One of the most important aspects of your real estate business will be to have a list of quality buyers. The effort you put into building your list of buyers should be taken lightly. Remember, the buyer is your bank and the key to your success in real estate. So what do you ask a potential buyer to make sure they are “quality buyers?”

Here are a few great questions to screen your buyer. The more qualified your buyers list, the quicker you will close deals with the least amount of hassle so these questions are very important to ask:

1. Can you pay in CASH? In this industry, cash buyers are like gold. The more of these you have on your buyers list, the easier your life will be. Always ask if your buyer can pay in cash. It’s usually okay if they have a line of credit or can borrow the money but nothing beats a cash buyer. Period.

2. Are you able to afford an earnest money deposit? You want to weed out the folks just kicking tires. You want the real players who are willing to offer up some of their own money to show you they are serious about the deal. The last thing you want is to lose a deal due to a verbal promise gone bad.

3. Do you work within specific profit margins? You don’t want a greedy buyer. As an investor your success is all about being able to profit on the deal and at the same time leave some for the buyer. If you have a good idea as to how much profit they are willing to let go of, you can safely negotiate and make sure you will walk away with a decent check for your time.

4. What kind of properties do you like to buy? If you deal in lower-end properties then having a buyers list of luxury home buyers seems pretty silly doesn’t it? If you know the types of houses your buyer prefers to work with this will further save you time and certainly close more deals. You can segment the list and really save yourself time and headache.

These four questions alone will help you begin to have a list of hot prospects who will eagerly snatch up your deals when you have them available and give you the least amount of unforeseen issues.

If this sounds like the system for you, please visit Michael Kimble’s daily blog at Wholesale Real Estate blog to get started! Michael is currently giving away his 4 best marketing systems that bring in Wholesale Real Estate deals.

From August to September of 2009, we saw a 9.4 percent in existing home sales.

Thanks to the government credit for first-time home buyers, we are seeing some of the highest home sales activity since July 2007. Higher sales activity means that the housing market could start getting competitive again. This is great news for investors who want to wholesale real estate.

45% of home sales in the past year are due to the first-time homebuyer credit. There has been a lot of concern about whether or not the economic stimulus packages put in place really do work, but this one seems promising. One of the biggest causes for the current recession is the dip in home sales. When home sales decrease, so do property values.

Just like gas, water, or any other commodity, housing prices rise and fall with the rate of supply and demand. Most people would never think about purchasing a house during a recession, especially those who haven’t owned property before. If they were to lose their job, they would face foreclosure. Better to wait. However, when the government offered to put $8,000 in the pocket of all first-time home buyers, they loosened their purse strings and started to envision life as a home owner.

Wholesaling real estate depends upon a strong housing market. You need to be able to acquire houses at substantial discounts, and rely upon a strong enough market to flip those homes to investors for a profit. The suffering real estate market hasn’t helped with wholesale profits. If first-time homebuyers continue to take advantage of the $8,000 credit, however, the market will strengthen as housing inventories decrease. Wholesale real estate investors can enjoy higher profits if the market goes back up.

So what can real estate wholesalers do now to ensure as much profit as they can? Build up a portfolio of homes. Buy properties now, while they’re still cheap, and hold on to them until their values go up. You can make even more income if you fix them up and rent them out in the meantime.

Once it does, you can decide whether you want to raise the rents or sell the homes. While you’re waiting for values to go back up, you can work on building up your buyers list.

Michael Kimble’s daily blog at Wholesale Real Estate blog has more daily tactics and news, as well as real estate investing videos. He also has 4 free marketing systems that you can download, at : Wholesale Real Estate tips.

One of the most important aspects of your real estate business will be to have a list of quality buyers. The effort you put into building your list of buyers should be taken lightly. Remember, the buyer is your bank and the key to your success in real estate. So what do you ask a potential buyer to make sure they are “quality buyers?”
Here are a few important questions to ask. The more qualified your list of these people, the faster you will close deals without headache.

1. Can you pay in CASH? In this industry, cash buyers are like gold. The more of these you have on your buyers list, the easier your life will be. Always ask if your buyer can pay in cash. It’s usually okay if they have a line of credit or can borrow the money but nothing beats a cash buyer. Period.

2. Can you put down an earnest money deposit? This is important because it shows your buyer is more than a “tire-kicker”. He/She is a player and is willing to put up some of their own money to prove it to you. Many deals are lost because of broken verbal promises. This question eliminates that issue.

3. What kind of profit margins are you hoping for? Face it, some buyers are greedier than others. Successful wholesaling is all about you as an investor leaving a decent portion of the profit available to the buyer. Knowing where your buyer stands on his/her desire for how much of that slice they are willing to give up will better help you negotiate deals and predict how much you will make per deal.

4. Do you work with specific kinds of properties? If your buyer works with luxury homes she is probably not interested in your low income section 8. If you know your buyer’s preferred property type then you will close more deals.
So those are four questions you cannot afford to ask your potential buyer.

If this sounds like the system for you, please visit Michael Kimble’s daily blog at Wholesale Real Estate blog to get started! Michael is currently giving away his 4 best marketing systems that bring in Wholesale Real Estate deals.

It’s always great news to hear about successful real estate investors. The really successful ones have a great deal of business knowledge to learn from. Fortunately, they’re happy to share their secrets with prospective real estate investors. When I heard a story about Bruce Marks on public radio the other day, I thought he sounded like the ultimate real estate investor: smart, successful, and generous. He has devoted his real estate career to helping others find affordable housing.

