The Millionaires Blog Wholesaling GuideNo B.S. (Money-Getting) Advice for Wholesaling Real Estate, Wholesaling Houses, Real Estate Wholesaling and Flipping Homes

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Ok, now to be honest you did not need more than 1 second to answer that question let alone 2 minutes. The only person, thing, or action that truly “makes” you happy is you. Regardless of what you listed on your “make me happy” list, it all boils down to you. The things that you perceive to make you happy, only make you feel happiness because it is at those points in time that you allow yourself to be happy.

Sadly we no longer acquire things to live as we did in the cave man days, now we live to acquire. Think for a moment about the stupid things you tell yourself about happiness. “Oh, I will be so happy when I get that car”, “Oh, when I retire I will be so happy”, “As soon as I make $100,000 I will be so happy”. Happiness is always there, like a caged animal in your mind. The moments that you allow yourself to be happy, are the only moments that you unlock the cage and let happiness run free. No sooner than happiness is set free, we come up with more things to be done in order for happiness to once again be released from the cages of our minds.

Look at all of the things that you currently have in your life. I am guessing that at one time or another you had thought to yourself, when I get this I will be happy. Well, you got it and………….

Everything that we as people do boils down to a level of happiness that we would like to achieve. We delay our happiness until certain moments arrive that we allow ourselves to be happy. The problem is when we get to those moments of arrival, the happiness is very short lived. Once that moment of finally arrives; we don’t truly enjoy the happiness that we thought we would. Instead we begin thinking of bigger better things to delay our happiness, and the cycle continues on and on and on.

I encourage you, go to your cage and throw the lock away. Let your happiness run free until you find something worthy of caging it again. This world of caging happiness until we have a reason to set it free is a very miserable place.

Real Estate wholesaling is by far the greatest way to build wealth without capital or credit. This week I am putting together a real estate wholesale deal for my dad as a favor and he doesnt even need to participate.

2 weeks ago I found him a great deal on a Grand Rapids Foreclosure. We ended up getting it for about $43,000. We will be closing on it in about 2 more weeks. Today I got a call from a buyer who was looking at one of my deals that I am wholesaling, except she didnt like it. So I ran her by the one that I got for my dad. She loved it and is wants to buy the home for $57,000. I called him, and hes thinking on it. If he goes with it essentially he will make $13,000 after expenses for a home that I found him, and brought the buyer to.

Some people get there dads bad ties, I got mine $13,000 in profit. (Thats alot of ties)

To use my system for wholesaling real estate visit http://www.theforeclosurecollege.com/

To Take me to lunch visit http://www.investorslunch.com/ (I promise I wont drink)

I get email virtually every day from people who want to know where to find buyers for their wholesale deals. I see countless posts on here of people asking where to find buyers. So I figured I would put together most of the ideas that I have used or have seen used for finding buyers into a single post.

I am sure there are countless other places and ways to find buyers beyond what I am mentioning, so I will leave it up to other people to fill in the blanks that I have missed.

Keep in mind these are ways that I or my clients have actually used, so I know that they work because I have done it.

1. We Buy Houses Signs I call every single one of these signs that I see, I actually keep a note book full of numbers and info that I find out about these companies when I call.

I usually ask them whether they are still buying, what they are looking for, what percentage up FMV they are typically paying, and what areas of town they want to buy in.

While I have them on the phone I also ask them if they wholesale out any of their homes, if they do then I ask them to call me when they have something good. I tell them that if the deal is right I can close in less than 2 weeks with cash.(I can do this because I have other buyers already in place to buy their deals, sometimes these buyers could be other cash for your house buyers)

Here is a sample of a deal that I put together using this.

1. I called a we buy houses sign
2. Found out where they were looking
3. Put a home under contract for $52k in that area
4. Called them and let them know.
5. I signed a 6 month lease option with them for $64k
6. I closed the home.
7. The lease option started
8. He sold the home
9. We close this week, I make about $12,000 (I also made commission when I bought the house, because im a realtor)
10. He makes around $12k.
11. Were all happy.

