All Forum Posts by: Hector Perez

to give some feedback, you will need to estimate the cost to repair the house; if you don't know how to do that, we just need some  information of what the house needs and the sqft of the property

If the house is, as an example, 2500 sqft, and It looks like you are stuck in time back in the 1980s, but the AC is working,  the roof is ok, and there are no foundation, plumbing, or electrical issues; I can assume maybe a $20 per sqft, so the rehab is about $50K to 60K

If the ARV is 290K minus 10% closing/holding costs, - minus 20% profit - $50K rehab, ideally, in this example, I need to buy the house for about $150K to flip it, but as a landlord, I may be able to pay a bit more, as long as rehab is not too much, and rental is about $3,000 to $3,500 a month

Sometimes, when I buy a property, I am ok to have a short-term lease with the owner until they move out, but I agree that there seem to be too many variables right now that add uncertainty to the deal.

Is the Title clear?

If it is, and I still want the deal, regardless of all these issues, taking some risk if the deal will close, I will put the money to the wholesaler in escrow with a clause that says, if the deal does not close in 2 weeks, the funds will be returned to the buyer, just to be safe..

I use Podio, I have been using it for a few years now.

It's free for the first 500 contacts, which is perfect if you are getting started.

You can customize it to your business needs

Then after, if you want to automate the system, you can use Podio Automation for an extra fee

Good Luck

Lol, brokers and agents are doing it following real estate attorneys' advice that know the state law and comply with the state requirements.

Just because you hate wholesaling, does it mean it cannot be done and is illegal everywhere?

Just because I think, the Dallas Cowboys are the best team in the world, does not make it real, lol

Every state is different, and I think you are an expert on your state no doubt about it, but you can not say it is illegal everywhere else, where I see licensed agents and brokers doing it all the time in other states

So what you are saying is not 100% valid

That is not 100% true. Real estate agents have been able to wholesale properties over the years, as long as they disclose to the seller their intentions and that they are acting as individuals and not representing the seller in any way as an agent, and they need to have the agreement signed.

I agree, states are putting restrictions like South Carolina, we just have to adapt and follow the rules there and every state will have their own rules too, so as long as you follow what each state requires, wholesaling will be ok

Real estate agents had the famous 6% commission, then they had to adapt and follow the new rules too

 yes, there are some states that are starting to put restrictions, but they are not eliminating the practice of wholesaling, just how it is done

If I am required to have a license to wholesale a property, I will get a license to wholesale, but the practice is not illegal.

If I am required to disclose I am assigning the contract, it is not illegal to wholesale

If I am required to close on the property myself, I will close on the property and put it for sale in the MLS, or sell it to another investor and that's not illegal, it is a form of wholesaling too

So this is very funny hearing it from Agents and brokers

 Wholesaling is not illegal, you are assigning the rights of the contract to someone else or closing on the contract, then reselling the property to another entity (double closing)

If the contract allows it, and the state allows it,  it is legal

Assigning contracts is a legal form of doing business in the USA, just because real estate agents don't know how it works, and lack the knowledge, it does not mean it cannot be done

This is a funny post with many agents and brokers about giving a bad reputation to wholesalers.

It's like me talking badly about real estate agents taking advantage of sellers in a real estate agent forum.

Just because there are a few bad apples, it does not mean everyone is the same.

I have encountered bad real estate agents, but it does not mean all are the same.

I have also encountered many horrible landlords, but it does not mean all landlords are the same

Wholesaling is just a real estate strategy so don't be a haters when you see people succeed in this area

That a tricky question, you may need to use a skip tracing company. but it becomes trickier when the trustee is a company. if the trustee is an individual it may be easier to find