Beginner in Wholesaling.and have access to REO what to do?

Question

Vonn Peterson · Answer

@Roger Elliott

I would concentrate your efforts on finding

Motivated sellers .. finding the buyer is easy if the deal is right. Deals are not right for every type of investor.flipers vs buy and hold s have different needs . The trickiest part is getting a realistic rehab number (even if it's an estimate ) for your investor. We pass on wholesale deals all the time because they low ball what the rehab saying 5-10k rehab we look at it and it's more like 30-40k .  You can easily build your buyers list on Craigslist make sure you use key words and we will pick up on them with our searches because we are always looking for deals. Investors troll the REO's in their playing field so not sure that is the best strategy to wholesale there . Example of not so good ..So last night I am looking through my emails and look at a wholesalers list that he sends me . On house for 79,000. 00 Not much room for the area and needs major renovations.. but I take note .. and then see the seller on Craigslist selling the same house for 55,000.00 ( was literally just posted )  don't be that guy ! Hit the streets drive for dollars. Find the sellers make sure it's a deal for an investor, control the situation. Make mistakes just execute .. And you will learn the game .

Best of luck

Roger Elliott · Answer

Thank you @Vonn Peterson Great advise and I will follow through with some of your tips

John Thedford · Answer

You need to get familiar with 475.43. Violation of licensing laws first time is usually a cease and desist. A second time they start hitting violators with 3rd degree felony charges. I know one scammer that is now under investigation because I reported him. He just hired a lawyer to defend him. Not sure how much good that will do because the state investigator told me it is an open and shut case of unlicensed brokering. I recently saw where he looked my on profile on BP. Complaints are public record...including who filed them. He has been fed all the guru garbage but the problem is they don't know the laws and often encourage people to take actions which are illegal. Another scammer told me they were "joint venturing" a deal. Sorry...illegal if they are marketing properties they have no legal interest in. They were fed the same great guru garbage...and were breaking the law because they believed everything they were told. 475 is clear.

Roger Elliott · Answer

@David Moreno  thanks for the feedback. No I am not licensed at the moment that is also in the works I will seek out a wholesaler in my area and see if he can provide assistance.

David Moreno · Answer

Are you a licensed agent? Maybe for these two deals you might want to put the offers under your name and double close since most REO's in my experience  will not allow assignees. But I think you should maybe speak with a local successful wholesaler the LLC should be the least of your worries. Pick an available name pay $115 and your good to go the next day.

Beginner in Wholesaling.and have access to REO what to do?

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