Take a real estate wholesaler to lunch visit http://www.investorslunch.com/

2. Call realtors I call realtors and find out if they have any cash buyers that are looking to buy some wholesale deals. It varies on what I offer to pay them but typically I offer 10%-20% of my profit, or a flat 2-3% fee, each time the buyer they have given me buys a home. It creates a win- win, I get a buyer and they get paid whenever their buyer buys a home.

I offer the continuous pay because a realtors worst fear is that they give you a buyer and he buys from you, then when they have a good property to show their buyers they cant buy because they have already purchased from you.

If the realtors dont have cash buyers, I tell them that if they bump into any great deals, they should call me and if the deals good enough we can buy with cash and close in less than 2 weeks.( Often times you can use other realtors buyers to buy another realtors house and you can make money setting the two up)

An example of one of my clients deals that he ran this way.

1. I called my client about a great HUD deal
2. He liked the deal and put the home under contract for $115k (I made a $4800 commission on the home when it closed so I was happy)
3. We had 60 days to close the HUD home so he started calling realtors
4. He found a realtor with a cash buyer that was willing to pay $122,000
5. We assigned the contract (this is a secret)
6. We went to closing and his buyer brought $122,000 cashiers check.
7. My buyer left with a check for $7,000 ( he used none of his own money, and I found him the house so he was happy)
8. I left with my $4800 commission
9. The realtor who brought the buyer took no commission but got a commitment from his buyer that he would list the home with him when he sold it.

3. Newspaper ads I dont personally use this one, I have clients who have had great success with it though. They simply place a small classified ad that reads “Looking for buyers to purchase homes at 50-70% of true value”

I have picked up endless buyers with this ad though “Free List of 45 foreclosed/distressed homes” call or visit www.$$$.com. The reason that I have had so much success with this ad is because anyone thinking of buying real estate would much rather get a free list of 45 then have to call each individual ad. You can have a local realtor put together a list of properties for you and email them to you if you cant find your own. Then take the list that they send you and email it out to people that respond to your ad. Keep in mind you dont really care about the list that you send, you care about getting the name, phone number, and buying qualifications of responding buyers.

A real life example.
1. I placed my free list ad
2. I got about 30 responses for the month
3. Found one buyer who has paid me over $75,000 in commisions over the next 3 years on deals I brought him.

These were realtor commissions, but if you can find a buyer who is taking the kind of action he was you could seriously line your pockets wholesaling to him.

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4. HUD homes this is my own technique that I started using to get buyers just for my realtor purposes. Watch for a great deal on a HUD home or any great deal for that matter, then park outside for a few hours and talk to the people going to check out the home. Most of the areas investors will find there way to the property and you can give them your card and be sure to get there info. Tell them that you run into alot of deals and ask them if they would like you to give them a call when you run into something decent.

A personal example.

1. I went to look at a good HUD home that I was going to buy myself.
2. The neighbor came over and wanted to see the home while I was there.
3. I showed him the home and he ended up buying it from me.
4. I ended up making $2500 in commission on it.

If I were not a realtor, I would have simply talked to him and found out what he was willing to pay, then wrote up a wholesale contract, then put the home under contract with HUD, then played the spread.

This was my most recent deal, but I have picked up endless buyers for other homes while parked outside of HUD homes. I call it hunting for buyers. Its kind of like deer hunting with a bait pile. The home is the bait pile and the buyers are all coming to eat.

Take advantage of my proven real estate system visit http://www.theforeclosurecollege.com/

4. Talk to your current buyers buyer typically know other buyers, ask your buyers if they know of anyone else who is buying (let them know you will only call the referal if they are passing on the property). You also might offer to pay your buyer for a referall fee if one of there people end up buying a house from you. This technique also works great if you have a buyer that only wants to buy in a certain area, then you can call their referall if you have a home outside that area.

Personal example.

1. One of my buyers had too many homes and could not buy.
2. I asked him if he knew anyone else who might be interested.
3. He gave me the number to a cousin who was an even bigger investor
4. I ended up selling 3 homes to his cousin this year, and paid him a referal for each one.

5.Local REI meetings If you have a local investor club join it, if you dont then start one. It kind of speaks for itself that this is where many great buyers will be. Just be sure you know a fair bit about what you are doing before talking to very many people about potential deals. The last thing you want to do is burn alot of bridges by showing your new found buyers a bunch of crap.

