Wholesale Secrets Ebook - Updated

The Flip Man’s Quick Guide:
Step By Step Guide to

Wholesaling Houses Without
Cash or Credit
Ty Flip Man
Copyright © 2021 Flipman.net
All rights reserved.
Click Here For Dealulator Video Tutorials

The #1 Wholesaling Tool To Close More Deals 2
Table of Contents
Tap Any Title or Subtitle to Access Immediately
Introduction 4
Who Am I & How Did I Get Started? 5
My First Deal 16
What is Wholesaling 17
Real Estate? 17
Assignment of Contract vs Double Closing? 20
How To Wholesale Your First House 22
Bandit Signs: The Best Bang for Your Buck 23
Direct Mail: Stand Out & Get Noticed 28
Internet | Website | Social Media 34
Free Methods to Generate Leads 36
Negotiations | What is a Deal? 38
The Formula 42
Great Deal or No Deal? 42
Building a Buyer’s List for Your Deals 48
Negotiating with Buyers 51
Let’s Close | Getting Paid 55
Recap & Steps to Wholesale A House 57
Wholesaling Real Estate Glossary and Terms 59

Introduction_
My goal is to give you step by step instructions on How to Flip
Houses Without Using Your Cash or Credit aka Wholesaling
Houses. One of the great things about Wholesaling Houses is
you don’t have to be a contractor or real estate agent to make
life changing money with little to no risk. When I say your cash
or credit doesn’t matter it simply means you will not need any
of your own money or use your credit to actually complete
deals and get paid.

Who Am I &
How Did I Get Started?_
A little bit about the Flipman (that’s me). I started Real Estate
Investing in January of 2003 and I wholesaled 10 houses in my
first year. I dropped the mic and left my job on May 1st 2006
and I’ve wholesaled a few hundred properties year to date
which I am still wholesaling houses and commercial real estate.
Being born and raised in a town of less than 1,000 people, I’ve
failed at dozens of businesses before I was introduced to
Wholesaling Real Estate. One of my first failed businesses was
trying to flip used cars for cash using my student loans from
college to fund the business (boy did I fail). I obtained a dealers
license in my state and actually started attending auto auctions.
Used cars being sold at these auctions would appear to be
brand new even if they were 10 years old but if you are not
mechanically inclined or have someone on your team that is you
will get your hat handed to you and yes I really got my hat
handed to me. So, I lost money and got out of the flipping cars
game.

So throughout the 1990’s I started businesses from a mobile
car wash to network marketing and failed at them all until I was
fortunate enough to be exposed to creative real estate
investing through a friend and his now wife who were in realtor
school to obtain a real estate license. The instructor who
normally taught the class was absent and his substitute who
replaced him didn’t talk about being an agent but discussed
creative real estate investing techniques that would allow you
to do deals without using your cash or credit. My friend
mentioned some of the techniques to me because he knew I
was an unsuccessful serial entrepreneur and would be highly
interested in this opportunity.
That was in October of 2002, fast forward to December 27th,

2002 where I was at my Mom’s house for the holidays, up early
waiting on her to prepare breakfast. While TV channel surfing I
started watching one of Carleton Sheets NO MONEY DOWN
infomercials which I had viewed over the years but always
thought to myself YEAH RIGHT. This particular airing was about
half complete so I went up the dial and found another airing
that I watched from start to finish. Even though the infomercial
only talked about “I made this much money, Carelton helped me
make this much money, blah, blah”…. BUT HOW DID YOU MAKE

THE MONEY…. So I thought to myself, HE CAN’T BE LYING
ABOUT ALL OF THIS.
Back then my Mom didn’t have internet service so I waited until

I got back home in Birmingham and went online to this
entrepreneurial message board I used to frequent and asked
the question, DOES CARLETON SHEETS PROGRAM REALLY
WORK? Only one person replied, YES IT DOES, BUT RON
LEGRAND’S COURSE IS BETTER.
I located Ron’s website where I hit with the hard reality of a

$1,500 price for his courses. That was a lot of money for me at
that time but I was in luck because he had a mini version for
only $69.99 ($80 total with shipping). I ordered that version (in
cassette tape form from a 1997 recording) which was only a well
put together teaser making me want the UP SALE for $1,500.
But I was convinced this is what I needed to do and if I had to
get a 2nd job I would do so to save up the $1,500.
A couple of days later I thought about ebay and did a search for
Ron’s product and there were a couple of active auctions for his
course package. I bidded on an auction - lost - but the guy
running the auction reached out to me via email and asked if I

wanted a (bootlegged) copy of the course package at a discount.
So we agreed to $400 which was still a sacrifice for me at that
time but it’s still to this day the most important and best
financial decision I’ve ever made because it quickly changed my
financial situation and mindset drastically.
Boom, I received the course package which included:

