Does yard signs work trying to assign my first JV wholesale deal

Question

hello everyone I have my first JV deal on the table and I am trying to get rid of it here in Cincinnati Ohio I am wondering if  yard signs are a good way to go the white and black ones in right on yourself are what if some of you all done to get rid of your first one get your name out there . I have sent it around to the buyers I have most of them don't like the side of town it is on the house it self just needs updating but I am having trouble trying to figure out the Best way to get more investors and get more people to send deals to would most of your recommend flyers ? Internet ? Handyman special signs up around town ? I always wondered did those work ?

Darrin Carey · Answer

Thoughts on the fly:

As licensee, there are all kinds of questions that come up with wholesaling.

• Are you listing the property or wholesaling the property?
• What about your agency responsibility to your client, the seller and/or buyer?
• Some brokers won't allow wholesaling in any form at all.

Bandit signs work, but usually violate municipal laws. Enforcement varies.

I like foundation problems. They scare away most people.

As a wholesaler in Ohio, and any other state, be smart and do it right. There are a lot of ways to do it wrong, and only a few to do it right.

For example, EVERY property I put under contract, I will close on (except for two contingencies). I am open to assigning the contract along the way, but the deal will close, even if they back out. If you're putting it under contract only intending to assign it or let it expire, you are wrong, and probably violating the law.

Jay Hinrichs · Answer

@Alex Holt  sounds like In Ohio you cannot market houses without a RE license the way you want to market them you can only market contracts.. You may want to check with the Ohio RE division before you get yourself into hot water.

the way wholesaling is taught either by on line methods gurus or BP from what I have seen on the many threads regarding OHIO is that what your describing is selling RE without a license and is not legal...

On the foundation issue this is a huge deal in most cases.. I suspect you may or may not have any real equity In the contract your trying to assign.. since your not actually selling a house right ?  LOL

Account Closed · Answer

Good advice Jay. Is there a State that allows someone to market a property for sale that they don't own?

Alex Holt · Answer

@Darrin Carey

Good advice I understand that duty to serve the clients just don't understand why you have to give up half your fee to a brokerage if your not using there service on some deals where you won't even need the mls or the services  of your brokerage .

Jay Hinrichs · Answer

@Alex Holt  find a broker that gives you a better split.. out here on the west coast brokers will charge as little at 500 dollars a closing

Alex Holt · Answer

@Jay Hinrichs I agree I am only selling the contract to the property . I will be licensed next month . But it still troubles me once I'm licensed then I have to give half my profit to my brokerage correct ?

Mark Brogan · Answer

foundation in that pic is nothing to be afraid of @Alex Holt

Alex Holt · Answer

@Jeff Rabinowitz

Hey Jeff thanks for the advice I didn't think of that because I was brought into this deal with another person who was having trouble selling the property but I think you're right maybe we can get someone to come out he has one proposal already for about 6K worth of work but I have not seen a written estimate yet I am going to follow up with him to see if he can forward me over that information . Here is s picture if that helps the property is for sale a very good price comps in area are between 35-45 k has is up for 14,500 and only needing small updating and paint other then foundation

Jeff Rabinowitz · Answer

Foundation issues will be a deal breaker for most investors. It was for me until I met another investor who specializes in that work. Now, it would still be a major concern but I know I could get a good estimate of what would be needed to repair the issue and what that would cost. I have not purchased a property with a foundation issue yet but I would no longer rule it out before analyzing it. I would still demand a steep discount on any property with a foundation issue because I know there would be very few, if any, offers on it and it may hurt me later if I had to disclose any repairs I made.Have you considered contacting someone who does foundation repairs for a detailed assessment of the issue and an estimate on the repair cost? If you had that available you may have a better chance of convincing a potential buyer to move forward with a purchase.

Alex Holt · Answer

thank you @Mark Brogan I am going to do both things if a home has foundational problems does that scare most cash buyers ?