6. Birddogs for buyers Outside of having bird dogs look for homes for you, you can also have them look for buyers for you. Give them your cards and have them hand them out to people they might meet that are looking to get into real estate investing.

7. Brochure Boxes Just like realtors use brochure boxes you can use them to. If you have a property to move leave a brochure box that talks minimally about the property that it is left at, always be sure to leave out pertitant info like price, sqft, or bed/baths. If you give all the info away then people will never call you about the property. Focus the brochure mainly on other potential deals in the area or say that you are looking for buyers for properties at 50-70%FMV.

Find out about government foreclosures Click Here!

8. Out of towner and landlords Many people sell themselves short when they are dialing for dollars. Typically people call or mail out of town owners and other landlords to see if they want to sell. The funny part is if they dont want to sell then there is a chance that they want to buy, so ask them if they arent selling, then would they like to buy some more, or if your mailing then include buying info on your mailer as well.

I gotta go now, the wifes ready for shopping, I will add to the post with some of my other ways but this should be a start. Hopefully the big dogs can come in and fill in the blanks.

Eric Medemar specializes in Grand Rapids Foreclosures, Grand Rapids HUD homes, and Grand Rapids Real Estate Investing.

Eric Medemar Specializes in Grand Rapids Foreclosures, Grand Rapids HUD homes, and Grand Rapids Rental Property.

Why do most real estate investors fail?

The answer may appear easy at first, but let me tell you it probably isn’t what you are thinking. Many people assume that most investors fail because they are either lazy, dumb, or have no money.

What if I were to tell you that none of those answers are correct?

Have you ever read a great real estate book, been to a great real estate seminar, or have just been reading online and have gotten hype, I mean mind blowing hype? It feels almost as if the creator himself has reached down and said “Go Forth and Make Money in Real Estate”.

If your anything like I was, this happens far more often than what you would like to admit. I’ll get to that in a second………

So after the creator has spoken to you, you start thinking of all of your options, so many options, so many ways to make money. Perhaps you are even losing sleep now, because of all of the ways you are going to make money in real estate. Your mind is going crazy with visuals, you in your sports car, you sitting on the beach or at the pool in some gorgeous tropical location. You maybe picturing exactly how it will look when you walk in and tell your boss to “Take this job and shove it”. Won’t that feel good.

All of the sudden your mind is FINALLY free flowing with all of these ideas that you have learned, you are in the zone. Why has your mind waited all this time to finally open up? Finally, it is your time. THIS IS NOT YOUR PRACTICE LIFE, and finally things are falling into place. You will have so much more time to spend with family, so much more time to spend doing the things you have always wanted. Never again will you have to wake up and dread going to work. This is awesome, you feel great.

Then maybe 22 hours later, things have somehow changed, there seems to be no possibility left in the world. Life is tough again, that boss who you just told to “shove it”, is now back to slowly stealing your precious hours on this earth, not to mention your pride. That sports car, has somehow turned back into your “not so sporty car”, and the idea tropical vacation seems to have washed away faster than your real estate dreams.

Real estate dreams? “Nobody can really make money in real estate!, Heck the whole market is bad, especially around here. I think I am going to wait and save some money up, study some more, then when the market gets better I will start doing real estate”.

How could this happen? Has the world somehow changed in the last 22 hours?

Maybe it’s just you. Maybe your crazy.

I wish it were that easy.

Well, I have bad news, and good news. The bad news is not much much in the world has changed over the last 22 hours, except you. The good news is, that not much in the world has changed in the world over the last 22 hours, except YOU. Hmmmmm………..

YOU are the problem. YOU are the reason you have been stuck in a rut. YOU are the reason the world seems to have changed over night. Except……….

It is not the YOU that comes to mind first. The YOU that I am talking about is your mind trying to protect YOU, from you. Ok, now your confused, and I really don’t want to get philosophical on you. In fact I can’t, I am not that smart!

Your mind has turned on you. Your subconscious has went into protection mode. It has started telling you all of the things that you have heard throughout your life that were supposed to protect you. It is now giving you all of the reasons that you are going to fail, why you can’t make it, and why it would be a total waste to even try. It is telling you “Stick with what you know”, you know the 9-5 that you hate. Your mind wants to stick with what you know because it associates failure with pain and failure comes with doing something new (like real estate investing).

