All Forum Posts by: Gabriela Martinez

Hi everyone! Okay bear with me. This is a long one.. And my first post on here.

I'm a new wholesaler. I've been studying how to wholesale absentee owner homes in hot areas. However, on my way home from work, I started googling REO properties and found an amazing deal. The online auction will begin in 3 days and ends in 5 days. It is an incredible deal (for myself and the investor) even if the price increases by 200k. It's in a great area, homes are being sold for $185k-442k ranging from gutted homes to entirely remodeled beautiful homes. Current homes in that area are being listed for $179k-$1429k.

I understand wholesaling foreclosed homes is a whole other ball game. I've read that you would have to already be partnered with an all cash buyer, you can't assign a contract to the cash buyer, need to show POF, put in earnest/buyer's premium, close the contract under your name to then be able to immediately resell to cash buyer. Right? Wrong? I'm desperate to understand the entire process. I'm so motivated to wholesale reo properties (possibly not this one since I do need to do more research).

They are asking for an Earnest Money Deposit of 5% of the Total Purchase Price or $2,500 (whichever is greater). Will I be paying this or will my transactional lender/cash buyer pay this? They also state “A Buyer's Premium equal to 5% of the Winning Bid Amount or $2,500 (whichever is greater) will be added to all Winning Bid amounts to determine the Total Purchase Price.” Again, will I be the one paying this? I do not have $2,500, so if that’s the case I’m out.

What contracts are needed, could I ask an investor friendly title company for some guidance or is that a no go?

Tips and advice would truly be appreciated! Even if this deal doesn’t work out, I’m determined to wholesale an reo property this year.

I will be using all tips and advice as guidance to do more of my own due diligence until the time is right for me to close my first wholesaling deal. Thank you for your time!

Hi everyone! Okay bear with me. This is a long one.. And my first post on here.

I'm a new wholesaler. I've been studying how to wholesale absentee owner homes in hot areas. However, on my way home from work, I started googling REO properties and found an amazing deal. The online auction will begin in 3 days and ends in 5 days. It is an incredible deal (for myself and the investor) even if the price increases by 200k. It's in a great area, homes are being sold for $185k-442k ranging from gutted homes to entirely remodeled beautiful homes. Current homes in that area are being listed for $179k-$1429k.

I understand wholesaling foreclosed homes is a whole other ball game. I've read that you would have to already be partnered with an all cash buyer, you can't assign a contract to the cash buyer, need to show POF, put in earnest/buyer's premium, close the contract under your name to then be able to immediately resell to cash buyer. Right? Wrong? I'm desperate to understand the entire process. I'm so motivated to wholesale reo properties (possibly not this one since I do need to do more research).

They are asking for an Earnest Money Deposit of 5% of the Total Purchase Price or $2,500 (whichever is greater). Will I be paying this or will my transactional lender/cash buyer pay this? They also state “A Buyer's Premium equal to 5% of the Winning Bid Amount or $2,500 (whichever is greater) will be added to all Winning Bid amounts to determine the Total Purchase Price.” Again, will I be the one paying this? I do not have $2,500, so if that’s the case I’m out.

What contracts are needed, could I ask an investor friendly title company for some guidance or is that a no go?

Tips and advice would truly be appreciated! Even if this deal doesn’t work out, I’m determined to wholesale an reo property this year.

I will be using all tips and advice as guidance to do more of my own due diligence until the time is right for me to close my first wholesaling deal. Thank you for your time!

I am absolutely new to wholesaling and need to fill in some gaps in order to get started. When it comes to putting a property under contract and gaining equitable rights, a wholesale purchase contract needs to be filled out and signed. Where can I get copies of a wholesale purchase contract with the phrase (and/or assignee). Is there any other paperwork I need to know about? I assume we’ll be filling out two contracts, so we could each have a copy. 

Then to close the transaction with the buyer, where can I get the required contract (assign/double close). Any other paperwork I need to know about here also? 

Finally, all paperwork must be turned in to the title company or attorney and I understand they take it from there. 

Am I missing something? Tips and advice would truly be appreciated. Thank you for your time! 

Thank you so much. I will definitely contact you. I am completely new to bigger pockets, but I am not new to the idea of investing in real estate. I have always wanted to be my own boss, but I never knew exactly how I could do that until a cousin of mine told me about Bigger Pockets. 

I am currently finding houses online and watching Brandon's youtube video on how to analyze houses using the calculator. 

Thanks for the tips! I will look into REIAs in my area. There are plenty of opportunities for me here and that just gets me determined to start as soon as I'm ready.

Hi, everyone. My name is Gabriela and I'm from Houston, TX. My questions are, do you need credit to start wholesaling? Do you need credit to acquire a hard money loan?

I have money saved up, but I am having a difficult time deciding what to do with it. I would like to spend it wisely on something that will be beneficial for my future. Should I start wholesaling to jumpstart my career in real estate or establish credit by buying a computer (I'm a student)? 

Shipping container homes intrigue me and my goal is to take on that kind of a project some day. I have enough to purchase a shipping container and I could establish credit that way as well. However, I understand that is a whole different ball game that I should probably hold off on.

Any tips/advice? I would really appreciate some help. I'm trying to figure out how to make things happen instead of believing I can't right now.