All Forum Posts by: Joe Santiago

Hello, I'm looking for someone to help me with the entity structuring, reviewing contracts, as well as tax advice. I live in the west suburbs of Chicago so preferably someone close that that area. Any help in this area would be appreciated.

Thanks

You only need 2 pieces of paper.

1. The standard purchase agreement that states that the contract is assignable. You can find generic ones online if you google it. Goes to seller.

2. Assignment contract stating that you are assigning your rights of the purchase agreement to your buyer for an assignment fee.

Its up to you whether you want to explain the process of what wholesaling is to a seller. I know many wholesalors say that they are cash buyers themselves and they will be buying it but I have a hard time morally saying that.

I usually am honest and say that I have a partner that will be the one buying it because he has the money and I will get a fee from him.

You must chose a title company yourself. Make sure that the title company is experienced and knows how to do an assignment and has done them before. Once you get the purchased agreement signed, at your wholesale price, give to title company. Then have your buyer sign the assignment and give to title company and they handle all the work.

Welcome to BP! You can find all the info you need here on this site. I suggest reading the beginners guide here on BP. I am too looking at first investment property as a live in multi unit and I am 23 years old.

1. I am currently reading Investing in Duplexes, triplexes, and quads by larry loftis and I think its great . Here

is the link to amazon:

http://www.amazon.com/gp/aw/d/1419537253?pc_redir=1399678567&robot_redir=1

2. This will be answered in the beginners guide, but I would recommend speaking with lenders and see how much you can afford and then you can go from there.

3. Redfin.com, zillow.com, trulia.com, homes.com, craigslist.org

4. I would suggest figuring out where exactly you want to live since you stated you want to live in your first investment property. For me personally I have family in the west suburbs of Chicago so that is where I am looking for multi family properties. If you want that warm weather almost year round look at Florida and Georgia.

5. Network, research areas, write down goals

Your doing nothing wrong. Continue to sift through the dirt to find that gold! Not all sellers will be motivated to sell.

I replace my list 1 time a year.

Go to meetup.com and search real estate in your area. You will see a couple of meetings each month and its a great way to meet other investors and network. Go to these meetings and you will meet the people you seek.

@Justin Aymer

Hey Justin!

Hope you don't miss me too much in the marketing meetings ;)

Congrats on the pick up. Hit me up sometime to grab some lunch or something.

Thanks for the response Brian. I do know it's a touchy area. I would normally try and get the properties under an option contract or something that way I can market the property but the seller said he would pay a finder's fee, which got me thinking of ways to make it work.

I have been working with an investor and he has recently told me that he would like me to sell 50 of his properties and that he would pay me a commision/finders fee. Since I am not an agent I'm not sure how this would work. My first thoughts were to draw up an employment contract that way I'm his employee but was hoping there are better ways to go about this. Any advice would be nice.

@Junior Salters

I'm interested in finding out how everything went.