All Forum Posts by: Gabriel Johnson

It's only slimy if you don't disclose your intention to assign the contract ¨̮ Tell the seller the property doesn't meet your criteria; that you won't be buying it. Then present the alternative of going under contract and allowing you to assign to one of the other investors in your network who will pay your fee, rather than the traditional arrangement of representing a seller who you would owe fiduciary duties for a commission on the sale.. If you don't think they'd be open to that, they may not really be distressed. In that case, you should buy it yourself, clean it up and list it in this flaming hot market

Read Sold by @DavidGreen ¨̮ 

@Tesho Akindele

Love it! Can you share the financing terms you ended up securing with your local bank?

Hey @Antoine Rogers

Have you considered a flat fee MLS listing? There are brokerages throughout most markets that will allow you to list your property on the MLS for a flat fee, $500 for instance at my brokerage in Charleston, SC. This gives the property exposure to thousands of potential buyer's who can reach out to you directly to negotiate a deal. With as hot as the market is in general right now, I'd consider giving that a shot unless you need to sell it urgently and are agreeable to the realtor's offer.

Hey @Taylor Morton

Sounds like you've done some solid preparation for your first acquisition. I'd get together with your attorney you plan to use for the closings you coordinate. Run through your model, whether you plan to assign contracts or use transactional funding to double close, and make sure you have a system in place for disposition. I began my REI journey with the wholesale model, but only marketed my contracts to a handful of heavy hitting buyers who I knew could perform. I know many people have issues with their contracts getting sent out all over the internet by people they've never met, and the sellers come back to them confused why they are getting calls from investors trying to undercut the wholesaler. This is where your honesty and disclosure are crucial. Sellers have to know your intention to assign the contract to an end buyer. Don't blind side them any closing when they realize your entity isn't on the buyer's side of the settlement statement

M

The wholesaler likely hasn't disclosed to the seller whose name is going to be on the Buyer's side of the HUD, so giving you unrestricted access would conflict with their narrative with the seller.

https://www.realestateu.com/mi...

TheCEShop.com

Is the owner under the impression you will show up to the closing table with the funds to purchase the land? I can't speak to the legality of marketing your interest in the land without the owner's permission, but I can speak to the ethics. Be transparent; tell the seller this particular parcel is missing the mark for your criteria but you have a network of investors you work with who would parter with you, fund the deal, and pay you out a fee at closing to cover your risk and marketing spend; the sleep well at night :)

Hey Scott!

There was a time last year I sent out thousands of offers every month with a simple, four clause purchase and sale agreement with zero EMD and one big escape clause. I've since shifted my approach, but I closed multiple deals using that one page Purchase and Sale Agreement.

I'd contact an attorney to verify the contract you want to use will hold up, you're abiding by contract law with proper consideration, have capacity to perform, ect. But the process of presenting an offer to a potential seller really doesn't have to be as complicated as we've made it with agent coordinated transaction. Oftentimes, potential sellers give up equity in an off market transaction to avoid hurdles and over complication.