How to Wholesale REO’s – Real Estate Investing Training Video

www.localmentor.com Colorado Real estate investment expert, Michael Jake, teaches zero down investing techniques. Learn Wholesaling houses, wholesaling REO’s, foreclosures, short sales, subject to, land contracts, owner financing and other creative real estate financing structures. Free Colorado Real Estate Investing Course teaches you how www.localmentor.com
Video Rating: 5 / 5

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Video Rating: 5 / 5

Comments

  1. localmentor says:

    REO stands for Real Estate Owned which what properties that have been foreclosed on and taken back by? the lender are commonly called.

  2. michaelo061 says:

    First,? what is a REO?

  3. localmentor says:

    yes although it costs? more to set up an LLC in CA, but you can also use a land trust and sell the beneficial interest of the trust as an alternative.

  4. elmarc56 says:

    Can? this be done in CA?

  5. Howie Ruales says:

    Superb stuff. So glad I found? your channel :)?

  6. Lounsbury6257 says:

    Hey everyone I want to share a book that just came out about REO’s is “REO BOOM” this book has over 400 pages on the? entire REO process. Check it out and I hope you find it helpful like I did.

  7. Howie Ruales says:

    Fantastic stuff. I’ve enjoyed your videos and can’t wait? for more 🙂

  8. Bob Smith says:

    when selling a llc to an end buyer and the deposit money is in place if? the end buyer does not want to pay full assingment fee until closing but does agree to double the deposit money does this have to be indicated in the contract and is this non-refuundable also the end buyer is totally responsable for all closing coast unless he/she can work something out with the bank or me thank-u-

  9. localmentor says:

    yes, I only use for REO’s (I think some people are using this for short sales too) because often the lender addendum states one must have guaranteed funds to close the deal – meaning you can’t? use funds from a double close. That leaves you using transactional funding (1-2% of the price) or using this technique to avoid having to pay for the cost of transactional funding. You can also use a trust and sell the beneficial interest but trusts can be a red flag to lenders.

  10. Ednyce81 says:

    is? this only necessary for reo’s, and why ?

  11. Ednyce81 says:

    is this? only necessary for reo’s ?

  12. gnice25able says:

    do u know any good title compnies and? attornies that works with real estate investors who wholesale propeties

  13. wilber638 says:

    Yes, I have a MD LLC , so can my MD? LLC buy a Colorado LLC to sell the property and make a profit???? Thanks

  14. localmentor says:

    – yes,? but you might want to create a MD LLC

  15. wilber638 says:

    Does this only work for Colorado properties….if I am in Maryland and I buy a Colorado LLC can I sale a property in MD with this? LLC

  16. localmentor says:

    you can get it with any of my courses? at my michaeljake website

  17. TheMotifES8 says:

    Could you please tell me how I? can get a copy of your attorney drafted contract ? Thanks!

  18. showem88 says:

    yep, this video? is great! keep them coming!

  19. localmentor says:

    see below:
    1 – Yes
    2. – What Liability? You sell them a shell LLC. Once it’s sold you no longer have anything to do with it.
    3. No one has ever asked but its a brand new entity and my agreement says it has? no liens, judgements, etc. Any local court records search could verify nothing is pending
    4. yes

  20. TheMotifES8 says:

    I have a few? questions I’d like to ask you:

    1. Do you form the LLC prior to making an offer?
    2. Do you have the Buyer of the LLC dissolved the entity once buyer closes escrow to avoid any potential liabilities?
    3. How can you prove to the Buyer that there are no debts, lawsuits, liens, citations, etc.,… attached to the LLC.?
    4. Do you offer your attorney drafted contract as a burn plate?

    Thank you for your posts! Great stuff!!

  21. corey givens says:

    If creating an llc prevents you from using your own money that you don’t have anyway, who provides the POF? that the lender will require?

  22. bigray6113 says:

    how can i get into this business you? motivate me sir

  23. localmentor says:

    I tell them how much the whole things going to cost them. If my contract price is 95k and I’m selling my LLC for 5k, then I “offer” it to my buyers at 100k – when one says yes, then I show them they are paying 5k for the LLC and 95k for the house. The first time you do an LLC sale with a buyer takes a little? more time to explain it, but after they do it once it’s easy on every one thereafter.

  24. Im kind of confused. do I tell my buyer that this home is? $100,000 even if the home is $95,000 to get my assingment fee? or do I tell them exactly how much my fee is before escrow?

  25. localmentor says:

    they will want a proof of funds letter. Once you get the contract accepted they’ll want a deposit? and they may check the funds letter, but probably not.

  26. Right2Carry1911 says:

    Beautiful, but a little over kill for my lonesome self.? lol