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In Episode 12 Tucker begins with a “Spokane Project” update. He then gives his thoughts on his local market as well as future predictions in the Market Recap segment. In “The Deal of the Week” he walks you through a RARE No Money Down, “Subject to the existing mortgage”, Wholesale Deal. In this weeks “Main Topic” Tucker conducts his first interview with local house flipper Josh Bryant. In our most popular segment, “Direct Mails Greatest Hits” another disgruntled caller leaves a nice voicemail. In this weeks “Golden Nugget” Tucker explains why its important to build relationships with neighbors. In the “No BS Zone” segment, Tucker covers the “We Buy Houses” issue that national House Flippers are running into. Tucker then ends Episode 12 with a great Success Quote from Sir Richard Branson. We hope you enjoy this episode and please leave us comments and reviews!
Episode 12 Segment Notes:
- Episode Intro and Segments
- “Spokane Project” Update
- Market Recap: Local Market Thoughts and Predictions
- Deal of the Week: No Money Down Subject-To Wholesale Deal
- Main Topic: Building Your Wholesale Business
- Direct Mails Greatest Hits: Another disgruntled caller leaves a voicemail
- Golden Nugget: How to deal with Neighbors
- No BS Zone: “We Buy Houses”
- Success Quote: By Sir Richard Branson
- Music: Artist: Cypress Hill Track: Rap Superstar (Instrumental)
- Artist: Nas Track: If I ruled the world
Thank you for listening to our Podcast and please give us a review on iTunes and feel free to leave a comment below. Additionally, if you have any questions or would like Tucker to cover a specific Topic, please let us know and we can cover it in a future episode! Thanks again!
May 15, 2014
Just listened to this episode for the second time! In the deal of the week segment you talk about a sub-to deal you wholesaled.
How did you structure that deal if you left financing in place…..specifically, with the buyer?
Were they paying you monthly, plus a down payment? And I’m guessing you had to wait til they sold the home to get your wholesale fee?
May 15, 2014
We structured the deal like this:
-We left the existing underlying mortgages in place (but they are still in the old owners name)
-The new buyer was then responsible for making the monthly payments on those mortgages until he sells the house (after its done being rehabbed)
-Once the finished product house is sold the underlying mortgages are paid off and our wholesale buyer collects the difference, which cover the capital he invested in the rehab and his profit
-My company was paid our “wholesale fee” upfront when our wholesale buyer closed on the purchase, so he (our buyer) had to come out of pocket with that amount of money plus his closing costs to close the deal.
We get paid our wholesale fee upfront 99% of the time, unless the deal is super skinny profit wise. In which case we could agree to be paid on the backend once the deal has worked out and everyone has made money……we rarely have to do this these days though since everybody needs deals so badly.