All Forum Posts by: Britt M.

I appreciate your feedback about this topic. I spoke to a lawyer about the issue, but all he was talking about was gloom and doom. Similarly the few real estate brokers I spoke to were not receptive to this idea and have told me to look to other ventures.

Brittany is it possible for you to send me a copy of the legally binding contract that you have used in past transactions (WA ST). I can furnish you copies of the contracts I have drafted to make a comparison.

All the best,

Solomon Oh

Solomon,

I use MLS contracts drafted by a RE agent. I feel most comfortable with this contract as well as most sellers.

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Originally posted by @Jason Fraser:

Build a relationship with a realtor. I'm a big believer of giving to get. One of the realtors I have a relationship with I know I can request comps if I really need it will help me out because I've offered to do her power points when she does a presentation at our local REIA.
I also prefer to request a comp through someone if I think I can give them any business down the road. Quid pro quo.

@Walter Thompson

Agree, be-friend a RE agent. I have a RE agent as a mentor and he provides comps to me.

Otherwise Zillow, Truilia, and Redfin work. I tend to like the accuracy of Redfin within my market. Your market may differ.

Best!

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Originally posted by @Wendell De Guzman:

@Solomon Oh , Bill did not say that wholesaling is a fraudulent activity. Bill said it's NOT that easy. And @Bill Gulley is right. Wholesaling is not that easy. I made 50 offers before I was able to wholesale my first deal. It took me about 3 months to actually visit all those houses and make all those offers (and I was a full time employee then).

Wholesaling is LEGAL if you do it right.

1. You have to put the property under a legally binding purchase contract valid in your state.

2. You have to DISCLOSE to your buyer you are wholesaling the house. You cannot pretend to be the owner since you are not.

3. I suggest you also disclose to your seller (specially individual owner) that you are wholesaling the house.

4. I suggest you only work with CASH BUYERS so you won't have problem with needing to disclose to your buyer's bank or financing institution that you are wholesaling the deal. In a shortsale transaction for instance, most banks will not allow the transaction if you are not the buyer and you are just wholesaling the house. They sometimes even put a seasoning requirement of 6 months (that is, you cannot re-sell the house until 6 months of owning it).

Agree on everything. In WA state we must stay away from working with any distress seller in a pre-foreclosure or foreclosure situation. REIA WA has much documentation on this ruling (available to members). I suggest going to a REIA meeting and discussing with leadership.

Be transparent to all parties in the transaction and you should be okay.

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Originally posted by @Matthew B.:

@Mikhail Sazonov, the lines don't quite reach the edge of the paper, but I don't think most people will notice. Like I said, sometimes it's best not to get caught up in all the details. If someone is interested in selling they're not gonna look at the lines before they make a decision to call.

Agree. Just write/send the letter! I sent a one-off on white paper with red letter font and legal envelope. The contents with a cash offer matter.

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I don't share as it's none of anyone's business. I know a few colleagues with side businesses but they don't share much.

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Get Google Voice. On the outbound message ask the seller to provide certain basic info for you and state you will call back within 24 hours.

1 Vote

@Account Closed

@Walter Thompson

Cris Chico does have good insight and techniques. I say this with the caveat I'm anti-guru as most info can be researched for free at BP. :-)

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@Steffan Daus

Welcome! Good for you getting off the bench!

I just wrote a post on this today. I use a MLS Purchase & Sale contract in Washington state. Full disclosure: I use a RE agent to draft and they receive 1% of sale price.

You can use a local RE lawyer to draft a P&S agreement which is legal in your state.

Good luck!

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@Dena Price

Welcome from Kirkland! You are the right the right spot!

Good for you on your investigation of REI. What do you want to do? There's a myriad of options! That's what makes REI so cool.

Feel free to PM at any time. We share some commonalities! :-)

Again, welcome! Listen to podcasts, read blogs, and ask questions!

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@J Scott

Yes, understood and we are in violent agreement. :-)

However, there was the promise of a wholesaler specific tool. I still ask for @Brandon Turner to make good on the promise. :-)

And, basic math in Excel does the trick (which I use).

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All Forum Posts by: Britt M.

Britt M. has started 9 posts and replied 92 times.

Post: Legal ramifications of Wholesaling

Post: what's the best way to get free comps

Post: Legal ramifications of Wholesaling

Post: Individual lined yellow paper?

Post: Does Your Boss/Co-Workers Know About Your Real Estate Business?

Post: Between my 9 to 5 and wholesaling

Post: Wholesale Contract

Post: Where and how do you get a contract?

Post: Hello my name is Dena

Post: When is the Wholesaling Analysis Tool coming out?