So how can you beat your mind?

Essentially what you need is someone to tell you the opposite of what your mind is telling you. For most people it is next to impossible to do on your own. Don’t even think about going to other people (friends, and family), they are the ones that put the voices in your mind in the first place. Think for a moment about the things your mind tells you. Sound familiar, perhaps like the voices of you friends and family who you have told about your real estate dreams.

No, this is not some cheesy coaching program, where you will talk to a hired crony, that has never has invested a day in his life. This is rock solid mentorship, by me. You will have my personal phone number and email to call anytime.

I am not going to brag and tell you what I can do. I will tell you what I have done so far. I currently own 35+ rental units, I have made over $150,000 in 2007 wholesaling real estate and flipping properties. I have a been a realtor for over 6 years and have completed over 200 transactions. I have helped other investors make hundreds of thousands investing in real estate. I currently have 7 homes that I am rehabbing. Not long ago I was borrowing money from my mom to buy groceries. You can see my articles in the additional help section at www.BiggerPockets.com as well as www.EzineArticles.com. You can also view many of my numerous real estate postings by googling Eric Medemar

or visit my blog at http://www.TheMillionairesBlog.com

I do real estate full time, I have my dream house, dream job, dream cars and dream life. I get out of bed when I want to, I go to work when I want to, I spend time with my family when I want to. I have been lucky enough to realize this is not my PRACTICE LIFE. This is the big game. I am not guaranteed a tomorrow, nor are you, so what are you waiting for?

How long have you been “thinking about investing”? Thinking about investing, for more than a month or two means you are “Thinking about not investing”.

How long have you been “Getting ready to get ready”, “Preparing to prepare”? Oh, I am sure if you listen to one more CD, or read one more article then you will make it big in real estate. Yeah right.

Do you believe in the power of your subconscious mind? Do you want to hear it talk? STOP! Listen for a minute, right now I bet it is telling you, “You have been here before, don’t buy anything, you’ll get ripped off, this guy just wants your money”. I have news for your subconscious “I DON’T NEED YOUR MONEY”,

“Believe me if you want to start investing, you need me, far more than I need you”

So why do I charge for mentoring? If you haven’t figured it out yet there are two things that are scarce on this planet and they are time and money. If I take time to help you succeed, then I can either take time away from my job which pays very well, or my family which a price cant be put on. I think you get the picture.

You might be asking yourself “OK if your so successful at real estate then why do mentoring?” Well to be honest, it is something that I actually enjoy doing more than real estate itself. I like to make a difference in peoples lives by teaching them what I know.

I can help you silence that voice of failure inside your head. With my knowledge and your desire, we will duct tape that voices mouth shut for good.

I am taking on 8 people to mentor for the year (the next 365 Days). Not all students will be taken, I reserve the right to cancel your mentoring if I don’t feel you are up to standard (you don’t want it enough) after our first phone conversation, and a full refund will be given promptly. You will also have the opportunity to cancel within 24 hours of our first conversation if you feel that I am not up to your standard as a mentor.

The price is $499 this includes giving you my personal number (616-813-9773), my personal email address theforeclosurecollege@yahoo.com , all calls will be returned within 24 hours.

What to expect:

1. Within 2 days of joining our program I will personally call you to find out where you are at, and where you want to be in your real estate business.

2. From that call I will personally layout a real estate success plan that will serve as your roadmap to investment success.

3. Once you have started implementing your real estate program, I will be there to help you get past any obstacles that may be in your way.

4. I will be your personal mentor, whatever you need, I can help. My goal is to make you a “mini me”, my knowledge will be your knowledge. You will never have to make any of the costly mistakes that I had to make on my way up.

If you are teetering on joining the program feel free to call me direct at the number above (leave a message) or email me, and I will be happy to answer any questions that you might have.

I know that you may be able to find a mentor for FREE in your area, but from my own mistakes I have realized that local mentors don’t show you everything they know, they don’t want to end up competing with you on deals.

