Wholesaling Quick Cash
This is a continuation of “The Great Escape” interview with Eric Thiele. Eric is working with Sean Terry and Flip2Freedom.com to learn how to start up a successful wholesaling business. In this section, Sean and Eric discuss how to explain your business to a realtor, proof of funds, and a recap of the assignment for next week.
Sean: Make sure you tell them exactly what you’re doing and then he’ll be on board with you. I have a gentlemen I worked with up in Canada who worked with a realtor and actually the realtor helped find a buyer for the property as well. So, not only did he help find a buyer for the property, but they also get paid a commission on the closing side as well. So, you want to get someone on your team who also understands exactly what’s going on, so they can help assist you during the process of the closing. There will be communication between the HUD, the agent, and you, and all that type of stuff. So that’s the first thing I would do, is tell him exactly what you do.
Eric: Which is what I’ve been doing.
Sean: Yeah. The second thing you do is go to Coastal-Funding.com, and on the left-hand side, you’ll see a little thing that says Proof of Funds. But you can generate a Proof of Funds right there and that’s the Proof of Funds that you will use when filling out the HUD contract on the accepted bid.
Sean: And that will work for you. So now, as long as he understands that, listen, you’re not the one that’s going to be supplying the funds. You’re working with investors that are purchasing properties for either fix and flip or rental purposes and once he understands that, he’ll understand exactly what you’re doing to be able to help you accomplish your goal and result.
Eric: Yes. Hey, thanks. And you only gave me two pieces of homework this time.
Sean: Yeah, two pieces. Yup, we still have to get the cash transaction data. You’re going to attend next week. You’re going to attend the auction next week, which is going to be great. We’re going to get the list from Lance and get it over to Michael to get that mailing out as soon as possible. Because it takes them, by the time you get the list and by the time they get the mailing out, it’s probably going to take about, probably about a week and a half before it’s actually going to start hitting.
You’re going to get FreedomVoice or Google Voice setup with either an outbound calling or your cell phone or whatever. Even if you want to get a dedicated cell number, or just use Skype to be able to call out that way as well. So, those are some technical things where you can basically arrange and get those things setup and done.
And then from that standpoint, what we’re going to do is I’m going to work with you on looking at some of the HUD homes on there and seeing what is available in the Austin market that we can start bidding on, and then we’ll go through that process. So between now and next week, we’ll look at that area. I’ll shoot you some emails and stuff with ones that I think are potentially good, and we can also start the bidding process as well.
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