All Forum Posts by: Christine Wong

Congrats on your purchase, @Michael Yeung! Hope the abode is treating you and your family well.

Short sales purchases are actually notorious for being an absolute time-suck.  There is so much paperwork to fill out, and then the #s get bounced around from party to party to ensure everyone is okay with the offer being made.  

Mighty stressful and anxiety-inducing, but it seems that you guys made out quite well!  

@Account Closed, what's your current status on your multifamily search?  Were you able to find something in those areas?  Please share your success story if yes!

I'm especially curious to know because … between 2014 and 2015, there has been a major increase in the up-and-coming areas.  My husband and I are looking for a multifamily that we would occupy one unit, and then rent out the other … very difficult to find anything under $1m in our area.  

Hey @Curtis Bidwell, I'm a tad late to this convo, but:

1) Congrats to your family's future physician! 

2) I'm sure he has already discovered how astronomical the rent prices are in Brooklyn, but do not be fooled, there are definitely some good deals out there.  If he is ever looking again, hit me up.  I know a few folks with multiple properties.  Also, as a Brooklyn landlord, I can tell you that I'm much more wiling to be flexible if my tenants are willing to pay cash + offer to sign a longer term agreement.  

hey @Ayodeji Kuponiyi, keep in mind that since it is more than 4 units, you're now entering "commercial real estate" territory.  I'm quite new to real estate analysis myself, but I did read this in @Brandon Turner's book.  

@Account Closed there was an article posted to the BP blog about a due diligence checklist - check it out if you haven't already done so 😄.  http://www.biggerpockets.com/renewsblog/?p=69265.  

Hey Jason,

First - congrats on almost closing your first wholesale property!

I believe the article your wife is referring to is Brandon's:  https://www.biggerpockets.com/renewsblog/2015/03/2....  

The legality of wholesaling is a bit grey if you aren't a licensed broker, and the definition of a broker is different in each state.  If you want to make sure that what you are doing is legal, you can become a licensed broker, or do a double close (where you actually buy the property and own it for like, a minute, and then sell it out to who you would've assigned the contract to).  Echoing what a few others have recommended, consulting with an attorney would help clarify all of this for you.  

Best of luck :).  

See you 'round BP!

Hello fellow BP members! I've read many articles praising the art of wholesaling and the low risk of this method of REI, but one area isn't quite clear to me. If the wholesaler does not find someone to assign the contract to prior to the closing date, is the wholesaler required to ourchase the property?

Hello @helen kolton,

Do you have a few more moments to connect on the phone today?  Would like to ask some additional questions regarding what you're looking for.  I can let you know if anything comes up on my radar.

Great work, @Erik Pedersen!  I'm new to BiggerPockets, and wholesaling, and your success story is quite inspirational! 

Are you still actively wholesaling?