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Updated almost 2 years ago on . Most recent reply

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Sheila Pierre
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Questions from a new wholesaler

Sheila Pierre
Posted

Hello BP, I am new to the real estate investing community and am very excited to get started with wholesaling. I have spent the last month learning as much as I could through various programs, podcasts, this site, and YT. I know the best thing for me to do is get started, but I have a few questions that makes me hesitate about jumping into the deep end.

1) In MD, since I am not licensed therefore cannot use the MAR PSA, where would I be able to find a PSA to use for wholesaling that considers MD laws?

2) What is the best way to estimate a rehab when determining the MAO? Any tricks would be greatly appreciated given my lack of construction background.

3) There is something I am not entirely clear on: am I responsible for locating a title company so that once the PSA is signed, I can open escrow and deposit my EMD then close with said title company at the end of the deal? What is the typical EMD I should pay? How much EMD do wholesalers typically charge your buyers?

4) I have a friend who is a realtor and would like to represent me as an investor. I am hesitant about this as I do not want to make this any complicated than it already is. Anyone willing to share the pros and cons of a wholesaler working with a realtor. Also, would commission still be the 3%? Is it worth it? 

5) Any advice on the best way to make sure I am not violating any laws and protecting myself would be greatly appreciated. Also any "one thing I wish I new when I started" insights are more than welcomed!

I appreciate anyone and everyone who takes the time to read this post and answer!

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