All Forum Posts by: Chris Campbell

Does anyone like Blanchester? I know a wholesaler who is trying to unload a two family in that area and he needs a buyer.

@Wendell De Guzman I've had BP for a few years, but really just started using it a few weeks ago. It's always been a great place for like-minded people to connect. I'm grateful for the forum and I'm grateful for the past few years in real estate. I go where I want when I want, and some days I just stay home in my pajamas and think about what I want to do next (those are not my most productive days... lol). Real estate has blessed my family. BP will be a great resource moving forward as well. It was a good a few years ago, but it seems to be BIGGER and Better than before. 

Nice work gentlemen! Keep it up! I noticed you wholesaled a Cincinnati deal, what part of town was that deal in? Did you work with a wholesaler on the ground(I'm assuming)? I'm considering doing some deals remotely in Chicago so we might be able to work together on a deal or two if you have buyers in place.

What kind of deals are you buying right now? What part of town? We like the Eastside of town(Oakley, Anderson, Fairfax, East End/Columbia Tusculum) for flips and the good parts of Northern Kentucky(Villa Hills, Ft Mitchell, Hebron, Florence) as well- nothing on the river. I'm currently trying to find partners on an off-market 10 unit in downtown Covington--we're always looking for partners on deals.... LOL. We get a lot of deals each month, and we wholesale 90-95% them right now because it's quick and easy. We'd like to be able to do more flips and acquire some more rentals, but that will require more equity partners. 

You're real estate agent friend is probably not familiar with wholesaling. Your friend is familiar with the real estate laws in your state, but he's probably not familiar with ways to skirt the law (which is what wholesaling is). 

If he contacts the real estate commission they're going to tell him wholesaling is illegal. They love scaring people into obtaining a real estate license. Of course, we all know it's not.... yet. Selling properties is illegal in most states if you don't have a license or some form of equitable interest(i.e. ownership or a contract to purchase). The good thing about your transaction is the fact that your fee is being disclosed on the HUD Statement. The bad news- you don't have any contract to claim equitable interest so you're acting as a third party broker. You know the saying if it looks like a duck, walks like a duck.... .

Do a simple purchase contract between you and the wholesaler and/or at the very least have him sign a joint venture agreement. Also, consider a double close. You could close out the first transaction with the seller and wholesaler. Then close out the second transaction later in the day(or even a few minutes later) with your buyer. You would need a transactional lender- I use my private money guy, but look around your town for one. I'm sure you will find a private lender or hard money guy willing to help you for a small fee(2%-3% of what you borrow).
Know your business- you're selling contracts NOT real estate. Make sure you connect with a good real estate attorney and pay them to create a solid contract that you can use for every deal. Best of luck to you.

Chris

Who is investing in Cincinnati market? Just trying to see who is on here. I rarely use this site anymore, BUT I want to see who is active right now.  Thanks.

@Jered SturmI think I sold you a little deal in Hartwell a few years ago. HAHA... Not sure how your search played out for you but have you tried Cincy Rents? Also, I know Penklor bought a property management company recently- that might be worth a look. I can peruse my database and find someone for you if you're still searching.

J is absolutely right. A realtor doesn't want to waste time on someone if they're not going to see a return. She's going to naturally want to see what value you provide. I would bet money that after you work a couple deals with her she won't have a problem pulling comps for free.

Find another agent. It doesn't take much time or effort to run good comps. You have a lot consider though. It might be worth it for the access to the mls. If you like the value the realtor is going to provide you, then go for it, BUT maybe negotiate with her. Realtors have a lot of fees(MLS, SUPRA KEY,dues, education, insurance, not to mention marketing, ETC.)so maybe offer to pay her mls fees in exchange for adding you as a personal assistant. Then run your own comps.It really just depends on your situation and what you're comfortable doing.