Originally posted by Curt Davis:
Chris,
Sounds like you would be better off being a bird dog. You can find property and buyers with literally no risk and no money out of pocket. Leave whole selling up to the Pros.
When you put a property under contract from someone who is the home owner and you do not disclose to them that you have no intention to close on the desired close date, when that date comes around and you back out b/c of some contingency in the contract that they did not understand in the first place, YOU ARE GIVING WHOLE SALE INVESTORS A BAD REPUTATION.
Sorry for being so blunt, I guess I have just been used to the big leagues of selling property.
Hi,
I have bought and sold many homes, however, I focused strictly on Buying then Owner Financing them.
I have "Wholesaled" homes as well but I actually bought the properties then sold them for cash a couple days later.
I have never focused solely on "Wholesaling" - double closing, assignment of Contracts or Hard Money Lenders.
Since, I have experience already in REI, and finding good deals I think it would serve me well to utilize wholesaling techniques, especially when I find homes that need rehab and I don't want to "Owner Finance."
So, to reply to you, I won't contract any houses that I am not prepared to buy and rehab myself. It would be naive to go into business without being equipped with the tools that will protect me. Such as, a contingency clause, which is actually already on the promulgated TREC forms as a "subject to Third-Party financing" option.