● Wholesaling Houses
● Flipping Houses - Buy Fix N Flip
● Subject to
● Lease Options
● Owner Financing
I went from not knowing anything about real estate investing to

being overwhelmed with so many ways to make money without
using your cash or credit. In reality, it was too much
information but what stuck to me was Wholesaling Houses,
Lease Options and using Bandit Signs to generate leads.
Even though I was on information overload you have to know

me and know I am an ACTION TAKER…. Which also means I will
sometimes get in over my head and over pay for things because

I’m so eager to get started. One example of me overpaying is
when I paid $250 for my first 50 Bandit Signs.
I picked up my 50 Bandit Signs on a Friday and put them out on

that Sunday morning. The next day (Monday), my first 2 calls
were deals.
Wow…. This stuff may work….
Call #1
My first call was an owner who inherited a property from his

mom that still had a mortgage on the property. His motivation
to sell was he couldn’t afford to make mortgage payments on
the house he lived in and the vacant inherited house at the
same time. So we met at the house he wanted to sell which was
my opportunity to inspect the house for repairs and also explain
that it didn’t meet our all cash criteria but would qualify for our
lease with an option to buy criteria. He agreed, so we signed the
necessary paperwork to allow me to take possession of the
property which would also allow me to place a tenant buyer in
the property which is how I would get paid.

I’m not going to go into how lease options work but I have to tell
this story because it could have easily discouraged me to the
point where I would not have pursued real estate investing /
wholesaling. Well I advertised the property and quickly found a
tenant buyer willing to put up a $5,000 non-refundable down
payment. I met this lady at a O'charley's where she placed fifty
hundred dollar bills in my hands. I couldn’t believe it, I literally
could have stopped then because I had failed at so many other
businesses. But wait, there’s more….. The house needed a few
cosmetic repairs that the tenant buyer wanted completed
before she moved in and the owner was a handyman therefore I
thought it was a great idea to create a WIN - WIN for all parties
involved by referring the owner to the tenant buyer…. Mistake
but an Unknown Blessing at the same Time…..
Now the owner asked me did I know anyone who could help
him with refinancing the house he lived in which ironically I
worked with a guy who actually worked as a part-time
mortgage broker…. Again, I created what I thought would be a
WIN - WIN for all parties involved.

Here’s where the story gets interesting, my co-worker through
general conversations with the owner mentioned I had a tenant
buyer who had already given me a $5,000 down payment.
The owner was irritated even though I clearly explained how

the deal would work, detailing how I would be paid in return he
would be relieved of the monthly payments and eventually the
entire loan balance on his vacant house. That wasn’t good
enough because he was having financial issues at the time he
felt entitled to half if not all of the $5,000 I received from the
tenant buyer.
Well it goes downhill from here…. The owner was scheduled to

meet the tenant buyer at the house to discuss doing the repairs
she wanted done before she moved in. Unknowingly to the
tenant buyer the owner came over in a rage and immediately
told her to get off his property, Tyrone didn’t own the property
and he was going to call the police. Of course the tenant buyer
was highly upset because she thought she had been scammed.
She called me immediately to inform me of the situation and of
course wanted her money back. I apologized to her and let her
know I would meet her within the hour to refund her money.
Even though I had already spent about $700….

I met with her to refund her money and immediately called the
owner to discuss what happened but also to give him a piece of
my mind as he did the same where the call ended with him
saying something to this effect: IF I EVER SEE YOU AGAIN IT
WON’T BE PRETTY.
Call #2
After the first deal went south, in years past I would have
moved on from real estate but fortunately I received another
call (deal #2) on the same day. This call was from two sisters
who wanted to sell a house they inherited from their mother
and as many of us can relate to there being an emotional
attachment to the property and they didn’t want to sell mom’s
house. Well after going through renting to a few family
members who were not paying on time or not paying at all
along with continuous expense of repairs they became
motivated sellers aka tired landlords which will probably be
your #1 source for leads.
The price we agreed on was $20,000 after viewing the house

and at the time I wasn’t 100% sure it was a deal or not but I
understood I would never know unless I actually tried. Well I
was right and this was a deal I could make money on. To get this
house under contract, we agreed to meet at one of the sister’s

homes. They actually thought I was bringing the $20,000 with
me to close at her house but I had to explain to them that it was
a process of running title (escrow in some parts) and we would
normally close in 2 - 4 weeks.
I pulled up in this car which is a 1985 Convertible Toyota Celica (man, I loved this car).

