All Forum Posts by: Aaron Phillips

I have been talking to homeowners who are selling rehabs, properties in distress, or properties they just want to get rid of at least 3-4 a day now. I ask the same question to each and every potential seller I encounter "Is there anything left that is owed on the property?" I feel as if it a fair, yet important question to ask given that my contract states the said Seller is responsible for Taxes, Mortgages, and Liens on the property. 

My most recent interaction with a seller of a 5 bedroom 3 bathroom home I asked if anything was owed on it still and the seller immediately jumped to the defense saying "That's none of your business." "That isn't important." so on so forth. 

My question to BP is, Should I stop asking that question? Is it getting too personal asking how much is owed? I know one encounter vs many others shouldn't make me change up the questions I ask to get more information, but I am trying to perfect the way I wholesale and it's worrisome that I will continue to encounter this same problem. 

I was recently contacted by a lady who is wanting to sell her property but it's still under a land contract. She has been there for 7 years, and the contract is for 20 years. How would I even attempt to go about getting this property under contract and selling to a cash buyer? 

I am currently trying to work with a guy who I think might be trying to pull a scam, but i'm not 100% certain. First I have been advertising all around my area attempting to gain leads, and I was contacted by this guy named Pat. Well I went to see his (Pat's) property, and it's ARV was around $70,000. I talked him down to $17,000. Well, I sent him the purchase agreement via Email.

This is where my suspicion began. I sent the contract from my business email and he claimed to have not received it. No big deal, could have been a delivery issue. So I resent him the email for the second time. The second time around he said he still hadn't received  it, and I asked him if it went to his spam folder, or click "all mail" in the event it was somewhere other than his primary inbox. Nope, nothing. So I told him (Pat) that I would be sending it from my other email, and apologized for him not receiving it. However, I was starting to get a little worried because he was out of town at that point and was not able to meet up for the contract signing. So I sent it from my other business email, and yet again he claimed to not have received it. So I told Pat that I would just hand deliver the contract agreement in person once he got back into town (Which at the time was supposed to be later that day) 

I went about 2 weeks with trying to get in touch with Pat with no success. Out of the blue he contacted me that he had received the contract in the mail, and needs to me to revise it. He said that he would like me to pay him first so that he can pay off what he has left owed on it. (Though the contract states that the buyer is not responsible for any taxes, mortgages, liens on the house) and I explained to Pat that I would need to get the contract signed, and he would be responsible for paying what is owed on it, and he said that would be fine. I asked when he would be available to sign, and no response.. 

A few days later I get another text from him saying "Can you add a few hundred dollars to the EMD? It shouldn't be that big of a deal anyway."

How should I go about handling this situation? 

Ever since I started Real Estate Wholesaling, I've gotten these type leads over everything else "Do you buy doublewides with property?" 

Does anyone here on BP have experience with dealing with doublewides (mobile home) with property? I'm curious as to how I would go about appraising something like this, it needs sold immediately according to the owner. It does require little work, but I'm sure most the money will come from the land it is sitting on. 

I am new to the Wholesaling business. Can't wait to get started up. For now I am doing it solo. However, I am also a part-owner of a Cleaning Service over here is West Virginia. I'm not quite sure if it is the same in Virginia, or if it is the same with the Real Estate business but when my clients writes me checks under my business name (Which is an LLC) the only way I can cash it is under the business bank account. It might not be the same at all banks, but I know personally mine made me provide tax documents, the EIN #, business certificate, etc.. in order to open the business account. Therefore if you want to operate under a business name, I suggest opening a business account, and getting licensed. Sorry to use an example that isn't Real Estate, but it's the closest correlation I could come up with that I've personally experienced.

Also I'd like to mention that a independent investor that I've been talking to personally here who is trying to help me get started in this business told me that in the state of West Virginia it is not required to be licensed to do wholesaling, and you don't need to operate under a business name (i.e. LLC), with that being said if you are wanting to operate under an LLC then I suggest getting licensed first, and opening up a business account so at the end of the day you have the ability to get paid! 

Best of luck to you!

Thank you @Riley Kuranishi, I will definitely be taking advantage of every single method to gaining motivated sellers I can. Online Networking (Craigslist, Facebook Groups, Local Bulletin Boards, etc..), I'm going to look into getting bandit signs to put up as long as my city permits it, Zillow is going to be my best friend I can already tell, and I will occasionally drive around looking for good properties that are in need of some maintenance upkeep. I appreciate your suggestions, and I can't wait to put them methods into action. 

 Do you have any suggestions on how to find Motivated Sellers because as of right now I am only using Facebook, and Craigslist? I'd like to get at least 2-3 a month starting out! Any suggestions are much appreciated. 

Hello BP,

I'm still starting out in RE Wholesaling, and I have heard about Driving for Dollars to find some good leads. How about Google Maps though? Has any other Wholesaler used Google Maps to find properties in distress or properties that need renovated? 

What I'm doing is devising ways to increase my Sellers List because right now in the beginning stages, it's extremely difficult to find Motivated Sellers. I think Google Maps could be an effective way to find Motivated Sellers. 

But I'd also like to find more ways to get Motivated Sellers to come to me? I have thought about Signs, Facebook Advertisement, Craigslist, etc.. Any other more effective ways?

Welcome to the Wholesales world! I myself am brand new to this industry. @Turner Sprout I recommend learning the calculations/math behind it. I've heard its the easiest part that when you get it, you get it. However it's what I've been struggling with most myself. Anyhow, once again good luck out there, and congratulations on your move! :) 

Hello @Austin Fruechting ! 

Congratulations on your success! I'd like to think once I achieve what you have achieved I will do the same. Bourbon and a Cigar. ;) Stories like these is extremely inspirational, and keeps me motivated to keep working towards this very same goal. 

Best of luck to you and your wife! Enjoy the comfortable life.