All Forum Posts by: Josh R.

Maybe I'm the only one noticing this but how do you have 300+ posts on BP and not know that wholesaling is not an option for immediate cash??

@Account Closed once you found out the true cost of the foundation repair did you try and go back to the seller and renegotiate the purchase price?

@Account Closed Why did your first two contracts fall through?

$50 is not likely to get you a deal. Also, 5 months is not very long to be marketing...a minimum of 6 months consistency is the general consensus. I recommend you find a way to beef up your marketing budget.

@Tommy R It definitely cant hurt to make the offer. Be aware that most sellers will not entertain this unless they own the property free and clear (no mortgage) and even then only a very small percentage will agree. Just like almost everything it is a numbers game!

Jon Holdman is right. I would not double close a transaction with such a small fee. A double close is typically used when you are making a much larger wholesale fee.

Once you have agreed on price and have a signed contract you need to take the contract with your earnest money deposit to a closing agent which will be a title company or an attorney (varies by state) and open up escrow.

You will then need to make sure you have no issues getting a title insurance policy issued. If there are problems with the title (back taxes, unpaid HOA dues, etc.) they will need to be cured before (or when) the property changes hands at the closing table.

Wholesaling is simplistic in form but is by no means easy. Search the posts here on BP for a thread called "The Truth about Wholesaling"

Your post is confusing. Is your question at the top?

If you are wondering about how to find homes you can wholesale then you should search biggerpockets for things such as "marketing" "direct mail" or "bandit signs".

When finding cash buyers you can have a real estate agent pull a list of cash buyers in that area during the past 60-90 days. Post ads on Craigslist, Biggerpockets Marketplace, or go to your local REIA with the deal.

I hope this is the info you were looking for. Again, your post is confusing so Im not sure I have helped you.

Unless you are a principal to the transaction (your name on a purchase contract with the seller) then yes, technically illegal. If you are just trying to help a friend and are not receiving any gain (money or other consideration) then I wouldn't worry about just trying to help them put it on the Internet to attract a buyer.

Also, DO NOT help these people negotiate or assist in the transaction in any way as this can be construed as practicing real estate without a license.

If you are worried about it consult an attorney. None of my advice above is to be considered legal help in any way, just my thoughts.

Thanks Dan. I appreciate the feedback.

Thanks Jon Klaus