So I advertised the property in the newspaper (not a good option
now) and got a response from a realtor who had a client (cash
buyer) that purchased in the area. We agreed on $25,000
(Contract A: $20,000 with the Seller) which means there would
be a $5,000 spread for me. Being a newbie I explained to the
agent that I had it under contract with the seller for $20,000
and of course being a greedy agent as many of them are (not all)
he said in order to recommend this deal to his buyer he would
need $2,500 of my $5,000, I agreed and we closed it 10 days
later. (What’s Half of Zero?)

Want to See The Best Tool I Use To Find
Wholesale Deals Fast?
Click the Video Below!

My First Deal_
$2,500 on my first deal but it might as well have been $250,000
because I had failed at sooooo many other businesses and this
validated I can actually make some real money wholesaling real
estate. I’ve done much larger deals since then but nothing is
like that first $2,500 check I picked up in March of 2003 which
was less than 30 days after putting out my first 50 Bandit Signs.
Now I’m not saying this will happen as fast for you but I’m no
smarter than you are and in most cases my market which is
Birmingham, AL is no better than yours.
But I will take action……

What is Wholesaling
Real Estate?_
Enough about me, so what is wholesaling houses and or real
estate?
Wholesaling Real Estate is basically placing a property under

contract that is a great deal (cheap cheap cheap) such as a house,
commercial property or land, etc. Once you have the property
under contract you will have a controlling interest in the
property for a specified number of days i.e. 30, 60, 90 days or
more.

With the property being under contract you now have an
option to assign your contract over to a cash buyer at a higher
price than the contract you have with the seller.
Here’s an example...
CONTRACT A (with Seller): $25,000 to buy in the next 30 days

CONTRACT B (with Buyer): $40,000 to buy in the next 14 days
Cash to you is the difference between the two contracts =
$15,000

Want to See One of Many Success Stories
Using My Wholesaling Methods?

Assignment of Contract vs
Double Closing?_
Assignment of contract is my preference to close wholesale
deals which is what is explained in the example above but some
wholesalers like the method of double closings. This is executed
when 2 actual closing will occur sometimes immediately after
each other or a few hours later.
Both Work...
Closing A is with you as the buyer and the owner of the

property.
Closing B is with you as the seller and the investor as the buyer.
For this to be executed with no issues, the cash buyer (investor)

needs to fund the deal before Closing A occurs so the owner
can be paid but also it funds Closing B which is where you will
be paid.

Double closings are used to prevent the seller and or buyer
from immediately knowing what you have made.
Both methods work but assignments are my preference and

I’ve had very few issues with sellers and buyers knowing what
I’ve made on a deal.
Most don’t care because everyone’s getting what they agreed upon
and they know you’re not doing this for free.
Just my 2 cents!

How To Wholesale Your
First House_
If you follow me you will hear me say this a lot as I’ve mentioned
early that I’m no smarter than you are and my market in most cases
isn’t any better than yours but what I will do is take action. Also, I’m
always going to push simplification to reduce frustration and
like most businesses to produce results if you do an effective
job of marketing and advertising your service or product to
generate customers and or leads you will make money and lots
of it.
Marketing, Marketing, Marketing….. If you become a great

marketer you will become a very very successful wholesaler of
real estate and any other business you want to pursue. The
reason bandit signs attracted me was because I could spend a
couple of hundred dollars to get people to call me about selling
their house with an opportunity to make thousands of dollars
from that small investment. So what I will share with you in the
next few sections is the different methods of marketing I use
and how you can use them to generate leads which turns into
deals and checks in your bank account.

Bandit Signs: The Best
Bang for Your Buck_
If you’ve followed me on YouTube, Facebook, Instagram, etc
then you know I talk about bandit signs a lot. If you’re not sure
what I’m talking about then these are the signs I’m sure you’ve
noticed before that say WE BUY HOUSES | CASH FOR
HOUSES | I BUY HOUSES, etc.

The reason they are so effective is because you are using the
billboard method of advertising that has been used for
centuries but at a cheaper and more effective rate. Using
bandit signs you are taking advantage of daily automobile
traffic which will produce leads from property owners wanting
to sell a house. In just one intersection of your city, 30,000 cars
could easily pass your message that says WE BUY HOUSES
which means it will take a very small percentage of those
drivers to get your phone ringing.
Now there is a method to the madness:
● Size the signs: 9x24 is my preference (single sided)
● Color Scheme: White Background with red and or blue

text
● Where to place signs: Be visible but invisible, scout your

market to see where other signs exist already and place
yours there also, get outside of your comfort zone, think
outside the box, fast food drive thrus, Target, Walmart
shopping centers, etc

