All Forum Posts by: J.j. McGuigan

realtor.com is a little more in depth than the two you mentioned in the original post. I'm just starting out and doing some mock type searching on these sites and found that one to be a bit more helpful, hope that helps.  I'll be following this thread, thank you for posting 

Basically a double close is putting the property under contract the day of the sell to the buyer.  So you are buying the property on that day in order to sell it to your investor, so there is not money on your end involved.  As far as the strategies that go into this I'd be curious to see what more experienced investors have to say as well.

I am interested in this thread as well as I am just starting to learn more about wholesaling. I've been reading that the typical earnest fee is around $1000 to $5000, usually tho around $1000.  If you don't have the funds on hand for that the simplest method is to partner with someone who has those funds.  Show them your game plan and make sure it's clear what you're doing.  I think also doing a double close is a way of avoiding having to put down earnest money or showing that you have funds.  If I'm wrong please correct me, as again, I'm just starting out myself.  Best of luck to ya!

@Kyle Doney @Alejandra Corona

I agree with Kyle in having a script.  Especially for the intro/beginning of the conversation, then see where it goes from there and then just have a conversation with them.  I sold insurance for a number of years and that was always the best approach.  The script is good for several reasons but one is sometimes you will get tired and possibly blank if you don't have a script you've gone over.  I would say in my opinion that getting them to agree to a follow up is the goal.  Whether it be the actual sale or just gathering more information from them. Best of luck to you !!

@JOAN DICKIE that is correct.  That is what I was wondering 

@Chris Martin thank you for the information and sites. I am going to utilize those. 

This is all good stuff guys! I am definitely going to get my license in next couple of months at the latest.  What I am curious about is if the property is a for sale by owner property that I find and bring to the buyer, and let's say I make a fee off it from the buyer if he or she buys, am I okay there since no realtor was involved?  Thanks for all the feedback so far :)

I have found what I believe to be a good property that an investor could see a lot of gain with either flipping it or holding it and renting it out. It is a house located right next to a college. Its two story and been completely gutted. it is selling for less than $20,000 with a potential ARV of $100,000. What my question is, is that there is an agent assigned to the house who I've spoken briefly to and told her what I did and that I may have some cash buyers willing to at least look at it, which I do. Should my approach with this be to simply bird dog it for a finders fee since a realtor is involved. She didn't seem put off by me being a new wholesaler, I just don't want to step on any toes or anything like that and want to be and am going to be honest about everything. I'm just wondering should I even try to get it under contract or just go with a finders fee if one of the potential buyers I'm in contact with decides to buy it?

I'm not quite familiar with how FHA loans work to be honest.

@Mark Whittlesey So your saying basically that the home owner is planning on getting loan but because the house needs renovation they will not get the loan but I come in and am able to sell their property in a sense to a cash buyer with the property being "as is" ?