All Forum Posts by: Lakeem Anore

Depends on your market. I know here in Wisconsin my buyers will pay 75% of ARV so I get the property under that (under the 75%), it's really that simple. Look up "reverse wholesaling". I wouldn't try to become an expert at estimating repairs there's other people out there for that. As of now I'd just give the seller an offer range to feel them out, say 60-68% of the ARV. Most sellers who have a property on Zillow are in lala land so it's extremely important to throw out that range instead of a bonafide offer. If you found her on Zillow I'd stay away from Zillow. Zillow leads suck.

Using intelius is a shot in a dark, it can be useful in special situations but I wouldn't base my entire wholesaling business on using intelius to manually skip trace hundreds of names. Probably wouldn't pay a VA to do it in most cases either because most of the numbers are crap.

Maybe in a buyer's market

I knew it!

Can anyone come?

Sell to me

Get a good script first. 

High equity out of state absentee owners with code violations. 

Contracts are assignable unless they have verbiage in them that state otherwise. 

The Legal issue with wholesaling revolves around 3 things: 

1. Intent to buy
2. Ability to buy 
3. Negotiating on someone else's  behalf

Your intent should always be to actually close and then resell but there are situations where an assignment is the most logical decision for the buyer; for example, let's say you tie up a property but another more promising investment comes along and you have a limited amount of capital, in that case an assignment would make sense...I've seen these things play out in court so I'm speaking from the perspective of someone who has actually seen a "Wholesale case" litigated. 

If you don't have the funds JV with a cash buyer, a hedge fund, reach out to a transactional lender, learn how to take title using subject to strategies, use an option contract. There's a ton of ways to make money from real estate without ending up in a brick room with "Big bubba" and a bunch of other real criminals or paying ridiculous fines. 

Also...If you tie an agent or broker to the transaction you can avoid legal trouble there's 2 ways to do this:

1. Get a license 
2. Hire a licensed agent or broker as an acquisitions manager 

Both are good ideas especially if you plan on establishing business in multiple markets. 

Oh I forgot 1 thing..you could also become an attorney and actually learn real estate law;)

Call buyers off of craigslist in your area and ask them who they use.