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

Everyday I am on the search for inexpensive courses and books that I see in hopes of learning just one more thing about wholesaling real estate, or real estate bird dogging. I have a library of over 120 books and audio books on real estate investing, sales, marketing, and motivation.

I hear from alot of people that would like to know what INEXPENSIVE course they could by to get started investing. Up until a couple of days ago, I would just tell people to pick up as many good books as possible about real estate investing.

I know it may sound very self promoting but I certainly wish, I would have met me, back then, about 12 years ago when I graduated highschool. I would have spent my summers finding just one house to assign real estate contracts on and then took my $9,000 and quit for the summer, to spend time enjoying being young, instead of slaving away at construction, trading dollars for hours. I see young people today trading there last bouts of freedom for $7.00 or $280 week or $1080/mo. So one good wholesale deal could buy 9 Months of freedom. Not to mention skills that could put food on the table, and a Ferrari in the garage for the rest of your life. I could go on and on about the beauty, and the time lost, when I wasnt real estate wholesaling

Lets talk about wholesaling real estate over lunch www.InvestorsLunch.com

Author: Eric Medemar is a real estate wholesaler specializing in Grand Rapids Foreclosures, Grand Rapids HUD homes, and Grand Rapids Rental Property. He has also put together a great course for Bird Dogging Real Estate

For Lake Michigan Homes Visit http://grlakefront.blogspot.com/

As a realtor who loves wholesaling real estate, I cannot stress the importance enough to have full disclosure to all parties both buyers and sellers, you also need to be sure to get the disclosure in writing as I am sure you all know.

The beauty of real estate wholesaling is that it can be done for any price property if you get a proper buyers list in place. I had spent years locating properties for other investors and then taking my commission and walking. I was selling to the same guys everytime, so there was great money and little effort. Today I locate properties that I know my buyers will like, and instead of going through the hassle of calling them, and trying to get them out to the properties, I put them under contract myself, and then do a new contract with them.

The eisiest way to wholesale from a risk standpoint is to assign contracts, the problem is many banks wont allow you to assign contracts, so to get around that you can either do a back to back closing, or add the customer on to the aggreement, and then deed yourself off after closing.
I know to most of you $22k for a home (refering to part 1) seems like nothing. It is far below typical price in my market as well. The home just needed alot of work. Many people would have rehabbed and made a slower dime rather than my quick nickel. I have other investors that done the same thing on $500k homes, for example one of the gentlemen that i work with Put a home under contract for $350k and then sold it to a buyer that was already in place 2 days later for $500k on a 6 month lease option with 80k down. He made over $150k for locating and holding a property for 6 months. That really isnt that bad of money!

I will be continuing to ad to “Why I love Real Estate Wholesaling“

Eric Medemar specializes in Wholesaling real estate, flipping real estate, and investment properties including Grand Rapids Foreclosures, Grand Rapids Rental Property, and Grand Rapids HUD homes.

I have been wholesaling real estate in Grand Rapid michigan for a couple of yoars now, I dont know why all realtors do not get into wholesaling real estate.

Wholesaling property is a great way to make far more than an average commission without having to do half the work. Here is an example of a wholesale deal that I did a couple of weeks ago, I get a call from another realtor about a home coming on the market for $22,000, I put the home under contract that day, the next day I called a guy that I know that buys in that area. I sell the home to him for $31,000, after all expenses I will pockt $8000, instead of the usual $660 commission that most realtors would have ended up with.

To learn more about real estate wholesaling visit www.InvestorsLunch.com or www.TheForeclosureCollege.com

One of the best ways that I have found to learn about real estate investing has always been to have lunch with other investors and pick their brains. I was very fortunate to be involved in real estate as a realtor, because it allowed more access to investors. Most people dont have the time or energy to track down top investors in the area.

I have put together a 40 minute “Lunch with me” where I cover all of the basics of wholesaling and share several strategies that I use that most investors dont have a clue about things such as:

Assigning HUD homes

How to use ebay to save big money on rehabs

How to sell buyers like you do houses

How to build a 30 person buyers list without spending a penny on advertising

How to increase response on your direct mail by 500%

What ads I use to generate 10,000% returns on my money

These are just a few of the topics covered in the 40 minute lunch.

Plus if you dont like the material I will give your money back and pay you for the hastle.

visit http://www.InvestorsLunch.com to check it out

I just started reading this book around 5 am this morning and I felt inspired to share some of the thoughts that the book covers for those of you who may not take the time to read.

The book is about a big lawyer who suffers a heart attack. After the heart attack the lawyer sells all of his prize pocessions and travels to the Himalayas to study with the monks and perhaps find the true meaning of his life.

3 years later the once obese, rapid aging man returns a trim healthy, sound from within man. He has come back to share his learnings with a man at the office which he had left.

Thus far the lessons focus on thougts and taking control of your mind.