● How to Hang: Some like to use stakes in the ground,
staples or nails on poles but my preference is 14 inch cable
or zip ties which allows me to hang signs on stop signs,
yield signs, no parking signs, do not enter signs, off
freeway exits, etc
● Cost: 1 color - single sided - 9x24 - horizontal flutes will

cost around $200 for a quantity of 200 - You may be able
to find them cheaper or maybe a little more online - Google
is Your Friend
● Ideal Number Per Week: At least 50 signs per week, if you

can do more please do more but test putting out a few
when you first get your signs, please don’t put them all out
at once because the worst thing you would want to happen
is you put out 100 signs and the next day they are all down,
test 10 - 15 signs then wait a week to see how many are
still up... Testing, testing, testing
● Phone Number I Should Use: There are many options on

phone numbers that can be used from buying a separate

cell phone, google voice, youmail, sideline app, etc. But
please don’t use your personal cell number….
● Are Bandit Signs Illegal: All cities, states and counties
have laws and ordinances on the books against bandit
signs so as I mentioned above place signs where you see
other signs exist already. In most markets there will be
areas you can get away with bandit signs and other areas
you won’t for any number of reasons. But bandit signs are
nothing new and investors in your market have already
done the hard work for you by identifying where signs can
be used. Be smart and test, test, test…..


Direct Mail: Stand Out &
Get Noticed_
There are a few ways to do direct mail i.e. postcards, yellow
letters but I'm always looking for an edge and how can I stand
out from the competition. But before I get into that let’s
examine why direct mail works. Well it’s simple, you are
targeting individuals that own real estate via the mail with the
goal that if you contact enough property owners about selling
their property you will generate leads which of course will turn
into paydays.
Who to Target:
● Vacant Property Owners
● Probate
● Divorce
● Landlords
● Out of Town Owners
● Delinquent Taxes

● Condemned List
Some wholesalers/investors will target these individual types
of property owners hoping there’s a level of motivation to sell
and to sell cheap. What I like to do is simply use a SHOTGUN
approach to target most of these owner types and more by
simply buying an absentee list from data hubs such as
ListSource.com or Melissa Data.com. To also be more efficient
and to reduce cost I will purchase a smaller list to perform a
quick equity search on each property. The equity amount I’m
normally looking for is a minimum of 50% and the reason this is
done is to be more efficient and reduce the cost of mailing to
owners where it’s clear there isn’t enough equity to execute a
wholesale deal.
What’s needed to start a direct mail campaign:

● Target Area
● Budget
● List of Absentee Owners
● Frequency
● Method of mailing

Choosing an area when starting out can be challenging but
always keep it simple. Use free sites like Zillow.com to research
which zip codes or areas of a particular market that have the
most transactions and the least transactions then target where
it’s been hot for the last 90 to 180 days.
Setting your budget will vary from wholesaler to wholesaler but

whatever you can afford make sure you commit to it at least 6
months which should allow you to do some deals to fund and
compound your marketing efforts into a snowball of deals
weekly and monthly.
Building your list of absentee owners should start with your

targeted zip codes and or counties you would like to send mail
to. I always remove corporate owners such as LLC’s, INC’s.
CORPS, etc when selecting my criteria.
I will also choose a square footage size from 1,100 to 2,000
square feet but of course your criteria may be different.
Property types for houses are normally Residential SFR.
Understand that the information on absentee owners is only as

current and accurate as the county you are targeting makes it
available to the public.

Frequency of mailings will be based on your budget, how large of
a list you have and how many lists you are targeting. Ideally you
would want to mail to one full list at least every 60 days to stay
top of mind but also owners' situations change where 60 days
ago they didn’t want or need to sell but now life has taken over
and they need to sell and sell cheaply.
Types of Direct Mail:

● Postcards
● Yellow Letters
● Just Letters
My preference is mail2flip.com this is where you will use the

power of photos of the owners property on your postcards or
letters to get their attention which increases your chances of
not ending up in the trash.
When I First Saw This Postcard Below I Was Amazed and Yes It
Will Produce Leads, Leads, Leads:


Internet | Website | Social Media_
I’ve always viewed the internet, etc as your 24 hour salesperson

that’s working when you’re not working. But please
understand that just like your phone numbers won’t ring if
you’re not doing an effective job of advertising and marketing
to potential sellers your internet presence won’t produce leads
either if no one knows it exists. Simply put, you can’t just build a
website with social media and think sellers are automatically
going to find you.
When building an online presence to help generate leads it all

starts with getting a site designed along with building your
social media accounts. If you don’t know where to start simply
use other sites you like as reference and foundation to get your
websites and social media accounts designed and built.

