All Forum Posts by: James Austin

@Jeff Rabinowitz thank you for you response, I will have to look at updating my information, first and for most I do not want to represent myself as a"liar" this was never my intention nor do I enjoy that label. 

Thank you both for your replies, this question was more for my curiosity than anything else. I just wasn't sure if I was thinking of something else (another avenue with a different name) I a revamping my wholesale plan, and I thought with some of the crap luck I've had if it was possible to get a home with a HM and then sell it, I know the usual way would be find a motivated seller, check the deal, get the contract and then assign the contract. All in all I'm just looking at different routes.

Thank you again @Justin Lenk and @John Thedford 

Good morning all,

                   I just had a quick question this morning so I figured I would ask. Has anyone used hard money loans to secure and sell a wholesale deal? Or would this be illegal or maybe even a whole different category than wholesaling, Brokering? 

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Thank you all for your informative replies, it is much appreciated! 

@Account Closed- your point is very clear and I thank you very much, and will head your advice.

@Joe Villeneuve You are absolutely right with every point you made. I think my process has been quite random, I have been marketing out to sellers, I have a small buyers list so for the ones here in Michigan I will give my buyers first dibs, if they don't accept it, then I still have the obligation to find some one who will, so i use craigslist and so on to get the word out and then show the property, the ones out of state I work with a partner on to help sell them. To be quite honest I still had a short amount of time left on contract, but I didn't have any viable offers. I ensure my seller knows that I am not purchasing their property first hand, and it states in my contract that I will assign it, and if I don't get it sold in the time given they have a choice to move on or we can re-negotiate. So far they have moved on beforehand, most are out of state and I do not have the resources to fight those battles. The points you make have brought me back to what I think I have forgotten about. You know the buyers before sellers is a mixed bag, and don't get me wrong I do think its better to have buyers to sell to first, but with different people you have different opinions, which comes first the chicken or the egg?  Thank you very much for your reply Joe. 

I have been at this for about six months now, and I know I have made numerous mistakes, I market to sellers, I put the house under contract, I put the house out to my buyers and if they don't want it then it goes out to various places for sale. One thing that has been consistent every deal I think has been the fact that my sellers who I have been up front and honest with go behind my back, and or I have other buyers that have no integrity, go behind my back. Now I understand that wholesaling is not for the faint of heart nor is it for the soft skinned, and I am by no means one who gives up easily. For example this last deal I had on the table, I put under contract and the place was a mess, fleas, roaches the works, I worked my butt off for the last 30 days to get this sold, my seller to tell me it was "ok because they thought they had it sold?" Now mind you my time on contract was up, but WT...you know what.... I have had two out of state deals both of which I had no control of really and the only reason I made money on one was because my partner there put the fear into them, after finding out that one of the buyer went through and made an offer and had him sign a contract. Is it all just bad luck or am I doing something wrong?

Forgive me if I sound like I am complaining, it is truly not my intention, I guess getting to the point would be has anyone else run into these problems? What steps did you take to fix it or am I just in the wrong real estate niche?  

Does anyone have a form, that lets the seller acknowledge what I am going to make on an assignment deal? The title company I am using is requiring it in order to be able to complete title work Thank You

So I have the property under contract, it is not condemned yet, my seller has to go to county today to file paper work because they want to inspect it, do I wait for the inspection? or can I market this regardless? And not to sound ignorant, how would you market this out?

@Ramon Huerta I apologize for not being able to make it to the Krawl I had to go visit this property.

Thank You everyone for your input, it is much appreciated.