“The mind is a wonderful servant, but a terrible master”- I really enjoy this thought, it is a subtle reminder that we control our thoughts, I have many times fallen victim to the idea that my thoughts are “reality”. Sure thoughts may seem real, but thoughts are self created, and with a properly trained mind, thoughts can create positive out of any situation whether good or bad.

“Things are alway created twice, first in the workshop of the mind, and then, and only then in reality”. We have all been guilty of not taking the time to dream as we once did when we were children. Remember when your mind new with certainty that you could grow up to be whatever you wanted to be. When, and why did we all stop dreaming like this. When is the last time you dreamed of what you wanted out of life? Who made these rules that as adults we cant dream anymore? Without dreams, it is nearly impossible to get where you want to go in life. Why? Because you cant get where you want to go, if you dont know where your going.

I found this very fascinating that the average human thinks 64,000 thoughts a day, the fascinating thing is most of those thoughts are the exact same ones that they had the day before. Are your thoughts the same from day to day? Same worries, same anger, same stress, same self hatred, these type of thoughts are usually rooted in the past, which cannot change.

If you are having the same bad thoughts everyday, you need to stop borrowing from the present to pay for the past. Start dreaming, start noticing all of the little miracles that happen every instant of everday, those are the types of thoughts that will foster greatness in the future.

Ok, I have to rant a little bit here. As everybody knows real estate is the best wealth builder there is. Just for kicks I decided to do a little fact finding mission in my county, the area that I invest in. There are roughly 596,000 people living in kent county, 25% of them are under the age of 18, so they have an excuse. So that leaves roughly 450,000 in my county most of which are able bodied adults.

Onto my thoughts, today I am closing on a home in Kent county that I am buying for $26,000, this home has been on the market for 114 days, and needs maybe $2,500 in repairs. So after all is said and done I will be into the house for $30,000 and I never lift a finger except to sign checks. The home was foreclosed on once for $98,000 and once for $81,000, I plan to sell it for around $65,000 for a faster sale. So after paying commission and closing costs I will make roughly $30,000. While I am waiting to sell I will rent it for $650, which means that I will cashflow roughly $350/mo (I wont have repairs, I already have done everything) So every month I will be making a 1% return on the banks money that I used to buy the home. So in a year worst case I make 12% on my money, or I sell and make $30,000.

No onto my point, I am not a rocket scientist, in fact I graduated in the part of the class that made the other 70% possible. Why am I the only one of the 450,000 people in kent county that wanted to buy this home. Am I that smart? No, Do I have secret ways to buy houses? No Then what is it that keeps a vast majority of the 450,000 people away from deals like this. FEAR, or better put

False
Expectations
Appearing
Real

What happens if the city comes?
What happens if the toilet breaks?
What happens if I cant sell?
What happens if I cant find a buyer?
What if the furnace is broke?
What if I break a window?

Such stupid little questions, have kept probably 400,000 people in kent county broke.

I got news, the question they should have been asking is “What happens if I keep doing what I have always done?” I know you’ll keep getting what you have always got!

It is human nature to cling to all that you have (I dont want to lose). The problem is there is so much out there that you dont have, that is easily within your grasp, if you can grasp the concept of letting go of fear.

There is a huge difference between playing to win, and playing not to lose. Dont be another statistic.

Get started investing using my proven system www.TheForeclosureCollege.com

Eric Medemar specializes in Wholesaling real estate, flipping real estate, and investment properties including Grand Rapids Foreclosures, Grand Rapids Rental Property, and Grand Rapids HUD homes.

I have decided to take people piece by piece dollar for dollar what gos into flipping some of the latest properties that I am taking on. I just closed on this home yesterday. It was brought to me by another investor who already had to many properties he had spotted one of my signs available at www.TheForeclosureCollege.com (talk about a good return on investment) Its a 3 bed 1 bath home with a c-1 commercial building attached, the problem is that there is no parking except in the street.

I think I should be able to flip the home for about 65k I bought it for around $17,700 plus finders fee of $1000 so $18,700. The home should rent for $600-$650 when its done, I will post some pictures of what I am starting with, and I will continually post what I have spent and work that I have done.

I am hoping that this helps out some of the newer investors get an idea of prices and pains that go into rehabs.

This is the Commercial store front that they had turned into a efficiency, which lead to it getting condemned, not smart. I found a drawer full of 2000 depacote, which is like lithium, a drug for bipolars, so from this we know that someone is not on there meds.

This is a photo of the basement, can you say “small hording problem”

I love this sign if you cant read it, Next to the numerous wholes that people punched into the wall it says “Please, Keep House Clean! Thnx, The Maid-Bitch Ninja”

I find this very interesting because typical graffiti does not contain commas, yet the ninja decided to use one. plus keep the house clean seems a bit out of place.