Thank you,

Eric Medemar www.TheMillionairesBlog.com

Eric Medemar has authored several books on wholesaling real esate and real estate wholesaling.

I am in a very slow market right now but I am still having alot of success Wholesaling Real estate Buying could be very dangerous if you dont know what your doing, but I’m loving it. Where do you buy in a bad market? Easy answer, anywhere you can make money. I like the “bad areas” right now. Why, because most investors dont want to buy there. The nice part about bad locations is that the homes are so cheap, that while your waiting to sell you can cashflow like crazy with tenants.

A few of My “Bad Location Homes” have been like this:

paid 26k, repairs 5k, rented $675, sold for $62k
paid 38k, repairs 5k, rented $1000 (2 unit) sold for $62k
paid 33k, repairs 5k, rented $675, sold for $62k
paid 30k, repairs 12k, rented $675, sold for $62k
paid 30k, repairs 10k, rented $675k, sold it for $62k
Total paid $157, Repairs $37k, Sold $319k Gross Profit $125k

These are all homes that anyone could have bought, but they were in the “bad areas”.

Im beginning to think that “good areas” might be “bad areas” for the wallet.

The neat part with bad area homes is you spend 40k to make 20k, not spend 100k to make 15k.
For more info on real estate wholesaling visit www.InvestorsLunch.com

Or use my proven real estate system at www.TheForeclosureCollege.com

Look at the cash on cash returns.

Good area= 15000/100000 =15% cash on cash return

Bad area= 20000/40000= 50% cash on cash return

Good area rents $800 on $100,000 home .08% return on Rent

Bad area $675 on a $40,000 home 1.6% return on rent

But wait, your thinking bad area bad tenants, good area good tenants, right?

Wrong. Bad tenants are bad tenants ANYWHERE, good tenants are good tenants ANYWHERE.

Eric Medemar Specializes in Real Estate Wholesaling, Grand Rapids Foreclosures, Grand Rapids HUD homes, and Grand Rapids Rental Properties

It seems like everyday I talk to someone who is wanting to start real estate wholesaling. Wholesaling real estate is fairly easy once you lay out a good plan and implement it. One of the main problems that I see people having is not having good written goals in place. The process of writing goals gives you something concrete to fall back on when your concious starts questioning your every move.

Have you ever driven accross the U.S? I am sure that many of you have at least traveled a thousand miles or more from home. Imagine for a minute trying to drive from New York to Califorinia without a map, and no knowledge of the highways. Instead you decide to go by following the north star. Sure you could get to California eventually, but it would be much quicker and more efficient to have a map in place. Intstead of just following a star, you would go from New York, to Kansas to etc, well you get the idea. A map essentially breaks down the huge distance from New York to California into small easy to follow steps.

Proper Goal setting will do the same thing. They take the large arduous task of Wholesaling Real estate, and break it down into mini steps, that can be more easily achieved. For help in building your map to real estate success visit me at www.TheForeclosureCollege.com , I will give you every tool that I have used to achieve real estate success.

Learn more at www.TheForeclosureCollege.com
or www.InvestorsLunch.com

Eric Medemar specializes in Grand Rapids Foreclosures, Grand Rapids Rental Property and Grand Rapids HUD homes.

Eric Medemar is a real estate investor who specializes in Grand Rapids Forclosures, Grand Rapids HUD homes, and Real Estate Wholesaling. For discount carpet check out http://www.carpetliquidationsale.com/

Last year I bought a home that somebody died in. I found at after closing when I was talking to the neighbors, I have 35 rentals so it seemed a welcome addition to my family of disfunctional homes. They had told me that it was hard to keep tenants there because it was haunted. I found out that a grand kid had stabbed his grandma 23 times and she layed dead in the house for a couple of weeks. Later he was killed elsewhere up the street.

Anyway, I had another of my tenants call and wanted to move into the house. She had been my tenant for over a year at another property and always seemed sound in mind. I didnt want her to have any preconcieved notions about the house being haunted, so I let her move in. After a couple of weeks I called to see how everything was going, I asked her if everything was going OK and she said “Yeh but the house is haunted”. I said how do you know, did someone tell you that? She said no I came down the stairs one night because there was some knocking in the kitchen and there in the kitchen was an old lady and a boy. Let me tell you every hair on my body was standing on end. She went onto tell me how if she closes certain doors in the house at night that they will be banging all night. I thought it must be the wind but she said it only happens at night and they learned just to leave the doors open. She had been my tenant for a long time before this and never had any problems so I believed her.

