All Forum Posts by: Joe Melvin

Congratulations Ryan! That's quite an accomplishment. I've been thinking of getting my license too and have a question for you. Now that you have your license. Are you still required to work for a brokerage for 2 years before starting your own? (My wife had her license several years ago and that was a requirement then. Looking back we wish she'd kept her license current). As a wholesaler im not sure how it would work having a license with a broker and doing wholesale deals for investors. 

I'm new to wholesaling but when I say "get it under contract" that's what I mean. I sign a purchase agreement with the seller stating the agreed upon price, contingencies, and closing terms. It's nearly identical to what you see using a realtor. It does include language allowing me to assign the contract to another buyer. But it's still a contract. I'm in Indiana so maybe the laws are different in your state. That can cause confusion. 

Welcome to BP!!! Always happy to see another Hoosier on here. 

Welcome to BP! There's lots of tips and advice on here. The best place to start is the forums and don't be afraid to jump in and ask. 

A lot of people will tell you to hire a service, which is great. But I recently started a mailing campaign and just made copies of the letters at Office Max (I turned the letter sideways to get 2 per sheet) and had my daughter fill in the addresses. It took us a few hours but a weekend of hanging out turned into mailing letters on Monday. And it kept our cost below $1 per letter. 

Hopefully some more experienced wholesalers will comment but I do know you need to be clear on the state of foreclosure. Many banks won't allow you to assign contracts on foreclosures. Pre foreclosures could be treated differently because you can work with the home owners on selling before entering into bank foreclosure. But again. I'm not fully educated on this and hope someone who is comments. 

@John Hamilton Thanks. This goes right along with the direction we're heading. A better "script" and questions on the initial call and knowledge of the area. Then confirming or adjusting the offer at the property. 

Thanks @Mark Elliott

Thanks Greg & Darrell

@Mike Oconnell That's a good idea. Thanks