I wish she would have said dont punch holes in the walls.

Anyway to get this whole house cleaned out inlcuding appliances, doors, carpets, and all belongings came to $350. I will keep you posted.

****Warning***** Never open a fridge that has not been opened for over 6 months, you will wish you were dead

To get involved in real estate using my proven system visit www.TheForeclosureCollege.com

I was just in anther real estate forum and someone asked the question what are the advantages to being a real estate investor, here is what I think.

1. You write your own paycheck-95% of people that I know have to work harder in order to make more money, I only need to work smarter. I know that alot of people like the satisfaction of knowing that if they work x amount of hours they will get Y amount of pay. I realize that many people would real estate investing stressful, I would find it far more stressful to be at a 9 to 5 knowing that in order to make more money I would have to work more hours.

For example, I just closed a home friday that I made a $17,000 net profit, That would be the equivalent to working a full year 2000 hours at $8.50 an hour, which alot of people do. I had about 10-15 hours into the deal. My guys had to work hard but I only had to write checks.

2. Knowing that if I fail its my own da*n fault– Many people might see this as the huge disadvantage of real estate, but I see it as one of the largest plusses. In the era of corportate downsizing, and very minimal job security, I cant think of a better boss in the whole world, than myself. 99% of all jobs are there to make someone else rich besides you. When you are real estate investor your only job is to make yourself rich.

I love knowing that if I do good, my paycheck will do good, If I do bad, then my paychecks are bad. Its not like most jobs where there seems to be a large filter between both ends. With real estate investing if I put good in, I get good out, with most jobs you can put good, or even great in, yet you are totally dependant on what the human filter between you and the end.Any hardworker who has been downsized will tell you that.

3. Freedom-Though real estate investing is not the big ball of freedom that many think it is. Many times you go from having one stupid boss to many stupid bosses. Essentially the housing inspectors, building inspectors, buyers, and sellers become your boss.

The real freedom to me is waking up at 8-9 sitting with my family till 11, then going and looking at a couple of houses, if they look good then I sell them, or buy them, then go home. In the summer I can drive my vette or harley to look at homes, then head home and sit with my family by the pool.

4. No salary cap or timed raises-I had a friend of mine the other week tell me that she just got a raise of a Nickel and hour. What the heck does that equate to. Yeah $2.00 a week. I have other friend who are engineers and they reach there potential at $75,000. Which isnt bad money but, who would ever want to reach there potential, the sky is the limit in real estate. There are far more real estate millionaires that started with nothing, than corporate millionaires that started with nothing.

I like that you dont need a college education, you dont need to have the highest GPA, you can make it in real estate if you were raised by wolves under the shed in the back yard. Real estate doesnt have a glass cieling, or some bullsh*t corportate ladder. It doesnt involve having to kiss the a*s of some dude who you loathe, in order to get a raise.

I could go on and on, but I think you get the picture, there is no better job in the world.

If you would like to get started as a real estate investor, don’t try to reinvent the wheel, I am giving away my system at www.TheForeclosureCollege.com

Eric Medemar

How do you make money with none?
How do you make money with no credit?

I talk to hundreds of investors every year who:

• Have been thinking about investing
• Have been reading about investing
• Have a friend who had done well investing (The elusive friend)
• Are saving for a down payment
• Waiting for rates to go down
• Waiting to finish their real estate course
• Waiting for their mentor to tell them to buy
• Waiting for summer (insert any season)
• Waiting for the market to straighten out
• Waiting till they can afford it
• Waiting till they get a promotion
• Waiting till their friend or relative can partner with them
• Trying to read just one more book
• Waiting till they buy their own house
• Waiting till they get a raise
• Waiting to graduate from college
• Waiting till their friend or family member becomes a realtor
• Waiting to be married
• Waiting till they contribute their maximum to a 401k
• Waiting till they get done working on their own home

Then after giving me their excuse for waiting they ask

• What happens if the toilet gets clogged?
• What happens if the furnace gos bad?
• What happens if tenant ruins the house?
• What happens if the roof leaks?
• What happens if the tenant doesnt pay?
• What happens if someone breaks a window?
• What happens if someone leaves a broken down car at the house?

If they dont have the question, they usually tell me about a friend or relative who had one of the above happen.

The questions that they SHOULD be asking but NEVER do

• What happens if I dont start investing now?
• How many homes do I need to buy in order to retire comfortably?
• If you could share with me your best idea, what would it be?
• What kind of money am I leaving on the table by not investing?
• How does the stock market compare to real estate? (that doesnt even deserve an answer)
• How can I use real estate to make my dreams come true?
• What would I do with an extra $500 or even $5,000 a month in cashflow?
• How will my family react when I retire 10-20 years earlier?
• What are my broke friends going to think when I show up in my Porsche?