As an MBA graduate from New York University, Bruce Marks has a competitive advantage in the business world. The time he spent working as a regulator at the Federal Reserve Bank in New York further honed his business skills. He learned about ethical standards of practicing business, and took that knowledge to Boston to work as an activist for the hotel workers’ union there. After that, Marks took a job as the Executive Director at the Union Neighborhood Assistance Corporation (UNAC) in New York. He became so successful attacking predatory lenders in New England banks, he eventually started his own nonprofit organization, the Neighborhood Assistance Corporation of America (NACA).

NACA is working hard to reverse the financial ruin caused by sub-prime lenders. They offer free services such as credit counseling and rehab assistance, and home owners can refinance their high-interest or adjustable-rate loans without paying any fees. They help new home owners secure affordable mortgages without down payments or closing costs. Marks believes that the only way lenders can truly become successful is by allowing their customers to thrive.

Marks always has a campaign going to combat the corrupt lending practices many banks put in place. Currently, he’s attacking banks like Countrywide who offer sub-prime or adjustable-rate loans. His aggressive attacks against greedy lending institutions give him notoriety among many banks, and popularity with others, like Citigroup, who have formed partnerships with NACA to offer affordable lending solutions to their clients.

Real estate investors are so happy with their success, they’re quick to both boast about their deals and share knowledge with others. Bruce Marks’s business follows that model. While he earns money as a financer, he also repairs peoples’ credit and offers them the opportunity to live the American Dream. When everyone benefits, we can all enjoy the REI Lifestyle.

If this sounds like the system for you, please visit Michael Kimble’s daily blog at Wholesale Real Estate blog to get started! Michael is currently giving away his 4 best marketing systems that bring in Wholesale Real Estate deals.

categories: wholesale real estate, wholesale real estate investing, michael kimble

As you know, it’s recently been discovered that a lot of people bought very nice houses they simply couldn’t afford. Now many of these people are facing foreclosure. For those that have experienced foreclosure, it can be a harrowing ordeal. The banks have their problems too. They have to get these big expensive homes off their books. otherwise they pay for the foreclosure process and attorney’s fees and opening costs etc. Foreclosing is something the banks would prefer NOT to do.

But I want to share with you a cool little secret on how to cash in on the short sale deals that would normally be passed
over by the banks. (If you know short sales, then you know that this is typical.) its a little-known concept called the “Deed in Lieu.”

What most people don’t realize is that
many banks will actually accept a deed in cancellation of the borrower’s mortgage as a settlement for what the borrower owes. So most banks will actually accept the deed so they won’t have to put money up for the foreclosure process and attorney’s fees and opening costs etc. (they typically pay anywhere from $1000 – $3500 for the deed).

So what does that mean for you? A lot of investors stay away from short sales, claiming they are too difficult to make
money with. These are the uneducated investors who are not familiar with the Deed in Lieu. You can actually profit from
EVERY single short sale deal that comes your way when you understand how the Deed in Lieu process works. (Even the
deals that most people would typically pass up as being unprofitable).

Its great because if its a fantastic deal you make BIG dough on the short sale. If its not, then you can easily get a cool $1000-$3500 per deal using this little known wholesale real estate marketing trick.

For more great marketing tips for your wholesale real estate business, visit Wholesale Real Estate, then visit Michael Kimble’s blog for videos, atWholesale Real Estate blog.

categories: wholesale real estate, wholesale real estate investing, michael kimble

Were you there last year when Jack Bosch launched his “Land Profit Formula?” I was, and I have to tell you, he has some great information about how to do land deals. Jack Bosch emigrated to the United States about 12 years ago, with the hopes of getting a college degree to start a successful business career. School didn’t work out so well – Jack was bored to tears by classes and office desks – so he decided to go into business on his own. Real estate seemed to be the obvious choice.

Jack Bosch is in a unique position, because he’s the first person to actually flip raw land. He wanted to create the simplest real estate investing system possible. The less work he had to do, the more time he would have to himself. He’s always focused on obtaining the “REI Lifestyle,” where a typical weekday involved a little bit of time at his desk and a majority of his time with family, on vacations, and enjoying his life.

Before Jack started his own land deals system, he looked into tax lien properties. These are properties where the owners have fallen behind by several years on their tax payments, and will often let you buy their property at 50% plus discounts. However, tax lien deals can take a long time to close, and depending upon how much taxes are owed, yield meager profits at best. Jack also didn’t want to deal with structures: they can be vandalized or robbed, and usually require substantial repairs before they can be flipped.

It’s surprising how eager land owners can be to sell you their properties for pennies on the dollar. Jack’s land deals are usually valued between $5000 and $8000, and he only pays between $100 and $2000! There are even land owners who don’t think it’s worth their time doing all the paperwork to sell the property, so they just give it to Jack for free! While the per-deal profit may not seem like much, land deals are so simple to do, you can have several of them in your pipeline. You don’t have to have much money to acquire a deal, and there’s even a way to avoid paying taxes and fees until after the deal close. The best part is how easy the deals are to do; during the busiest part of Jack’s career – the launch of his “Land Profit Formula” product – he was working on more than 20 deals.

Jack enjoys working on land deals so much, he’s sharing his knowledge with other real estate investors. In his “Land Profit Formula,” he includes templates of his direct mail pieces, and techniques for attracting buyers. He explains how the deals can be completed from start to finish.

If this sounds like the system for you, please visit Michael Kimble’s daily blog at Wholesale Real Estate blog to get started! Michael is currently giving away his 4 best marketing systems that bring in Wholesale Real Estate deals.