All Forum Posts by: Bryan P.

How do you get the property "under contract?" What constitutes under contract? Explain in dummy terms, please.

Do you create the contract with the exit clause within it? Explain the contract.

Yeah, they are easy questions but I hope to get them answered.

I'm hoping somebody could clarify these questions that I have about wholesaling:

1.) How do you explain to the seller what you're trying to do? You are virtually asking the seller to give control over to you in order for you to find a quick buyer. That's risky, on the seller's part, so I'm wondering how you go about this "conversation."

2.) If you are dealing with a property that is NOT an investment property and more than likely cannot be bought with cash, how does this work? If a mortgage company or local bank is financing the transaction, what is the normal seasoning period? If the seasoning period is MONTHS, then how can you wholesale in this situation? It doesn't seem viable.

3.) Wholesaling "Get Rich Quick" videos and how-to tutorials make it seem easy. I would think that advertising, marketing, and paperwork would take MANY hours. I have no idea though. Somehow there has a be a catch to that.

-Bryan

Oops-just researched that you need a broker's license to manage props.

Ok then, nevermind my post.

I love our government, makes it impossible for the little man to do anything. Red tape after red tape. Screw you Uncle Sam.

I should probably note that my market is depressed (rust-belt PA) and there's alot of rental activity going on. Cheap houses, lots of renters, a fair amount of investors.

In regards to ability, I can do just about anything with my hands and I'm organized. And motivated.

I just want to know if this is fairy-tale land as I just mentioned, or if it's possible.

Is property management a viable business? I know some realtors who do it on the side but nothing significant, I don't believe. Is it possible for somebody who has limited real estate experience (only owning a few properties) to get involved in property management and actually do something with it?

When I say limited, I mean I only own a few properties and I only have a year or so in "landlording" experience.

I'm recently unemployed so I don't necessarily have any first job holding me back in regards to time.

Am I in fairy-tale land? Let me know your thoughts.

Do I have a business plan? No. Do I have money available for random things that could happen? Yeah, a few thousand, that's it.

I have drywall experience from doing my own jobs and rentals. Limited experience.

I'm located in rural PA, about an hour from Harrisburg, the closest "metro" area.

Just found out I'm losing my job in 5 months. Will get it back within 3 years or so-have to hire me back by law. So I have to find something to produce income for the next few years.

Was thinking of starting a low-start up cost business such as drywall contracting or painting. I don't know.

I know alot of you folks are real estate people but if you have any experience with these types of businesses, please advise. Possible success with this type of business in this economy?

This area is rural town with mid-size metros about an hour away. One of the cheapest areas in the country.

Please don't preach to me about Maslow's Triangle and environmental doomsday. If I wanted a sermon, I'd go download one.

By the way, Maslow also said that anybody or anything that holds you back from your "inner desires" should be rid of. He also doesn't delineate which inner desires are evil or wrong. Maslow didn't even believe in evil. So please stop the preaching.

So I've been racking my brain trying to figure out my "plan." (Currently I don't have enough cash to have ANY plan, therefore I need a future plan!)

I'm a teacher off for almost 3 months in the summer. I've been thinking the best plan is to do flips in the summer to acquire cash. Then I could use the cash to buy SFH rentals that meet the cash flow requirements that are fundamental (as you all talk about). I could do one flip and one rental per year. That would be FANTASTIC. (That's assuming lenders would keep allowing me to do so.)

It seems like a simple plan, but it might fit my situation.

If any of you know of something similar that worked, please comment and advise!