All Forum Posts by: Aziz Meshal

You are missing my point sir. Liability is from the possibility that some stranger uses the key and gets hurt, burglarizes the place or vandalizes it. You are not a licensed agent and you do not have the right to market properties you do not own so you are placing liability on yourself. If any of those things happens, you will likely get sued in court by the seller. When the court asks you where your RE license and errors and omissions insurance is, what will you be telling them?

No, unrestricted access to a seller's property is NOT necessary, not even when a RE agent lists it. A RE agent holds a license, insurance and has disclosures and contracts that state that access will be provided (per the contract and agreed to by seller), often times with the list agent or a buyer's licensed agent present during any inspection, visit, or walkthrough. That is a far cry from what you are asking from your seller and no seller in their right mind would agree to such. Virtual wholesaling is a term made up by some guru who made millions selling regurgitated info you can get for free anywhere on the internet. It is just fluff for wholesaling without ever physically walking the property or shaking the seller's hand. It seems impractical to me but I have no doubt that some do it and do it successfully. That said, I am hopeful they have systems in place and protections for the seller.

1. If you don't know the condition of the property, how can you possibly make a legit offer on the property? In the case of any flip project, you need to know the exit value (ARV) and then the rehab budget so that you can work the math to come up with your offer amount. Without those two numbers, your offer amount is likely too high as you would be guessing and more often, guessing wrong!

2.No, that comes AFTER you are already contracted and in escrow.

3. No, this is not better. Are you really going to ask the seller to do your job? And how would you know if they took the photos intentionally cutting out the bad portions? Seller is looking out for their best interests, not yours as it should be.

4. Your end cash buyer will most likely want to see the property before agreeing to your price so yes, this will likely be necessary. How you work this out and arrange it with the seller is always the concern and many do it by lying to the seller stating "their partners need to see it" or some other BS story.

5. If you intend to listen to You tubers for your real estate advice, good luck to you. Put yourself in the seller's shoes, do you really believe you would hand out a key to your house to some stranger to install a lockbox on your home for many more strangers to have unbridled access to your home? Additionally, you would be opening yourself up to all kinds of liability issues trying to do this. First, you are not a licensed real estate agent and even if you have a signed written agreement to allow you to place a lock box with their key to their home for any stranger to access, you are still opening yourself up to liability. I'd like to take those You tubers who told you that and place lockboxes on their homes, let me know their names and addresses!!!!

@Aziz Meshal you’re definitely over thinking things. I virtually wholesale all over, have only walked one property in three years of wholesaling.

Find a handful of serious buyers. Begin establishing a relationship with them, ask their criteria. Find properties that match that criteria and begin the process of getting it under contract. You can ask the seller for pictures or even a FaceTime walk through if you absolutely have to see the homes condition. You need to ask questions about the condition, more than you need them to take pictures. Get the contract with the seller signed. In your contract it should state that you have X amount of days as an inspection period. In those days your buyer can go walk it himself or have his contractor swing by. You won’t be getting keys 8/10 times because either they’re gonna be occupying or they have tenants. Who do you know that gives keys out to a home they live in? Not many people, if any at all. If it’s vacant that’s different, but if it’s a truly distressed property then chances are they won’t even need a key to enter. Or the seller can meet the buyer (your partner) at the property to let them in. Buyer decides if he/she wants it, and if they do you assign to them.

At no point in time during this part of the deal do you need to consult with a title company. They merely facilitate the sale. You don’t involve them until you have two signed contracts on the property.