All Forum Posts by: Amiris Brown

@Pratik P. sounds like a plan. Thanks again!

@Jay Henrichs so then what about the Wholesalers who talk about being Wholesalers on YouTube? It would be horrible to lose such free educational resources if the drag net is cast onto anyone a RE Agent reports rather than the Wholesalers who are not playing by the rules (by not advertising properties like an Agent).

Well I am new to Wholesaling @Andrew Posner so please excuse my frame of reference, as I just consider it stooping if I'm saying I have something when I don't just to build my list of buyers.

I'm wondering why would I sit on deals in the first place? I hear another Wholesale strategy is to inform buyers that I am a Wholesaler and ask what they are looking for, then go out and find those deals. Get the deal, and then assign the contract to that buyer. That way I'm not sitting on any inventory. Now, keep in mind I have no idea if this is a good strategy ~ I simply have only heard it is one of many strategies I can try / use as a Wholesaler. You take the opposite type of strategy, and it may very well be better in closing deals but I'm wondering if I find it ethical by my own standards.

@Andrew Posner, thanks. I understand I am selling a contract, it just seems like we have to dance around the obvious is all I mean. Wording wise and action wise. As for the strategy you employ, I have heard other Wholesalers doing the same, but I'm not sure if I'm willing to stoop to that level yet using a bait and switch method as it feels too much like false advertising (sorry for the repeat term usage here).

So Jeff advises as well?

@Jay Hinrichs, btw thank you for clarifying about the lawyer. That helped me :-) 

I'm using other peoples money until I make money off some deals to pay them back, @Jay Hinrichs. I do not have start-up money, but that doesn't disqualify me. I once started a local NC computer repair business with nothing more than a $50 start-up cost (I'm a huge fan of making lean start-ups the leanest they can ever be). Just because I don't play by the rules of status etiquette doesn't mean I can't play the game. I will get into Real Estate and I will succeed and I will have an empire. I'm literally building an empire from nothing, so you can either help or hate / join or ignore me until it's too late.

In this game $3K isn't much at all. In my life right now I don't have that and I am wary about asking someone else to pay for my chance to take a test that I may not pass due to my poor test taking skills. I do better when I do stuff, rather than proving how much I can regurgitate.

Thanks though, for the thought.

@Thomas Giganti, their management company and him are not repairing the property. It has flooded and now there is mold, furthermore there are code violations still. I just had code enforcement come by and I learned that the flooring I complained about upon move-in is in fact a code violation (cracks that lead to the outside, along the walls). Not only that, but the landlord lied on his taxes claiming he lived here when he was renting it as he moved out-of-State, and never registered the rental either as the Law requires. Total slumlord! Our Realtor keeps finding properties on the MLS that half of them are in the same slum lord shape of needing repairs and/or being illegal rentals. How the heck do unlicensed rentals even make it onto the MLS? I'm a very dissatisfied tenant / customer. The silver lining is this disappointment has lead me to become an aspiring investor in Real Estate. Go figure!

@Pratik P. how does one advertise without advertising the properties lol? I'm still trying to wrap my mind around that one.

Also, I hear I should line up buyers and look for what they need/want and then find the deal to bring to them, rather than find the deal and try to sell the deal to buyers. Is this a sound strategy? This may avoid the need for advertising too, to keep me within the legal bounds.

Thank you @Andrew Posner, I needed to know what type of lawyer to look-up. So I need to find a "closing attorney" to look over any contracts I draw up? How much does Jeff Charlow at Master's Title and Escrow tend to cost you per deal (I might call Jeff up)?

Do you advise I start with an online template Wholesale contract and edit it from there for my specific needs and local laws?

@Russell Brazil I share the same opinion as you which is why I said, "If I do any Wholesaling, it maybe legal but it will not be ethical under the guidelines of what it means to be a Realtor" as one of my cons to becoming a Realtor.

I’ve been convinced that I may have to start out in Real Estate by Wholesaling properties. However I’m very paranoid about following the law to the “T”, especially knowing full well I have Attention Deficit Disorder (ADD) which makes me mess-up the finer details when filing paperwork. This is not to say I’m incompetent, this is just me acknowledging a weakness that will either bite me in the bum or make me spend three times longer than the average person is to complete such a task just to get it correct (for example, if my mom wasn't doing my taxes for me I'd just pay someone to do it for me because spending three times longer than the average person or risk messing up is just not appealing to me). For this reason I’m having doubts about “assigning the contract” in the State of Maryland or DC. Thus, my other two options would be to Double Close or get licensed.

These are the Pros and Cons of each I can fathom at this time.

Pros on obtaining my license as a Realtor:

1. I can Wholesale with less worries
2. I can do more than just Wholesaling, I can actually be a Realtor for home buyers and investors
3. I’ll be employed at an actual job which means I can start repairing my own credit (aka paying off my Student Loan)

Cons on obtaining my license as a Realtor:

1. If I do any Wholesaling, it maybe legal but it will not be ethical under the guidelines of what it means to be a Realtor.
2. It will cost me around $3K per year to upkeep my Realtor license and business status in a very competitive market for Realtors (I know it's competitive because my boyfriend and I just bailed out a Realtor friend of ours by donating to him as well as setting up a GoFundMe donation page to prevent him from hitting absolute rock bottom), and may cost me $3K to $5K to get started.
3. It may take me longer than 3 months just to learn and memorize enough to pass a test, as I am very knowledgeable in real world activities but lack in test taking skills due to my Attention Deficit Disorder (ADD).

Pros on Double Closing:

1. I get to take away however much I think I can literally get away with in mark-up value assuming the market can bear it.
2. I can gain experience in closing deals so I can start moving up to house flipping.
3. It’s an easy way to avoid getting a license.

Cons on Double Closing:

1. It’s risky, because if I can’t close the deal I may end up having to buy the property and/or lose my earnest money I put down.
2. It takes more upfront funding to get started, as I will have to pay for closing costs twice.
3. Legally speaking, Double Closing is a liability because it is more like selling the property which means you are held responsible for that property, rather than selling the contract (to my understanding, I could be wrong about this interpretation).

These are the Pros and Cons I could think of, please chime-in with your own as well as give me any advice. Thanks!