real estate investing video training http://www.localmentor.com Michael Jake discusses how to simplify wholesaling houses. Simple Steps to Wholesale a House for Cash in less than 2 weeks (more)
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#1 by wealthinvestor80 on March 30th, 2010
Question? Can you please explain how the Earnest Money Deposit works on both ends do I give it to the title company? (Great info it keeps me going!)
#2 by 90260 on March 30th, 2010
do i have to have a real estate licene to do this?
#3 by localmentor on March 30th, 2010
no.
#4 by 90260 on March 30th, 2010
Do you recomend 5 Books for me to buy and read in Order for me to get started?
#5 by DOOCLINKUS on March 30th, 2010
Great information. It’s refreshing to find a real estate investor who actually explains the process.
#6 by kyotic77 on March 30th, 2010
I got a whole lot of foreclosed properties, and some buyers. My question is, what if the owner(in a pre-foreclosure) owe more than whats the house i worth? also, what if their equity is also in the negative? whats an LLC?
#7 by localmentor on March 30th, 2010
If they owe more than it’s worth (synonymous with negative equity) your only option to help them is to short sale it (get the lender to accept less than what owed to avoid foreclosing and liquidating the house themselves). Ideally this is the lesser of many evils the seller faces. It will ideally stop them from going to foreclosure and help their credit recover quicker, however many lenders still won’t give them a loan within 3 years (same as foreclosure) for another house.
#8 by localmentor on March 31st, 2010
LLC = Limited Liability Company
#9 by kyotic77 on March 31st, 2010
How can i aquire an LLC and how do you put it together quickly
#10 by bubbafatz on March 31st, 2010
Hi, makes alot of sense and well explained. It answers alot of the questions I had. It does seem that there is alot of work to be done, from finding the property, turning detective to contact the owner, seeing if they want to sell, then trying to get a very low price (50% off in your example) then title check, finding your buyer. It sounds like it would take weeks todo. But very little risk, I like that part. Thanks for sharing. Appreciated.