All Forum Posts by: Jerry Kisasonak

@Jeremy S. I would have gone with your idea in the past, but at this point I am working to systemize my business. It would create more work to track down the buyers - not less. Additionally, one agent may have several cash buyers that they work with in the area, so if the one buyer you're asking them about doesn't pan out they may have others in their database that will.

I suppose it all depends on where you're at with your business. At this point, I'm okay giving up part of the profits if I can simplify things by leveraging other people's contacts/database.

One last point, it's not a bad idea to let agents know that you're an investor. Even if they don't bring a buyer, they may at some point bring us a deal.

@Russell Brazil There are quite a few insurance companies that are difficult to work with in the investment real estate space. Some, like State Farm, like their properties to be in good condition before they'll issue a policy. For us, that just isn't practical.

@Nicodemus Pikras I am curious as to why you are concerned about insurance in the first place if your business is wholesaling. If you are never taking title to the property you don't need insurance. Your sales agreement should have a clause that states that the owner/seller is to keep their policy in effect until close of escrow.

So here's the question:

Once you have a great wholesale deal under contract, I've hear that it's a great strategy to find realtors who have sold property in the immediate area to cash buyers, and to contact those realtors and ask them if their cash buyer would be interested in the property you're looking to wholesale. To me, this sounds like a great way to leverage local realtors to get deals done.

Being that I'm an agent and have access to the MLS, I can easily find these realtors and their contact information. But, I also know that realtors/brokers will only use the state contracts for transactions.

So exactly how would the realtor who brings the buyer in get paid? Would this be a referral fee? I can't imagine it being a standard buyer's agent commission since the contract would not be a broker-approved contract. Has anyone done this type of transaction, and if so, what are the details of the paperwork?

Thanks for your time and consideration fellow BP'ers!

Call Ryan Fisher at Experienced Closing Services out of Carnegie. Google the company for contact info.

@Kirby Elliott Get hooked up with Joe Calloway. He owns a couple hundred units in the area of Pittsburgh your considering and he's open to networking with new investors. He's on BP and you can connect with him on FB.  

Hi Ken! Pittsburgh misses you!

Utilities would have to be split if you're planning on leasing the apartment unless you factor utilities into the rent and pay them yourself or shut the bar & grill down altogether.

You could lease the bar & grill and apartment as you mentioned, but there's likely a very small market for that and you may have issues locating a tenant. If you could find a lessor for the bar & grill you could grant them the rights to sub-lease the apartment with the teaser that they can offset some of their costs with the apartment rent.

If it were me I think I'd try to sell it in its as-is condition. If you can find a realtor that would market for both - that is - market simultaneously for a buyer or a tenant, you'd get the best bang for your marketing buck. If a buyer comes along, sell it. If a good qualified tenant comes along, lease it.  

Hard to say what's happening here. He may have intended to buy it but changed his mind and decided to wholesale it. That happens. You should just get him on the phone and ask him to level with you. If he continues to spin on the details tell him you believe he's being dishonest and unethical and you want out of the contract. If he says no, you only have two weeks left on the 21 day extension. I'd just wait it out. If you want, we'd be happy to review what you're offering. If it fits our business we'd buy it. Just text me some details.

Hey Chad! Keep us in mind. Your target market (east of the tunnels) is one that we personally invest in. I can help you find off-market and on-market opportunities - am a realtor with KW.

Best wishes 

Tough call, but I would likely take the 30-35K. Renting to Section 8 tenants in Swissvale can rather quickly turn your 80K renovated property into a 50K unrenovated property. Then you'd be wishing you had taken the equity while it was there. But, as you can likely sense, I'm not a big fan of Swissvale.