All Forum Posts by: David Rundle

I can talk Real Estate all day long, but I'm not a lawyer.  If you have legal questions know that real estate laws vary by state.  Wholesaling is based on contract law and the assignment of contracts.  Contract Law is ancient law that any lawyer should be able to speak about. 

@Shelby Robinson Wholesalers typically don't have a bad reputation with the investors they work with or with people who understand the services we provide.  It's hard to purchase a property from a buy and hold investor that has cash flowed the property for many years, they know what the value is to them because their properties provide passive income. 

Wholesale deals come from folks who absolutely need to sell their properties.  A buy and hold investor may call you just to see what you're up to, and he/she may have no intention of selling anyway.   You're not taking advantage of anyone, you're actually providing a financial vehicle for them to liquidate an asset quickly.  

Not everyone needs to liquidate their house quickly, so we can't provide our service to everyone.   Absolutely no wholesalers that I know operate as a real estate agent, and if they do they are licensed.  

You have to be very cautious with biggerpockets and the negativity that some folks bring here.  Wholesaling is a definite way to make money and provides a very valuable service to those who need it.  It is not illegal and those who are researching wholesaling should not be discouraged to take action because of the few who maybe don't understand what we do, or assume that all wholesalers are alike.  As with any profession, there are good wholesalers and bad wholesalers.

Keep positive, keep going, take action! Let me know how I can help and I will.

I'd go get that fallen down house under contract immediately at an educated price.  I'd then find every investor in the area who's bought a house and talk to them about it to see if they wanted the assignment.  After talking to two or three investors you'll know if the price you had under contract was right or not. 

If it's not, be honest with the owner and re-negotiate.  

TAKE ACTION! TAKE ACTION! TAKE ACTION!

When a contract expires you can no longer execute that contract.  

@Bill Gulley gave an example of you purchasing a primary residence and then that person having to get a motel and eat out every day.  You can avoid that scenario by not purchasing primary residences if you aren't willing to take that level of risk.  Simply start out by wholesaling a run-down vacant house and doing the owner a favor.  

There's risk with everything you do in life, the more risk = the more reward.  If you don't wholesale the houses in your target neighborhood, someone else will.

You should know the basics of real estate before you jump in, but don't go into information overload trying to read 15 books before you do your first deal.  Your true education will come from applying what you know into action.  All you need to know how to do is the first step.  Perform the first step and then study/post on biggerpockets/find a local mentor on how to do step 2.  

Step #1 for you would be to locate a target neighborhood and try to find distressed owners.  Go talk to people, knock on doors, send direct mail, put out bandit signs.  Take Action.  Inaction will get you what you currently have.  The only way to be successful is to take the first step.

If you want to take the lowest risk form, simply bird dog for a wholesaler in your area.

You need to ensure both wholesalers have equitable interest in the property.  You can do this with an option contract.

Welcome! Good luck 

I'm from West Virginia, I can't say enough positive things about that state.  Welcome

Send me a message and get on my Buyer's list.  These type of properties typically go very fast.

The cost of rewiring is worth knowing the unit won't experience an electrical fire.

Hey fellow wholesalers,

  I'm trying to make IFTTT a bigger part of my business next year, can some of you share a killer IFTTT receipe for finding deals on craigslist or any  other guru-type way to use it?