All Forum Posts by: Kurt Maule

@Kelly DeWinter Thanks for your detailed response. Question #2's response is a big one, I will definitely take that back and ensure this is completed. 

@Lydia R. No, you are completely on target of how I am interpreting wholetailing.  I was mentioning that my client/seller is the wholesaler since they are under contract with the owner.

Nice! I will definitely try this strategy out. I have a few properties that fit this criteria actually. 

Thank you!

@Lydia R. I agree with with how it can come off as shady if the agent has interest in the deal. I believe to help clarify in that situation is to have sufficient disclosures showing the seller understands. I am more interested in Wholetailing for someone who has a property under contract, this is where I will not have any interest in the deal. 

Great suggestion regarding JV deals with the seller. With no purchase price that is highly attractive. I wonder how you would be protected if the seller pulls out in the middle of renovation. Maybe creating an LLC with the seller and your entity as members and maybe deeding the property in the LLC will protect both parties along with an operating agreement.

@Michael Thompson Yea, that pretty is a subject to. I was so against the subject to since the owners mortgage payment was so high. So my goal would be to complete a refinance as soon as possible so my rent to mortgage payment spread is favorable. I agree also that I need to have financing already thought out before I take on this strategy.

Thanks Michael!

@Patti Robertson Thank you for your feedback. I agree, your Broker is the final decision maker on any policies. I will reach out to them and get their feedback as well. Also, yes, it brings a great array of opportunity for these off-market deals. New investors(who don't know what their doing :)), out of state buyers, and cash buyers not in your buyers list are a few to mention. 

Hello BP Family,

I have been getting a lot of pre-foreclosure leads. This is where the auction date has been set and the owner is trying to leave the property but not affect their credit.

There is a low-equity deal that I have under contract to try to wholesale, but it would only make sense for the end buyer to buy and hold. Auction date is next week and not enough time to find a buyer for a Lease Option. Little fixes are needed. Just paint and cleaning.

My question is as follows:

ARV: $156k

Re-instatement Amount: $10,000 (Past Due Amount) + $1,000 - $2,000(Attorney Fees)

Monthly Payment: $1,420

Can I pay the reinstatement of around $12,000, then complete a Quit Claim deed with the owner. After 2-3 months of paying the owners mortgage and renting it around $1,500. Will I be able to refinance at a lower rate since my name/LLC is now on the deed and the old owners mortgage will then be paid off? Also, is this a smart strategy?

Thanks!

Hello BP family, can anyone list and describe the steps to wholetail a deal. Essentially there are some deals that are found from my peers that are move-in ready and would be good to present on the MLS for conventional buyers. My peers have the terminology in their P&S that allow them to list on the MLS.

I have a few questions concerning the process in GA:

1. Who to add on the Exclusive Right to Sell Listing Agreement, my peer who has equitable interest or the owner?

2. Will conventional buyers have financing/underwriting issues with the seller not being the current owner?

3. With conventional financing I am thinking the only way to close is by the double closing process, instead of an assignment agreement between my peer and the end buyer.

Thanks in advance for your help!

Thanks for the confirmation of the interpretation of the rules. I will be looking to email investors that I work with and also to investor online groups. 

Rule 520-1-.09 (3) Written Permission to Advertise. A licensee shall not advertise any property for sale, rent, lease, or exchange unless the licensee has first secured the written permission of the owner or the owner's authorized agent and said permission has a definite date of expiration. Where such permission is granted, a licensee advertising property that is listed with another licensee shall clearly and conspicuously disclose that fact and the name of the listing licensee unless the listing licensee has expressly agreed to waive those clear and conspicuous disclosures. Looking for confirmation on my interpretation that if you get permission and disclose the broker/agent then this is allowed via GREC rules(above). I cone across great investor listings in Atlanta and would like to advertise directly to investors.

Rule 520-1-.09 (3) Written Permission to Advertise. A licensee shall not advertise any property for sale, rent, lease, or exchange unless the licensee has first secured the written permission of the owner or the owner's authorized agent and said permission has a definite date of expiration. Where such permission is granted, a licensee advertising property that is listed with another licensee shall clearly and conspicuously disclose that fact and the name of the listing licensee unless the listing licensee has expressly agreed to waive those clear and conspicuous disclosures. Looking for an interpretation confirmation on advertising another agents listing. Per the GREC rules(above). Looks like if you gain written permission and disclose the listing broker/agent, then this is allowed. I come across great investor deals on and off market. I would like to advertise the on market deals to other investors. Any feedback is appreciated!