All Forum Posts by: Carmen Lewis

I am working with someone who's funding fell through on a property, so now they want to wholesale it. I agreed to let my buyers know about the property and see if they're interested. I have not heard from my buyers yet. But how do I go about looking for other buyers since I'm not actually the person on the contract? I've never joint ventured before so I don't really know what I'm doing, just winging it. But I'd like to stay within the law and protect myself. Any advice?

I am working with someone who's funding fell through on a property, so now they want to wholesale it. I agreed to let my buyers know about the property and see if they're interested. I have not heard from my buyers yet (although it's only been about an hour). But how do I go about looking for other buyers since I'm not actually the person on the contract? I've never joint ventured before so I don't really know what I'm doing, just winging it. But I'd like to stay within the law and protect myself. Any advice? 

@Gordon Starr I figured it would be hard to find contractors right now. For a newbie like me, I don't know if it's a good time to be looking for projects or not. 

I'm a newbie, still learning and hunting my first deal. I was just curious how does a natural disaster affect real estate investors? Is this a good time for investors or a time to chill out? I don't want to be insensitive to anyone affected by it, so I've been kind of chill for the past week. Has any of you experienced a natural disaster in your area, and how did it affect you as an investor? 

@Chinmay J. I'm a little late responding, but I can see how wholesalers get a bad rap. If I pursue this, I would not be "that" wholesaler. I think a person would go with a wholesaler when they have a house they have no desire to keep (usually in bad condition) and want some quick cash. They wouldn't have to pay closing costs either. You have definitely given me quite a bit to think about though. 

@Chinmay J. yes if I were a seller and found out my house sold for 20k above the contracted price, I'd be pissed. But from my understanding, these "motivated" sellers don't really care. They understand that investors are in it to make a profit and are okay with that. They just want out of their current situation which is why they are motivated. And also from my understanding, wouldn't all of this be disclosed to the seller? What's the harm if every intent is in the seller's best interest and they are made aware of all of their options? If a seller has a problem, and I find a solution to their problem, what's the harm in that? And why can't I be compensated for the time it took me to find the seller, their solution, and the resources I used to find it? This is some good conversation. I probably sound like such a rookie but I'm learning quite a bit. 

I didn't realize that this was such a touchy subject. I am new to ALL of this and am just looking to get my feet wet a bit and learn along the way. I'm not looking to con anyone, I am not shady, and I have morals. I don't want to be a broker or a realtor. I want to buy ugly houses and make them pretty again. Wholesaling seemed like a good way to raise some capital to get me to where I want to be. @Lydia R. and @Michael Ealy I really appreciate your thoughtful insights. 

I am looking into my first deal. Let's say a seller agrees to sell me their house. I get the property under contract. I reach out to some cash buyers. What is stopping a buyer from going around me and buying directly from the seller? Do sellers ever default on a purchase and sales agreement, and what happens if they do? What are some ways I can protect myself as a wholesaler so that I don't get screwed?...

Thanks @Gary L Wallman for the insight. I think I will focus my efforts on my suburban leads for now!

I am doing some research (trying to) on a few properties in a rural area. They appear to need a full rehab, but I don't know how to come up with the ARV. There are no recent comps and the houses nearby vary widely in sizes and prices. The price ranges of the other houses are about 100k to 300k! So I don't have a clue as I am still a newbie and learning.

Also, are rural areas highly sought after? The area is beautiful and I rarely see houses for sale. So I just figured the few properties I came across would sell fast when fixed up.