Episode 2: Is Wholesaling Illegal? w/Brandon Turner

Danny Johnson / 2 comments

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Show Notes

Brandon, house flipper, landlord, senior editor at Bigger Pockets, all around real estate investor shares what he feels is the best way to get started in house flipping.  

He recommends people start with a live-in flip

The strategy involves buying a house that needs work and living in it while you fix it up and then selling it, either right away or several years later.

I completely agree with Brandon that this is an awesome way to get in the business and learn the ropes.

The benefits he describes makes this insanely obvious.  Those benefits include:

  • Getting a much cheaper loan than hard money
  • Learning how to properly fix up houses
  • Avoiding capital gains taxes when you sell the house (if you live in it for more than 2 out of the last five years)

You can also get first dibs on HUD foreclosures as they usually give a 10+ day window where only homeowners can buy their houses.  During that period, investors cannot bid on them.  How awesome is that?!

You can find available HUD homes at http://hudhomestore.com

He feels there is a right and a wrong way to wholesale houses.

His two strategies for avoiding trouble are:

  1. become a licensed agent
  2. double close – buy the house and then sell it to an investor

Find out more by listening to this incredible episode.

Recommended Books


The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results


The Success Principles(TM) – 10th Anniversary Edition: How to Get from Where You Are to Where You Want to Be


The Secret

Links

Trello
HUD Home Store Website
Bigger Pockets Podcast Episode 18 w/Danny Johnson

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2 awesome responses to “Episode 2: Is Wholesaling Illegal? w/Brandon Turner”

  1. James on

    Hi Danny Great Podcasts I think I’m finally caught up on all of them since finding them 2 weeks ago via another podcast.

    I found Trello recently and was think of ways to implement in my life(which is crazy with 5 kids) and use it to simplify stages of processes.

    I’m interested in how you setup and using as a Scrum for the One Thing? Could you explain or share. Thank you so very much for all you have shared on you podcasts so far.

    Cheers

    Fed