99% of people share this problem: If a family member or friend needed $500, most people would need a ton of convincing to loan it to them, and if it wasnt repaid it would surely be a BIG problem, some people would even lose friend over such a small amount of money. But that same person could care less about the $500-$10,000 a month that they will lose each and every month for the rest of their life by not investing in real estate.

Why doesnt anybody pay attention to their oppurtunity cost.

I used to be a tight a##, then one day I got to thinking.

What if instead of worrying about ways to save money, I started just focusing on ways to make it?

That simple question changed my whole life.

If you would like to talk to me about investing, wholesaling or flipping properties visit www.TheForeclosureCollege.com

Eric Medemar
www.TheMillionairesBlog.com

Carnival of Real Estate Feb 26, 2007 Edition

I hope that I am doing this thing correctly I am a computer illiterate, anyway there were some great articles written, and some very insightful thoughts into real estate investing. If I had to pick a winner of this carnival it would be…………….drum roll please…………………………………….. Steve Burns presents Get Started Investing With A Rock Solid Plan posted at Cash Flow Treasures. His article offers great insight into real estate investing for both newbies and seasoned investors.

Flipping
mike simonsen presents Flipping homes in a down market posted at Altos Research Real Estate Insights, saying, “Looking at the Flip markets in Palo Alto and Morgan Hill CA”

Rehabbing

Nigel Swaby presents Real Estate Investing – Look Before You Leap posted at Salt Lake Real Estate Blog.

Real Estate tips and Insights

Will Chen presents Why not to use a buyer’s agent posted at Wisebread.

Wenchypoo presents Social Security Alternatives posted at Wisdom From Wenchypoo’s Mental Wastebasket, saying, “How to incorporate real estate into your retirement plans.”

Michael Cook presents Negotation 201: Dont Just Think about the Best Price posted at BloodhoundBlog, saying, “Have you ever negotiated your way out of a good business relationship? I certainly have and I have often regretted it. Novice investors typically fall into two camps: the pushover or the bulldog. While there are certainly times to be both, the context of the situation should remain paramount. Some times the biggest winner in a negotiation can really be the biggest loser in the long run because of relationships that get crushed over a few dollars.”

Rental Property

Matthew Paulson presents Roommates: Can’t Live With Out Them posted at Getting Green.

Joshua Dorkin presents Vacant Rental Property or Bad Tenants? posted at Real Estate Investing For Real.

Anesia Springborn presents Does the Headache Quotient Make Investing Worthwhile? posted at Anesia Springborn, saying, “Here’s a real life typical tenant headache with some thoughts on how to prevent it, solve it, and view it.”

Other Real estate articles

Spencer Hill presents Podcast: Dr. Glenn Mueller; Real Estate Investment Strategist posted at Hill’s Personal Finance.

Steve Burns presents Get Started Investing With A Rock Solid Plan posted at Cash Flow Treasures.

Ironman presents Political Calculations: Real Estate Investing: The Capitalization Rate posted at Political Calculations, saying, “Political Calculations has built a tool that will allow you to compare properties in which you might be investing based upon their value, instead of getting into the detials of how you’ll be structuring your financing.”

Nina Smith presents GayRealEstate.com – Part 1 posted at Queercents, saying, “GayRealEstate.com is the largest company in the nation representing the rights of queer home buyers and sellers. Queercents asked Jeff Hammerberg, the founder of GayRealEstate.com for a series of articles specific to the gay and lesbian community.”
Will Chen presents Why not to use a buyer’s agent posted at Wisebread.
Wenchypoo presents Social Security Alternatives posted at Wisdom From Wenchypoo’s Mental Wastebasket, saying, “How to incorporate real estate into your retirement plans.”

Michael Cook presents Negotation 201: Dont Just Think about the Best Price posted at BloodhoundBlog, saying, “Have you ever negotiated your way out of a good business relationship? I certainly have and I have often regretted it. Novice investors typically fall into two camps: the pushover or the bulldog. While there are certainly times to be both, the context of the situation should remain paramount. Some times the biggest winner in a negotiation can really be the biggest loser in the long run because of relationships that get crushed over a few dollars.”

Craig S. Higdon presents Effective Real Estate Strategies For Slow Markets posted at Investment Property Insider.

Other Non-Real Estate Related

Phil B. presents Rising Sea Levels « Phil for Humanity posted at Phil for Humanity, saying, “By the end of this century according to Time Magazine, sea levels could rise by more than 4 feet!”

Praveen presents Review of “The Rich Jerk” – Get It Free, Plus $1 posted at My Simple Trading System, saying, “Review of the Rich Jerk ebook, which has a section on wholesaling”

A Samuel presents Euro Disney and Pierre Vacances to build ecotourism vacation village posted at Nubricks.com.

That concludes this edition. Submit your blog article to the next edition of carnival of real estate investing using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

Technorati tags: carnival of real estate investing, blog carnival.