I asked her how she was so comfortable with ghosts, and she told me that she had rented another house where a guy had killed his girlfriend then himself, and she would see them around the basement.

A couple of weeks later I woke up and was watching the news and saw the news reporter at the scene of a homicide. Nothing new, except for the fact that my already haunted property was in the background with police tape around it. I guess a guy got shot outside and ran inside to die. Needless to say the neighbors were not happy with the people who I moved into the house. The girl was OK but her friends had shot the guy. She went to jail and the neighbors threw bricks through the windows and then ransacked the home. I ended up about $2000 ahead with insurance money.

The new tenant that moved in called when he turned on the furnace for the first time and he had been vomiting all morning. I had never turned the furnace on since I bought the home in march. Evidently when grandma died in the basement it was next to the furnace and the smell that the furnace was pumping out was enough to make my tenant repeatedly vomit for the afternoon. Earlier this month I bought another home that a man had committed suicide in. Well I was cleaning out his stuff and came to a drawer that was filled with about 500 bipolar pills that he had not taken. Hmmm….Maybe he should have taken them. You gotta love those Grand Rapids Rental Properties

I was never a big believer in ghosts myself, and my wife was always telling me that our first house which was a rental was haunted, she would tell me in the morning that she could here banging on the glass. Me, being the man that I am just told her that it was the bushes on the windows. Until, the night she woke me up with the quick jab to the throat and said Eric listen its here. I groggily rubbed my eyes and was just about to get up and walk her to the window where the “bush was rubbing” just as my toe hit the floor, the basement door right across from our bedroom door started shaking rather loudly and the handle was twisting very fast back and forth. It was a old wood door with a rusty handle so the sound was unmistakeabley horrifying. Thats when I came a believe.

For more info on real estate wholesaling visit www.InvestorsLunch.com

or to use my real estate system www.TheForeclosureCollege.com

Eric Medemar specializes in Grand Rapids Foreclosures, Grand Rapids HUD homes, and Grand Rapids Rental Property.

Looking back at the high school and college summer jobs that I worked, I am amazed at the amount of time and energy that it took me to make $4,000-$5,000 in a summer. I would slave away at the construction site the entire summer for $6-$10/hr.

I was working so hard, and so long, that often times even in my free moments I would fall asleep instead of being out enjoying my youth. I guess at the time it was all that I knew, therefore it was all that I did. “I wish I had met me”, I now think to myself looking back at the 5 summers of intense labor.

I would have told me:
1. You do not necessarily have to work hard, but instead learn to work smart.
2. In order to make more money, learn what the people with more money do.
3. Become knowledgeable about making money, instead of becoming knowledgeable about framing homes.

These 3 rules of wealth would have bought me at least 3500 hours of freedom over the 5 summers of manual labor. If I had it too do over again I would have learned about real estate investing, first by becoming a real estate bird dog, then a real estate wholesaler, then a landlord.

As a real estate bird dog I would have spent my mornings, placing signs around my area to seek out potential sellers. Then I would have spent 1 or 2 hours a day locating potential buyers for the properties that people called in for sale. Once my signs were in place and my buyers list was developed, I would have taken my phone to the beach. From the beach, I would have become a real estate matchmaker. Taking calls from sellers, and connecting them with my buyers for profit. $1,000-$5,000 a deal would have made me $10,000-$20,000 over the course of the summer.

At the end of the summer instead of being tired and worn, I would be tan and happy. Instead of knowing a little bit more about framing a home, I would know a little bit more about how to make money through being a real estate bird dog, or real estate wholesaling

Today 10 years later and much more knowledgeable, I have learned to make money, and that is what I do. The builder who I slaved away my summers too, is now working for me. Yesterday he was trimming my ceiling on my summer house, today he is buildling cabinets for my current home which he built 3 summers ago. He enjoys building, I enjoy making money. He learned how to build, I learned how to make money and have him build.