All Forum Posts by: Gary Bailey

It depends on how it is written up. I have heard of situations where the buyer lets the seller know that they won't turn in the earnest money until after the inspections are complete. Most sellers should be ok with that, but others may not.

I'd say the most important thing is to not make a big deal about it with the seller so that they think this is just business as usual for you (eventually it will be!)

Gary

Chris Turner, I host a free 1-hour real estate workshop in Blue Ash on the second Thursday of every month. We don't sell anything, it's just a good opportunity to catch up on what's going on in the market and to network with other real estate investors.

The specific time and location is on our site at www.buildohio.com

Welcome to BP!

Gary

Most people use signs made from Coroplast. Just google "bandit signs" and you'll get a ton of places that sell them.

Gary Bailey

After facing the same issue about 5 years ago we quickly realized that there doesn't seem to be 1 particular program that can do all that you are asking.

We started using Salesforce.com because it has a lot of add-on programs available in its "appexchange" that gives us the capabilities we require.

Some other programs you might want to check out:

Zapier.com (allows different online apps to interact and trigger actions)
Zoho.com
Liquidplanner.com

Good luck!

Gary

It's very tricky if you don't have any money, despite what you might hear on the streets.

Your best strategy and next step to protect everyone involved is to make sure you at least secure an equitable interest in the properties you are attempting to wholesale. This most commonly would be achieved by getting the properties under contract to purchase with an inspection period, or working out some type of option to sell deal with the seller.

I'm not a coach so I won't get into much more detail other than that. Best of luck.

Sometimes he finds buyers and sometimes I do. Sometimes he buys the houses and I find the buyers. However, we don't have anything in writing.

This is mainly directed at Ohio Investors, but anyone is free to chime in on this. I think that we have established thoroughly that wholesaling a property is not illegal in any state. (when I say wholesaling, I am referring to contracting a property and then either assigning the contract or double closing the transaction). However, let me ask you this:

What if my partner and I are working together and I contract the property in my name but when we wholesale the deal out we split the profit. If he receives that profit split from me, is he breaking the law?

Let me take it a step further:

My partner and I find a house, we close on it in my name with my money and have it rehabbed by contractors (i.e. we don't do any work on it ourselves). We then sell the house and split the profit 50/50. Is this illegal?

Thanks in advance for your input!

what part of Ohio are you in?