All Forum Posts by: Jim S.

I would agree with what everyone else has said.  If you can't close on this deal then you're doing a tremendous disservice to the seller. 

As a side note, I should also mention that if you are trying to wholesale a deal that you're buying on the MLS then you're probably not going to have much success as it's not very likely there will be much "meat on the bone" in this deal. This would ultimately lead to you not finding a buyer and having to back out of the deal which comes back full circle to doing a disservice to the seller.

I'm sure these aren't the answers you were looking for but they're honest ones.

Just sent you a PM.

@Account Closed I can't really add anything that hasn't been said on this thread already other than to just encourage you to follow the advice you've been given. Have integrity and do things the right way.  Wearing a lovely pair of silver bracelets is no way to start your adult life and career.

@Jay Hinrichs Thanks for the feedback Jay.  I like your interpretation better as it seems kind of far-reaching to not be allowed to sell something you own.  The person who made it sound like you would need a license even if you took title compared it to selling cars.  You can buy and sell the occasional car yourself but you can't run a car dealership out of your house (like a neighbor of mine used to do).

If you don't have money for marketing and don't want to wait until you've saved some money, your best option would be driving for dollars.  Your only costs will be time and gas.  If after you have a decent list, you still don't have enough for even a small mailing then I'd suggest cold calling those on your list.  

Not at all.  Some really great advice in there Barry.  Thanks for sharing.

The problem with wholesaling as taught by the gurus (aside from any legal issues of brokering without a license which have been well-covered in this thread) is that they teach you that if you can't find a buyer to just bail on the deal.  This is a huge disservice to the seller who thought you were going to buy the house.  The legal, moral and ethical way to do this is to actually buy the property.  Once you have title you have a number of options- wholesale the deal to another buyer, do a little bit of cleanup and repairs and wholetail the deal, do a full blown fix and flip, or fix up and hold the property as a rental.  What is the problem with this model?  You can't get do this if you don't have access to some kind of capital to finance the deal which is why what the gurus teach is so popular.  At bare minimum if you want to do contract assignments and double closes (check the laws in your state), you should be prepared to actually close on the deal yourself if your buyer doesn't come through.  Just my 2 cents for what it's worth.

The best advice I could offer you is to consult with a real estate attorney in your area.  Every state has different rules regarding how wholesaling works and you'd be well served to make sure your contracts are set up properly for the state you are in.  It will cost you a little bit of money but it will be well worth it to not end up in legal hot water later.