Wholesale Cape Cod, Massachusetts, Bourne, Fall River,New Bedford

[Alexander Wardell]

Newbie on Cape Cod, Massachusetts interested in Bourne, New Bedford, Fall River, all of cape cod and Plymouth.

I have been curious about calculating cost of repairs while looking at wholesale deals. Does anyone have pointers on how to get in the ballpark without having a contractor on site. I have been playing around with the PB calculators and find myself throwing numbers like 50k or 60k worth of repairs on house but in reality, I may be 20k plus or minus since I have no real knowledge on the subject.

If there are there any active wholesalers in those areas who could shed some light on this topic I would greatly apricate it!

Should I just link up with a solid contractor who can see the houses with me or is that not needed?

Thanks!

[Charlie MacPherson]

@Javier Medina  Sure.  Here in MA, you need to be licensed to sell real estate in order to market a property that you don't already own.  The statutes are found here: 

https://malegislature.gov/Laws/GeneralLaws/PartI/T...

The law is very clear that even trying to assign a contract is covered as a license-required activity.  Here's a partial excerpt of the definition of a Real Estate Broker - which requires being licensed:

"...buys or offers to buy, sells or offers to sell or otherwise deals in options on real estate, or advertises or holds himself out as engaged in the business of selling, exchanging, purchasing, renting or leasing real estate, or assists or directs in the procuring of prospects or the negotiation or completion of any agreement or transaction which results or is intended to result in the sale, exchange, purchase, leasing or renting of any real estate."

Laws vary by state, so yours may differ.

Of course, the other problem that some wholesalers run into is that they get a home under a contract to purchase without having the ability (funds) or the intent to fulfill their part of the contract (actually closing on the property).  This is the textbook definition of "Fraud in the Inducement".

https://legal-dictionary.thefreedictionary.com/fra...

Want to do it right?  Listen to BP Podcast #231 with @Brett Snodgrass.