All Forum Posts by: Michael Hartman

I went to the REIA meeting and met a few really cool people. All in all I thought it was a GREAT experience and it definitely motivated me to get started. One thing that was a little scary was all the laws in my state and I definitely felt overwhelmed by the amount of laws and the requirements they have for investors in Washington. Its not something that will prevent me from starting and I am hoping I can get a deal in the works in the VERY near future!!

J. Martin Curt Davis Thank you for the replies. I really appreciate your advice and I feel a little more prepared for tomorrow's meeting. I am definitely looking forward to learning and networking with the people in my area. I'll post a follow up tomorrow after the meeting!!!

BP, My friend and I are going to our first REIA meeting tomorrow and I have to say that I am nervous but also extremely excited. The agenda of the meeting is Real Estate law and there will be a lawyer discussing the various laws in my state. My question to BP is how can I get the most out of this meeting? As long time investors what would you want to see/hear from a newbie/would-be investor!? Any tips or suggestions to prepare me for this meeting? Thanks BP!

@Joseph Ball 

I am new to the real estate game.  I did some initial research to see what the best option for me at this time would be and it seems like wholesaling makes a lot of sense.  I haven't attended any seminars, I've read a few books and am continuing to add more to my list.  I think that I chose wholesaling because it doesn't take a HUGE amount of capital to start and I feel like if you can become a good quality wholesaler you can learn a lot from the buy/hold and fix/flip investors if you feel like you want to branch out to a different niche.  I also feel like this is a great niche to learn marketing and it will require me to get out of my comfort zone and network with other investors.

@Jason Fraser 

Thank you for your reply. It is definitely a lot of help and some great ideas. I have attended 1 REIA meeting in my area so far and I plan to attend a few more to start networking with the people in my area doing deals. The first meeting I went to was a lot of fun and everyone there was super helpful and I definitely suggest other newer investors do it!

@Paul Timmins 

Thank you for the links.  I have already added J Scott's books to my list and will be starting them very soon.  I am also very interested in reading Brandon Turner's book.  I've listened to quite a few of the podcasts and those are also super helpful and informative.

I just want to thank everyone for their replies and for helping out a new investor trying to get into the game.  BP is awesome and I look forward to more discussions!!

Thank you for the replies.  I appreciate the feedback.  I've listened to a lot of the BiggerPockets podcasts and read a lot of the wholesaling forums - from what I heard isn't it better to be completely upfront and honest with the seller and let them know you're a wholesaler?  I mean I guess you don't necessarily need to tell them you're a wholesaler as long as you let them know that you "may be assigning the contract to another investor."  

Hi BP!  This is my first post on the site.  I'm very new to real estate investing and am really having a hard time understanding the process from start to finish on a wholesale deal so I thought why not just post it here.  

So... We'll start from the beginning...

I find a deal, talk to the seller and we agree on a price.  I write up a Purchase and Sale agreement.  The agreement has 'and/or assigns' and I inform the seller that I am a wholesaler and that I send the deal to investors I work with who then buy the contract from me.  (At this point I need to give the seller an earnest money deposit correct? Do I give them cash or a check or do I put this with a title company I don't really know.)  

Next I send the deal out to my buyers list and/or market the property to potential investors.  Once I find a buyer I do an assignment contract with them and then send both the PS and assignment contracts to a title company...( I've noticed that finding a title company/real estate attorney that does double closings or even works with wholesalers/investors can be difficult.  Instead couldn't I just assign the contract to the buyer for a fee using an attorney? (i.e. I find the buyer, they're interested in the property... They then write me a check for let's say $5,000 as an example, the PS contract goes to them and they deal with the seller and title company to close the deal?)

Once the above portion is done, the title company does all the paperwork the deal is closed, I thank the buyer, seller and title company and move on to the next one?  How far off am I on the process and can anyone help guide me to fully understand?

Thanks BP! Look forward to the discussion!!!

Michael