Website & Social Resources:
● Upwork.com - Hire freelancers to build sites, graphics, etc

● ClickFunnels.com - Building Your Own Websites, Click
and Drag
● Fiverr.com - Pay as little as $5 to many online and offline
task completed along with hiring Virtual Assistants
● HootSuite.com - Manage multiple social media accounts in
one place
● Google Adwords - Advertising Platform to promote your
websites
● Bing Ads - Advertising Platform to promote your websites
● FaceBook Ads - Advertising Platform to promote your
websites
● Godaddy.com - Register your website name (domain
name)

Free Methods to
Generate Leads_
● Cold Calling - The largest group of motivated sellers will

be tired landlords. Be proactive contacting them online
and offline to see if they are interested in selling. Also,
contacting For Sale By Owners
● Bird Dogs - Hire individuals to find deals for you i.e. Vacant
Houses, For Sale By Owner, etc
● Realtors - Agents are a source but dealing with them is a

different animal taking in consideration that you are
adding another party into the deal with their own financial
interest which may not always work in your favor.


Negotiations |
What is a Deal?_
Your marketing is working and now sellers are calling you, now
what? I always have the mindset that it’s either going to be done my
way or no way. To ensure you’re getting the best deal that works
for you, it’s imperative that you control the seller side of the
transaction starting with price, the closing time frame, closing
location and the earnest money deposit submitted.
Info and Questions You Should Ask Sellers:

● Name and Contact Info
● Full Address of the property they want to sell
● Number of Bedrooms and Bathrooms
● Vacant or Occupied (if occupied with a renter collect
rental info)
● Age of the Roof
● Central Heat and Air
● Does it have any unpaid Mortgages, Taxes or Liens
● In their opinion, what’s the condition of the property?
● Why are they selling? (Opportunity to build rapport and
determine their level of motivation to sell)
Finally, The Magic Question:
Paying all cash and closing quickly, what’s the least amount you
will accept?
● Wait on a response
● Regardless of what they say, your follow up question will

be: IS THAT THE BEST YOU CAN DO?
The goal is to get sellers to give you their least amount and from
there you can determine if it’s a deal or not. In many cases,
sellers will not give you a price and will force you into making an
offer. If this is the situation then my rule of thumb is to offer a
price you are totally embarrassed about.
More than likely they won’t accept your offer (sometimes they
will) but your goal is to initiate their bottom line price. If they
reject your offer then your follow up question should be: WELL,
HOW CLOSE CAN YOU COME TO THAT AMOUNT?

Then wait on a reply…
If the numbers work for you then proceed on and if they don’t
work for you simply thank them for their time and let them
know if anything changes to please let you know. Be prepared
to anger some sellers to point that they hang up on you or even
curse you out but they have made it easy for you and them by
not wasting anymore time on this property.


The Formula:
Great Deal or No Deal?_
This formula is used to help determine if you have a GREAT
DEAL or not but the way I recommend you use it is to prevent
you from wasting time on properties that have no chance of
being a wholesale deal. Here’s the formula:
Make Your Deal Analyzing Easier With Dealulator.com
ARV x 70% - Estimated Repairs - Minus Your Fee (x2) = Your

Offer or MAO
Formula Break Down:

● ARV - After Repair Value or simply put, what will the
house appraise for in excellent condition. Tap Here to view
an instructional video on How to Calculate ARV.
● 70% Rule - The remaining 30% of 100% is what’s

measured because it represents the investors/cash buyers
profit (20% - 25%) and holding cost (5% - 10%)

● Estimated Repairs - Total renovation cost to allow the
property to appraise at its maximum value if being sold to
an end user. Repair cost could differ if this property will be
used for rental income. Tap Here to view an instructional
video on How to Estimate Repairs. You can fast forward
the video to the 28:10 minute mark to get right to estimating
repairs.
● Minus Your Fee x 2 - This will allow you to have

negotiating room because most investors won’t pay what
you’re asking. Be flexible on Your Fee with the thought in
mind that most investors will be repeat buyers. What’s Half
of Zero?
● Your Offer or MAO - This can be your offer but I will

normally offer less than this amount - MAO: Maximum
Allowable Offer

My simple rules on negotiating:
● When Selling: Always ask for more than what you will
accept
● When Buying: Always offer less than what you are willing
to pay
Formula Example:
$100,000 (ARV) x 70% - $25,000 (Repair Cost) - $15,000

(Your Fee x 2) = $30,000 (Your Offer)

To reiterate, this formula is not the end all but is more used for
newbies and also to prevent you from wasting time on properties
that have no chance of being a wholesale deal.
Make Your Deal Analyzing Easier With Dealulator.com
The Price Works | What’s Next | Contract
● Set a time to view, video and inspect the property to

determine a repair estimate. By videoing the property

with your smartphone (you’re not serious about this business
or any business if you don’t own a smartphone) you can now
use it later for your records but more importantly to
market your property to potential cash buyers. Upload
your video to YouTube to make it easy to send the
YouTube video link by text and or email to potential cash
buyers. (if you’re not sure how to use a smartphone and or
upload a video from your phone to YouTube simply do a search
on YouTube for detailed video instructions). Remember,
YouTube is Your Friend Too.
● Contract | The Paperwork: Everything checks out after

inspecting the property so now it’s time to place the
property under contract with the seller at the agreed upon
price.


