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Updated about 5 years ago,

User Stats

3
Posts
2
Votes
Jacoby Ihejirika
  • Chicago, IL
2
Votes |
3
Posts

Real Estate Agent vs Lawyer/Wholesaling Questions

Jacoby Ihejirika
  • Chicago, IL
Posted

Hey BP Fam,

I am brand new to real estate investing and had a few questions:

1. When making an offer on a property that you plan to rehab and put under 3rd party property management, should you get a real estate agent involved or a real estate lawyer? My original thought was both but I have seen people make offers by themselves without one. So, I wanted to get clarity on what the process should be.

2. Even if they ask for all cash, do sellers typically accept buyers with hard money loans? This is assuming that you are already approved for that specific property.

3. If you are wholesaling, should you set up an LLC for that? I ask because the goal is obviously to turn around and sell the property quickly and not actually hold on to it. Also, do wholesalers always have the clause that gets them out of the contract if they don't sell the property before the closing date? Or is that something on a case by case basis depending on the seller and what they are willing to do?

Sorry if this is too many questions for one thread. These are pretty much my last few points of clarity needed and I plan to pull the trigger on my first property in the next month or two. Feel free to only answer one of those questions if thats all you have. Anything is appreciated. Thanks to the community in advance!

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