to pay two full sets of fees
– be more flexible with seller side
– buyers are more flexible with you
Seller Closing – comes in afternoon to sign docs
– seller does not need to know profit margin for wholesaler
– draft a separate settlement statement
– prefer buyer closes first (morning) so can use their funds
– separate settlement statement
Getting Paid – wholesaler gets check for net difference between two transactions
Real Estate closings are generally pretty straight forward for Real Estate Investors. Your main objective as a wholesaler is to make sure that the A and C side of the transaction go smoothly, and that all parties are happy; more your buyer than the seller. This may require your title company to creatively structure the paperwork, to you, creatively negotiating the deal. Just remember, never throw away a deal for a few dollars, eat the cost, make your money and get out.
Again, this is Frank Chen with REIClub.com. Please take the time to leave your comments for this video below and please subscribe to our YouTube channel so you’ll be automatically notified when we upload more quick video tips for you. Take care and good investing.
Sponsors & Contributors
Special thanks to Khorozian Law Group, LLC for their insight & help in editing this article. You can find their online profile here. This attorney has provided great legal info and we just wanted to send a shout out.
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The Houston Real Estate Attorney
http://www.msternberg.com The Business Law Attorneys of Manfred Sternberg & Associates represent Real Estate Clients.
We usually attempt to only work with the best attorney in any specific city, in any specific field. For instance, you might recall the article we wrote about the best truck accident lawyer in Houston…well we also wanted to do a quick article on the best real estate lawyer in our Rocket city.
**(you should also view commercial truck accident video here.)
Which is why we have featured the video above. We believe that any real estate transaction should be reviewed by a great lawyer. And the lawyers at Manfred Sternberg are our favorites.