Building a Buyer’s List for
Your Deals_
There are 2 schools of thought on should you build a buyers list
first and go find what they want or find the GREAT DEAL first
and let your GREAT DEALS build your buyer’s list. Both Methods
Work
I was taught and the way I teach it is to find a GREAT DEAL

FIRST, market it and the buyers will come which also allows you
to build a buyers list for future deals. We all know that it’s not
hard to give away money (buyers) but it’s very difficult to get
people to give you money (sellers). Therefore, I would think you
need to work on the harder part of the process which is finding
the GREAT DEAL. If you notice I keep reiterating GREAT DEAL and
not just a deal which means a property that’s simply for sale.
Now that you have your property under contract and assuming
you have no buyers then let’s identify some ways to find and
build a buyers list.

Methods to Find Buyers and Build Your List:
● Advertising on Craigslist.com - In most markets it’s free
● Advertising on Zillow.com - Little tricky verifying

ownership but doable
● Bird Dogs - As you can use them for sellers they can also
be used for buyers
● Wholesalers - Co-Wholesaling is definitely a way to find

buyers for your deals but be willing to split your profits
● Google Search - A lot of buyers and wholesalers spend a

ton of money advertising on google for deals.
● Suggested Search Terms:

● Sell my house fast
● Buy my house fast
● We buy houses
● I buy houses
● Sell a house fast

● Realtors - Agents can be a source to produce cash buyers
using MLS to identify cash transactions within a certain
area and time frame. Understand that it’s difficult to get
an agent to do this for you consistently without them
getting paid but be persistent
● Bandit Signs - As you can use bandit signs to find deals you
can also use them to find buyers for your deals. A simple
handwritten sign saying HOUSE FOR SELL - $XX,XXX
CASH - PHONE NUMBER

Negotiating with Buyers_
If you have a GREAT DEAL and you’ve done an effective job of
letting cash buyers in your area know it exists, this should
generate calls, emails and text messages inquiring about your
deal. Let’s assume you receive 20 inquiries about your property
but you can only sell to 1 of them, the other 19 cash buyers that
called should become part of your buyer’s list.
Buyer’s List Info You Should Collect:

● Name and contact info
● Areas they buy in
● How many do they buy per year
● Price range
● Minimum number of beds and baths
● Level of repairs
● How many do they buyer per month

The buyer who’s offer you accepted needs to meet some basic
requirements:
● Acceptable Price - Be negotiable and keep in mind volume

or the number of deals you may do with this buyer over
time so you may take less on this deal to build a
relationship with a frequent buyer
● Close in 14 Days or Less - There are only a couple of

reasons why it should take longer than 14 days with a cash
buyer
● Title issues which normally can be fixed

● Buyer is using a Hard Money Lender who has to go
thru lending process
● Also your deals has to close before your contract ends

with the seller unless you are sure you can get more
time granted from the seller
● Earnest Money Deposit - It needs to be a minimum of

$1,000 which can be held in escrow with the closing
attorney or title company. Also, it is an option to hold
EMD yourself. The EMD needs to be non-refundable
unless you can’t produce a clear title.
● Closing Cost - Everything is negotiable but normally your

cash buyer will pay all closing cost but be flexible which
means if you have to pay a portion of the closing cost or
sometimes all of it then make the decision based on will
you make satisfying money and how likely this isn’t your
last deal with this cash buyer.
● Buyer’s Contract - The cash buyer’s contract can be your

version or the buyer’s version as long as it doesn’t conflict
with your seller’s contract.


