All Forum Posts by: J.j. McGuigan

https://www.biggerpockets.com/blog/intro-to-wholesaling  

Here is a blog post from just a few years ago that can help with your question and the author of it has several well written other blogs about wholesaling as well, hope that helps 

I'm a newbie as well so i'm interested in this discussion. I do believe there is a difference in the two contracts though. Assignment contracts the end buyer knows what your fee is on the deal and all that happens really after you get the property under contract is you then assign it over to the end buyer.  In a double close you close with the buyer and seller seperately starting with the buyer and then get the deed recorded in the opposite order of who you meet with first then second, it's totally fine cause all that goes on with the recording is the date of it so you want both closings to occur on the same day and the end buyer doesn't get disclosed your fee unless you tell them.  I do know that once you get the property under contract in order to make it valid you have to have earnest money deposited as soon as you can.  It can be a low amount but something has to be put in for that otherwise it's not technically valid.

 @Jason 

There's no reason for her to find another career path, she's simply seeking help.  

I think the owner may be out of the deal per se but correct me if I'm wrong @Shaun J. are @Najee Hoggard best options to try and wholesale with the bank if nothing can be done for the owner?  I know banks don't like having RE on their books for too long at all cause of illiquidity.  Would the best bet if nothing can be done with the owner to just work with the bank on it?

@Pratik P.  That is great info as I was wondering the same thing on how to do both.  thank you !

This post probably won't reach the wholesalers who are texting you....  just block thier numbers

I agree with all the advice given here, never ceases to amaze me the good information on these forums.  I think the first step before contacting the home owner is to talk to the neighbors to possibly get a feel for the home and home owner(s).  You might come across some information that can help you from them before talking to the potential seller.  After that i think contact with the home owner/seller would be good and listening sincerely to them is the right way to go like Jorge said. 

@Mark Sewell  Thank you for the encouragement !  I totally agree with you on finding ways to be of service to the end  buyer and I believe the sellers in most cases as well.  I think if you can add value to an end buyers team or portfolio and definitely their cashflow, you are on the right track.  Learning is obviously the main goal for me now so that any deals I bring to the end buyer won't be a waste of time for them.  I know that if I'm too eager to make money right away and purposefully or ignorantly look over things just to get to close, I'm not going to doing myself or the wholesaling community any favors by fring end buyers bad deals.  I say wholesaling community cause there can be some friction between us and other players in RE when bad deals are brought to end buyers or we step on realtors toes etc....   

@Jorge De Jesus My thinking right now is to start off birddoging for my friend. He has agreed to teach me how to look for deals and how to evaluate ARV at least the way he does so on his flips. I figure why not take that on and learn what I can from him and maybe find him a few deals. even if my commission is lower than had I wholesaled, I just figure the learning is worth more in that case. But I'm also open to seeking and finding a mentor who has a successful wholesaling business as well, I just haven't found any yet in my area that I've connected with. Thank you for your input it's brought some things to light in my thinking :)

I know one of the keys when starting out in RE Investing and in particular in my case, wholesaling, is to find a mentor/mentors to help aid in the journey and process.  My question is does this mentor need to be another wholesaler or does anyone see a problem if the mentor is perhaps a potential end buyer that you have a good relationship with.  In my case I do have a friend actually who may fit this role for me and is an end buyer.  He does flips and landlords his properties mostly.  I'm wanting to learn who other wholesalers have as their mentors as far as what they do and how they help you.  Thank you so much !!