All Forum Posts by: April L. Williams

@ Victor Tankard & Monty McLamb: Hi Victor. I'm a wholesaler in the Wilmington area, so I do not, at this time, work with investors in the Johnston Co area. If, however, Monty feels compelled to work with a wholesaler that services his area, that's something he can decide and reach out to you if he chooses to persue that avenue. Best of luck to you...:)

@ Monty: my suggestion would be to find you a wholesaler in that area that you can network with in order to obtain assigned contracts from them. Typically a wholesaler will set their fee around 15% of whatever the total profit will be from the property once other misc costs & repairs have been accounted for. In other words, if you have a profit of $30,000, then the wholesaler will more than likely set their fee around $4,500. However, there's no set fee, but that's what I've seen as the typical going rate. I just started wholesaling myself, and recently moved from the Johnston Co area. That's a great location to do flips! I've heard that listening to the podcasts here on BP is a great way to get into doing real estate. I actually learned my business methods through another individual that has their own website. But, I know if I were to flip homes, to me, it would be worth my time to do   business with a wholesaler, as typically I've hear it takes approx 40hrs per property to get them under contract. If you ever want to learn the wholesale side of real estate, I strongly recommend The Wholesalers Toolbox (www.thewholesalerstoolbox.com). David does a wonderful job at explaining the process. If I do catch wind of any wholesalers in that area, I will shoot you a msg. Best of luck to you!~April

@ Berry Pekin: yeah, my goal is not so much for learning purposes, but more so to have a back-up in case none of my buyers are interested in a property I've acquire and/or they back out. Not sure if this is ever happens. But, also to possibly make more money. If was something that was suggested to me. But, to be honest, I really work better alone. I think I'd feel uneasy about teaming up, but thought I'd see if anyone might have done this. 

@ Bob Anthes: thank you so much, I will definitely check that out.

@Jason Velie: thank you Jason, I'll check them out as well. 

@ Robert Bowser~thank you the great insight. You really helped me to think about some things. I'm hoping to find a great real estate attorney in my area, hopefully over the next week. 

@ David M.~ I really don't want to do double closings, but I was readying up on the real estate laws for NC, and it's by my understanding that you can't assign contracts, as you are acting as a real estate agent which is deemed against the law. I know each state is different. I'm just trying to make sure I got my ducks in a row, not doing anything illegal, but especially don't want to practice bad business ethics with those in my community I want to work with.

@ Melissa McRay Johnson~not to ask a dumb question, but up and to this point, I've always assumed it was the wholesalers responsibility to do the closing (set it up). After reading your response, I'm wondering if I might be confused on this. So, let me make sure I understand. So, let's say I have a contract I'm assigning to a buyer, I'm assuming the process would go in the following order: 1.) sign purchase agreement w/seller (no attorney needed); 2.) have title search done (by title company); 3.) meet with "my" attorney & buyer to have contract assigned to the buyer; 4.) buyer then meets with "their" attorney & seller to do the actual closing.  Am I understanding the process correctly?

I read where wholesalers sometimes team up to do contracts, if one has a property & the other has the buyer. Anyone wholesalers on here that have had any positive encounters doing this?? And, any advice on this? It was advised to me that if this would be something I'd be interested in to be sure to be active in the entire process (start-to-finish) so as to get your share of the wholesaler fee. Thanks!~April

I have my contracts to do wholesaling, and ready to get my biz launched. Just have a quick question. In order to do the title search, in addition to closing the deal, do you need a realtor, attorney, title company....or all three? Little lost on this particular process. I know, technically, in NC you are really supposed to do a double closing; however, I know some who merely assign contracts and attorneys work with them on this. Any advice?? Thanks!~April