Let’s Close | Getting Paid_
Happy times on closing day because this is when you will get
paid. But before this happens there are steps that must be
completed to close the deal and you are getting paid.
Steps to Closing Your Deals:
● Who Will Close Your Deal - This will vary from deal to
deal depending on what the cash buyer wants to do. Some
will simply say I don’t care and will allow you to use your
preferred title company and or closing attorney but I
would suggest that you assume you won’t dictate this step
in the deal process. This is why I advise students and
non-students not to worry about this when starting out
because there’s a good chance you won’t have any control
of who closes the deal. The one with all the gold makes the
decisions. (aka cash buyers)

● Submitting Contracts, Docs, etc - Your contract with the
seller and buyer will need to be presented to the closing
entity.
● Location, Date and Time - Assuming everything checks
out with the title then there needs to be a closing date to
coincide with all parties involved schedules.
● At the Closing Table - This can be uncomfortable for a

number of reasons but understand that everyone is happy
on this day normally because money is being made and
exchanged. So the seller and buyer may have never met
before sitting down at this closing which means you are
the bridge to smooth things over and this simply can be
done by introducing your cash buyer to the seller as YOUR
MONEY MAN (with a little laughter) or YOUR PARTNER ON
THIS DEAL.
● Getting Paid - The process I’ve explained was based on an

assignment of contract therefore you are paid via an
assignment fee based on the difference between Contract
A (with the Seller) and Contract B (with the Buyer). So
once all of the paperwork is signed by the seller and cash
buyer then the closing agent will present the seller with

their funds by check or bank wire and pay you via a check
or bank wire (your choice).

Recap & Steps to
Wholesale A House
● Educate Yourself First
● Determine What Contract You Will Use
● Phone Numbers, etc
● Marketing Budget and Methods to Generate Seller Leads
● Execute Marketing Plan
● Follow Motivated Seller Leads If the Numbers Work (I
rarely go view a property if the price doesn’t work over the
phone)
● Place the Property Under Contract (A) with the Seller
● Market and Advertise Your Property for a Cash Buyer
(Build a Cash Buyers List at the Same Time)
● Place the Property Under Contract (B) with Your Cash
Buyer
● Close the Deal, Get Paid and Repeat the Process
Good Luck


Wholesaling Real Estate
Glossary and Terms
Absentee Owners: An absentee owner is an individual or
corporation that owns a particular property without actually
occupying it or actively managing it. ... Absentee owners
generally look at real estate from an investment standpoint
only and may contract out all management duties to a third
party, as in a property management company.
Assignment of Contract: An assignment (Latin cessio) is a

term used with similar meanings in the law of contracts and in
the law of real estate. In both instances, it encompasses the
transfer of rights held by one party, the assignor, to another
party, the assignee.
ARV: After Repair Value or simply put, what will the house
appraise for in excellent condition.
Bird Dog: A real estate investing term that refers to someone

who spends their time trying to locate properties with

substantial investment potential. Usually, the intent is to find
properties that are distressed and selling at a discount that can
be repaired or remodeled and sold for a sizable profit.
Cash Buyer: A person who is able to buy a property, without

needing to take out a mortgage or loan to do so. Using a hard
money loan is acceptable in most cases.
Closing Attorney: A closing attorney or agent actually

performs the closing process, which includes, disbursement of
funds, the issuing of title insurance, if applicable and recording
of the deed.
Direct Mail: Unsolicited advertising sent to prospective

property through the mail with the intent to generate leads.
Double Closing: Is the simultaneous purchase and sale of a real

estate property involving three parties: the original seller, an
investor (middleman), and the final buyer.


Earnest Money Deposit or EMD: Is a deposit made to a seller
showing the buyer's good faith in a real estate transaction.
Earnest money is typically held jointly by the seller and buyer in
a trust or escrow account but can be held by a wholesaler or
buyer.
Equity: Is the difference between the current fair market value

of the property and the amount the owner still owes on the
mortgage. It is the amount that the owner would receive after
selling a property and paying off the mortgage. Also referred to
as “real property value.
Escrow: The primary purpose of an escrow for a real estate

title transfer or closing settlement is to have a trusted, neutral
stakeholder hold the seller's deed to the property, which will be
delivered to the buyer upon payment of the sales price and
fulfillment of other sale conditions.
Flipping Houses: Profits from flipping real estate come from

either buying low and selling high (often in a rapidly rising
market), or buying a house that needs repair and fixing it up
before reselling it for a profit ("fix and flip").

Hard Money Loan: A hard money loan is a specific type of
asset-based loan financing through which a borrower receives
funds secured by real property. Hard money loans are typically
issued by private investors or companies.
HUD-1: The HUD-1 Settlement Statement was a standard

form in use in the United States of America which was used to
itemize services and fees charged to the borrower by the
lender or broker when applying for a loan for the purpose of
purchasing or refinancing real estate.
Lease Options: A lease option (more formally Lease With the

Option to Purchase) is a type of contract used in both
residential and commercial real estate. In a lease-option, a
property owner and tenant agree that, at the end of a specified
rental period for a given property, the renter has the option of
purchasing the property.
MLS: A multiple listing service (MLS) is a service used by a

group of real estate brokers. They band together to create an
MLS that allows each of them to see one another's listings of
properties for sale.

