All Forum Posts by: Brad Piper

Hey Matt, one thing I would recommend is sifting through various turnkey company websites and seeing what markets their properties tend to be in. You'll start to notice commonalities...for instance, it's not a coincidence that tons of turnkey companies tend to have lots of properties in Missouri. This might be one way to leverage the work they've already done in identifying great markets.

You are more than welcome to submit an offer to the listing agent for $10k, or even $1k if you want to, but that doesn't mean it will go through. If a property is worth maximum $40k, I'm going to go out on a limb and say that the owner is probably not an attorney or someone with extensive real estate/pricing/comparative-market-analysis experience and doesn't know much about pricing properties or executing deals. Additionally circumventing the agent is bad news because that agent is going to be one of the key people making sure the deal gets executed.

All in all...I agree with Jonathan that it's probably best just to not even attempt to wholesale off MLS - you're never going to get the low price you need. If you want to try to submit an offer there's nothing wrong with that, it will probably just get rejected.

I use apartments.com. It is very easy - you just setup your property on there which takes no time at all, then you send a link through apartments.com for people to apply. The process will be entirely captured on apartments.com and they'll take care of the application fee and everything. They will let you know when the application is done and you can review credit history and background history in a nice summarized format that will let you know if there are any red flags. I also love apartments.com because once you have approved applicants you can answer a series of questions about the property and the lease, and then it will generate a lease based on your responses/preferences. Oh by the way - it's totally free!

disclaimer: even though it sounds like one, this is not an ad for apartments.com lol. I used it for my first rental property and it made everything way easier than I ever expected. Feel free to reach out to me with any other questions!

What do interest rates to private investors have to do with wholesaling? You shouldn't be needing funds or giving out funds if you're wholesaling.

Andrew, to give you something specific: I would look around North Dallas: Farmers Branch, Addison, Lakewood, and definitely Richardson. These are areas of Dallas that have some age to them, which will allow you to get properties a little cheaper, and it also means you'll be able to find some value on multifamily properties. If you go into more residential areas further west, you'll find more single-family areas, and if you go further north of Dallas, you'll find newer cities that aren't outstanding for investors.

Dami, I am a realtor in Dallas, and I know an attorney that might be solid for you. What area of law specifically are you looking for assistance in?

Jamal, there's a few different ways to answer your question. Simply: if you want to find your state's real estate contracts, google "(state) residential real estate purchase contract," or change up that search for whatever contract you want to find. Second, in order to wholesale, you need to know how to write the purchase contract, in my opinion the best way to do this is to learn how to write a normal contract that has the "and/or assigns" verbiage, and also includes an option period with a low option fee. Third, my recommendation would be to practice writing these contracts! Find a property, even if you don't want to wholesale it, write a real contract, and then send it to someone to review. If you aren't a realtor, I would recommend finding a realtor in your state. I am in Texas, if you want to run your wholesale contracts by me, I'm happy to take a look. 

The best way to learn is to take action. Use google, use youtube, use people from BP, get out there and just go for it. You're going to fail, and we all have done stuff wrong with contracts, so there's no harm if you mess something up! Good luck!

 Jimmy this is awesome, thank you so much! I'm definitely going to dive into these.

Thanks to everyone else, that's all helpful info.

Does anyone have resources for credit checks, background checks, prior evictions etc? I know property managers can do this, but I am hoping to do everything myself and not have to pay a prop. mgr. anything.

Jody thanks a bunch. In terms of the setup on Apartments.com, do you recommend getting the property setup on there before you have a renter? Or is that process easy to complete once you have a renter, and maybe you just collect a check for the first month while you get it setup?

I just purchased my first rental property. I'm a licensed agent so I definitely plan on listing the property for residential lease on the MLS, but what else should I be thinking about? I plan to manage the property on my own. What should I consider in terms of the most efficient way to collect rent and manage small issues? Are there websites that serve as a home page for rent collection etc.?