All Forum Posts by: David Ramirez

To list on the MLS, you will need a POA signed by the seller, which states that you can sign on behalf of the owner for listing documents and offers, as well as a signed purchase and sale agreement with an assignability and marketing clause.

"Seller consents to give Buyer the right to post the property on any websites, including but not limited to the Multiple Listing Service, for the purposes of pre-marketing the property or to gauge the interest of financial partners, contractors, or assignees from Buyer’s network."

We don't do land, so most of our wholesales are kept off-market. If we are considering listing on the market, it's usually a house that is not in terrible condition. In such cases, we do a novation and set the right expectations with the seller, so they are aware that the property will be marketed on the MLS.

It depends on the location and surroundings... 

Are the properties around commercial or multifamily? 

If it's multifamily, is there space to build another unit? 

Yes, we do it completely remotely. We send someone after going under contract. It's been great for us because we no longer have to waste time going to appointments.

Difficult? If you are referring to it being more difficult than going to the property, it might take more time to build trust over the phone.

But if you are talking about it being difficult overall, I mean if you don't have sales experience or haven't done a wholesale before, it would take time to learn and get results either way.

Wholesaling is not easy...

 Correct! 

It would be best if you had that conversation when sending or offering your off-market deal to a buyer's agent. 

Why would you lock up contracts without knowing how to dispo? 

Send over what you have, within 5 min I can let you know if those are deals or not

There are different types of cash buyers for rentals: 

When vetting buyers ask what are they looking for when buying a rental. The rates below are avg for my market.  

Cap rate buyer: 6% 

Gross yield buyer: Around 12%

Percent rule buyer: 1% of purchase price min should be the rent value

All in % buyer: 75% ARV

Free marketing channels are unpredictable, so I wouldn't recommend them for scalability. Wholesaling is 20% real estate 80% marketing and sales. You could pull out foreclosure data for the county and doorknock... Don't expect fast results, you get what you put into it. 

I wouldn't consider it risky if you properly understand how to underwrite a deal. You could get an appraisal report before closing to secure your position.

You would want to be in a first-lien position to foreclose and get paid first. Rates for hard money are at 10.99% annual interest only with 1.5-2% origination points upfront. Terms for these bridge loans are usually 6-12 months.

You could assess how much to charge for interest and points based on how experienced the investor is.

Would love to connect!

 Hey @John Clark,  

With all due respect, that's not how it works. It's illegal to promote a contract without having an equitable interest in the property or the right to assign a purchase agreement. You can define the terms of your inspection period in your agreement with the seller. If you have the right language in your contract, you don't have to give any explanation to the seller about why you are canceling or getting written approval from them. But again, you shouldn't be locking up properties without knowing if you can perform on them.

@Brian Plajer, if you don't have experience running numbers for projects or are not sure if you can perform because of not being able to find a buyer, you could instead partner up with a more experienced wholesaler in your area who has vetted buyers already, or you could do a novation.

Feel free to reach out! 

Hey Yeffhery,

Welcome to the BP community. 

I've been in Tampa since I started my real estate journey in 2020. My partners and I have been running a real estate meetup here in Tampa since 2022, and you are more than welcome to attend!

If you would like more info, DM me your phone number and email so we can keep you posted for the next one.