All Forum Posts by: AJ Randle

Derek welcome to BP! Excited to see new investors in the market! Plenty to learn on BP! I'll DM you to see what you're looking to do and would love to give any input! Happy Investing bud!

Hello BP,

Specifically Lubbock, Texas. Just a throw in the dark! I normally focus on wholesaling SFHs and Duplexes, but I now have a buyer interesting in purchasing a parcel (1 lot space) of land. Does anyone have sellers of land in Lubbock, Texas or know someone who may know of someone wanting to sell their land (lol)? This gentleman wants a plot of land for anything under $13K.

Please DM me your responses.

I appreciate you all taking the time to respond.

Jordan, glad to meet more investors here in town. I am also a wholesaler in town. I have a person with a property in Tech Terrace. 1335 sq ft 3/1 with a carport looking to sale. Rents are about $1250 - 1450/month. I would love to tell you more about the deal. Just shoot me a message. Thanks bud! Btw: it's off market. The gentlemen lives out of town and is ready to unload it. Just light be the opportunity for you.

Matt welcome to BP! You've joined a community of professional and novice alike who have the same passion as you do. You are picking a great position to start investing in. I have a similar strategy. There are plenty of resources. Look for the 'education' tab, and the 'guides' sub-tab. That'll be a great place for you to start. 

Not a probably bud...that's why the BP community is here! Happy Investing!

Lou,

To be honest, you just have to pick up the phone, call a few Title Companies and sit with a few Escrow Officers. Many of them want your business and are waiting for you to find them. Pick 5 companies, and visit one per day for an hour (at lunch possibly), and just ask questions.

'I'm an investor in Seattle, how much business do you do with Wholesalers who invest in Real Estate?'

'My name is Lou, I am looking to create enduring business relationships with local Title Companies who are investor friendly, those who could assist me with closing business transactions, how familiar are you with what real estate investors do?'

'Mr/Mrs Escrow Officer I have a few transactions the close with cash only, I would love to send my business to you to help me clear title. Are you familiar with assignable contracts, and how investors use them for business purposes'

These are just a few questions that have worked for me. The conversations with the best Escrow Officers are usually the ones that are the most organic. They just seem to flow just right. 

Hope this helps Lou!! Create actionable steps and execute!! Go rock it out!

Fremy,

Search bigger pockets for purchase and sale agreements, you'll find copies there. Also on the TREC (Texas Real Estate Commission) website you can find the One to Four Family contracts. These are the most commonly used. Read thoroughly through this document. For questions, visit local Title Companies and sit with an Escrow Officer to help explain it.

When you are assigning your contract, you do want to make sure that you are using the correct verbiage in the contract. (BUYER:John Doe and/or his assigns)

As a wholesaler, you are selling your equitable interest, your right to purchase the property at a certain agreed $$$ amount for a fee ($1,5,10,15,20K) to your end buyer. You are not selling the property itself, unless you purchase the property itself, and then resell the property (Research the 'Double-Close Method'.

Be sure to do some reading, don't just jump into it. There are mentors out there in your area who could assist you to keep you from some pitfalls and traps. The last thing you want to do is get into trouble from moving to quick from the starting line.

How to Start Wholesaling

Caleb start here, this link is all about wholesaling. Also get involved with your local REIA groups, meet some other investors who are currently doing wholesale deals, and ask as many questions as possible.

Thanks,

AJ

Michael great job on your first mail out! Get you call scripts ready so that you are prepared to ask the right questions for the right details you'll need for finding out how motivated the seller is. These are also useful for finding out if the numbers on the deal will be reasonable for the assignments you are looking to make on your transactions.

Here is a link for your second question:

The Pros & Cons of Working Under a Broker as a Real Estate Agent (& How to Choose One!)