Motivated Seller: A seller of property - for example, a
residence or automobile - who is compelled to entertain
reasonable offers from prospective buyers. The motivation
may come from economic circumstances or a desire to abandon
ownership. The buyer is often able to purchase the property at
a reduced price or under favorable terms.
Owner or Seller Financing: When a property buyer finances

the purchase directly through the person or entity selling it.
This often occurs when the prospective buyer cannot obtain
funding through a conventional mortgage lender, or is unwilling
to pay the prevailing market interest rates. ... Also known as
"creative financing" or "seller financing".
Postcards: A card for sending a message by mail without an

envelope, typically having a photograph or other illustration on
one side.
See mail2flip.com
Purchase and Sales Agreement or Contract: A purchase and

sales agreement (PSA) is a legal contract that obligates a buyer
to buy and a seller to sell a product or service. PSAs are found in

all types of businesses but are most often associated with real
estate deals as a way of finalizing the interests of both parties
before closing the deal.
Subject To: When you purchase a home "subject to" it means

subject to the existing mortgage that is already in place on the
property. The terms of the note that were initially created with
the lender stay the same. That includes the name the loan was
purchased in. In other words, you are not assuming the loan.
Title: In property law, a title is a bundle of rights in a piece of

property in which a party may own either a legal interest or
equitable interest. The rights in the bundle may be separated
and held by different parties. It may also refer to a formal
document, such as a deed, that serves as evidence of
ownership.
Title Company: Title Company is a company involved in

examining and insuring title claims for real estate purposes.
The company verifies ownership of real property and
determines the valid owner through a thorough examination of
property records in a Title Search. The title company usually
does an abstract of the title.

Wholesaling Houses: Real estate wholesaling occurs when a
party (the "wholesaler") contracts with a home seller, markets
the home to potential buyers, and then assigns the contract to
one of them. The wholesaler makes a profit, which is the
difference between the contracted price with the seller and the
amount paid by the buyer.
Yellow Letters: The Yellow Letter is a handwritten letter that

is used by real estate professionals (investors, Realtors,
Mortgage Brokers, even Insurance Agents and Personal
Trainers) written on yellow "legal pad" paper.
Glossary References: Bigger Pockets, CRE Online, Washington

Post, Wikipedia, Business dictionary.

You can visit the links below to get more information.
Resources, Websites, etc:

● Dealulator.com - Analyze your deals and more
● FundMyNextDeal.com - Get funding for fix and flips or for
your wholesaling marketing
● mail2flip.com - Stand out from your competition with
unique deal generating direct mail
● RealPOF.com - Proof of Funds when dealing with listed
properties from Realtors
● Upwork.com - Hire freelancers to build your website and
more
● ClickFunnels.com - Build your own websites, easy click and
drag platform
● Fiverr.com - Hire Virtual Assistants and more


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The Flip Man’s Quick Guide:

Step By Step Guide to

Click Here For Dealulator Video Tutorials

Who Am I & How Did I Get Started? 5

Assignment of Contract vs Double Closing? 20

How To Wholesale Your First House 22

Bandit Signs: The Best Bang for Your Buck 23

Direct Mail: Stand Out & Get Noticed 28

Internet | Website | Social Media 34

Free Methods to Generate Leads 36

Negotiations | What is a Deal? 38

Great Deal or No Deal? 42

Building a Buyer’s List for Your Deals 48

Negotiating with Buyers 51

Let’s Close | Getting Paid 55

Recap & Steps to Wholesale A House 57

Wholesaling Real Estate Glossary and Terms 59

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That was in October of 2002, fast forward to December 27th,

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Back then my Mom didn’t have internet service so I waited until

I located Ron’s website where I hit with the hard reality of a

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Boom, I received the course package which included:

I went from not knowing anything about real estate investing to

Even though I was on information overload you have to know

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I picked up my 50 Bandit Signs on a Friday and put them out on

Wow…. This stuff may work….

My first call was an owner who inherited a property from his

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The owner was irritated even though I clearly explained how

Well it goes downhill from here…. The owner was scheduled to

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The price we agreed on was $20,000 after viewing the house

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Click the Video Below!

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But I will take action……

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Wholesaling Real Estate is basically placing a property under

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CONTRACT A (with Seller): $25,000 to buy in the next 30 days

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Click the Video Below!

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Closing A is with you as the buyer and the owner of the

For this to be executed with no issues, the cash buyer (investor)

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Both methods work but assignments are my preference and

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Marketing, Marketing, Marketing….. If you become a great

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Now there is a method to the madness:

● Size the signs: 9x24 is my preference (single sided)

● Color Scheme: White Background with red and or blue

● Where to place signs: Be visible but invisible, scout your