Vena Jones & Cox Missy McCall – Real Estate MBA : Ultimate Business System
Our program, Turn $10 Into $10,000 In 30 Days or Less, focuses on wholesaling. Our main source of income is to find the deal, short sale it if there is not equity, and then wholesale it.
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Vena Jones & Cox Missy McCall – Real Estate MBA : Ultimate Business System [13 Audio (MP3) 9 Documents (PDF / DOCX)]
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Our program, Turn $10 Into $10,000 In 30 Days or Less, focuses on wholesaling. Our main source of income is to find the deal, short sale it if there is not equity, and then wholesale it. The great thing about wholesaling is that you NEVER own the property! We put down a $10 deposit with our homeowners and then wholesale it for huge profits. Here is another article we wrote that was also published by a national magazine. If it interests you, then wholesaling is right up your alley.
WHOLESALING FOR QUICK CASH
Do you want to earn an extra $10,000 next month? No really, we mean it. Of course you do! Flipping or Wholesaling is the way to do it. It’s fast, fun, and easy.
First, let’s determine what wholesaling actually is. Some folks consider buying a house, rehabbing it, and selling it quickly flipping. Others consider buying a house and reselling it without doing any work on it, flipping. To us, wholesaling making money on a house you never own. Never owning the property is the key to successful flipping.
“How do you do that?” you wonder.
The first step is finding a property that has sufficient equity. If the property has no equity, short sale it and then continue with your deal. Find a property still owned by the homeowner and get it under contract. Work it out so that you have 30 to 60 days to close. Be sure to place the words “and/or assigns” after your name on the contract. Give a small deposit (we typically offer a $10 deposit) to secure the property and get to work.
Run an ad in the “houses for sale” section of the paper. Use key words like “handy”, “investor special”, “needs work”, “distressed”, and “must sell”. You will get hundreds of calls. Be sure to get the name and number of each caller so that you can call them with your next house as well. If the house is a good deal with plenty of equity, one of these buyers will want it.
You have your buyer… what next? Assign your contract to the new buyer, who, in turn, closes in your place. It breaks down like this — You placed the property under contract (with the words “and/or assigns” next to your name) for $40,000. You found a buyer and assigned your contract to him for $50,000. He then comes to closing and buys the house. The original homeowner receives his $40,000 and you receive your $10,000 assignment fee. You just made $10,000 and all you invested was $10 for a deposit and some time answering the phone. Your buyer rehabs it and sells it for $80,000. Everyone is happy.
Some of you might be wondering, “Why make $10,000 on a flip when I can make $25,000 on a rehab?” It’s basically a matter of personal preference and, of course, your financial situation. You might not have enough cash to rehab a property, but you have $10 for a deposit and plenty of free time.
As we said, wholesaling is our most favorite method of earning money. We have wholesaled hundreds of properties over the years. Here are some of the topics covered in our Turn $10 into $10,000 in 30 Days or Less:
TURN $10 INTO $10,000 IN 30 DAYS OR LESS
TABLE OF CONTENTS
* Introduction to The Authors
* Dwan’s Story
* Sharon’s Story
* The Birth of Financial Freedom Through Foreclosures
* What’s Happening Now
* Dedication
* Welcome Letter
* Negotiating
* Negotiating With An Owner
* Negotiating Through A Real Estate Broker
* What Is Wholesaling/Flipping?
* How To Wholesale
* Partnering With a Home Owner
* Loaning Money to Help Someone Out of Foreclosure
* Summary of Second Mortgages
* And More!
Regardless of which avenue you pursue, just do it. Real estate investing has been very, very good to us. We have hundreds of students who have also enjoyed the same financial freedom. With our help and training programs, you can also enjoy financial freedom.
Dwan Bent-Twyford is President of Financial Freedom Through Foreclosures, Inc., a cutting edge company that specializes in teaching 4-Day “boot camps” to real estate investors as well as selling a complete line of training programs and the Florida Real Estate Investors’ Association, a monthly investors club in South Florida. She is also the Vice President of Piranha Properties, Inc. which specializes in wholesaling real estate to investors.
Sharon Restrepo is President of Piranha Properties, Inc., a successful real estate investment firm which specializes in wholesaling real estate to investors and Performance Realty and Investments, Inc., a distinguished real estate brokerage. She is also Vice President of Financial Freedom Through Foreclosures.
