All Forum Posts by: David Schaefer

What you are proposing is theoretically possible but depends on (1) how good of a deal it is (2) how much assignment fee spread there is, and (3) if the buyer the realtor is bringing is paying retail or also looking for a wholesale price. Assuming the final price is enough for all parties to be satisfied, you'd do a JV agreement with the wholesaler and the realtor would be paid their commission (as opposed to a separate JV). On the HUD statement, realtor gets commission and you and your JV partners would split the assignment fee.

In order for this to work, the property would have to be deeply discounted OR you have a retail end buyer. Your value to this transaction is not zero, but its not much either.

As a new investor, I simply don't have the budget for ListSource.com or the like, with prices between $0.14 and $0.18 per lead. I have heard mention of some investors contacting local title companies and having them generate these lists for only a couple of dollars. Can anyone shed some light on this for me? Is it possible to get these lists from title companies, or do they not do that type of thing? My goal is to get a less expensive listing of local properties with absentee owners that have owned the property for 10 years or longer, and multifamily only. Thank you ahead of time for your input.

@Daray Olaleye im a newbie and building up my buyers list and i have a question that no one seems to understand, if/when i have a strong buyers list I'd like to co-wholesale/jv with another wholesaler. So in a situation were they have a deal under contract but cant find a buyer for it, they call me, to see if i can find one. Now i send this property to my buyers list with verbiage of "realtors stack your fee on top". And thus a realtor brings forth an interested investor.

Now since im still kinda new, I'd like to know 1. How to set up a jv deal between me and the wholesaler. 2. What happens after the realtor brings an interested investor? How do we move to closing? And 3. Can i do this hypothetical? And if not, what gets in the way to where this is a bad idea? Because i mean the realtor gets to stack their commission ontop and see who bites on their list. Im helping the wholesaler find the end buyer.. I had people tell me that i would bring no value... I dont see how i wouldn't.

Ok, I'm currently dealing with a real estate agent in Ashburn,Va but she has never dealt with a wholesaler before. She is telling me I have to put a honest deposit of $1000 down for every offer I make. There is no way I can afford to put that much down for every offer. Is this the same with other real estate agents too? Should I get a new real estate agent that dealt with wholesalers before? Is it worth the time to put offers on bank owned property? I'm getting ready to put a offer on a REO worth 350K according to the areas comps for 215K. Repairs are probably around 30k at least. Someone point me in the right direction on what I should be doing.

If I am renting a property of mine just under my personal name do I need to set up a separate bank account and pay the property loan, taxes, insurance etc out of that separate account? Or can i just pay everything out of my personal accounts. Asking for tax purposes. 

Thank you!

@Patti Robertson

In Virginia, is the contract assignable by default or do you need to have it specifically spelled out in the contract that it is assignable?

I have seen conflicting answers on this..

I have to file an addendum or contingency clause covering it. I'm in Northern VA and they screw their face up at strategies other than conventional and cash 🤣

Check out Invenergy; they are a client at my W2. They are aggressively developing all over the US. I don't have direct contact in the Acquisitions department as I work with their environmental due diligence team on Phase I Environmental Site Assessments.
That said, I echo @Chris Martin in warning that the environmental and engineering feasibility process can easily take a year or more.