All Forum Posts by: Lawrence Robinson

BP is a great place to find active investors. Also, I'll text you info on a local REI group that is very active here with buyers and sellers alike.

Hello Freddrick Marshall. I see we're networking in the same circles. Let's make 2016 an awesome year!

Hello Anthony Way. Welcome to BP. Start by attending local REI meetings and acquainting yourself with people already doing the business. All the tools you need to be successful are right here on BP. Immerse yourself, soak up knowledge and get paid. It's that simple, but it involves a lot of work, so don't think you'll get rich overnight. Wealth is a function of a good work ethic, discipline and knowledge. Wish you the best!

Hello @Ashley LeBoeuf It sounds like you have one or more buyers already in-hand. The key to long term success is transparency and always having an out if your wholesale deal falls apart. Otherwise, you will lose money, credibility and what else is there? Great job getting the deal done!

Hello Bill Gulley. Since BP has an entire section devoted to wholesaling (Education -> Blog Topics -> Wholesaling), I don't quite understand your disdain for it. Maybe your experience with wholesalers has been skewed by the volume of inexperienced guys out there who don't have a clue but are trying to find their way. The meat of my suggestion was to "address any legal questions to a licensed attorney." Also, if wholesaling were simply a matter of purchasing the property outright, then most wholesalers starting out with no resources would have never chosen real estate as a business. I do agree that the contract used and the buyer's true intent are the real issues. That's why a wholesaler should have a relationship with a licensed real estate agent and an investor friendly attorney. That way, the buyer's true intent is known and nobody's time is wasted. Every wholesaler I know personally has an attorney on his team; that said, I hear horror stories all the time about wholesalers who don't have a clue.

Welcome to BP, Samuel Sutton. You have the right idea: Learn then take action. Listen to the podcasts here on BP and read the education section to learn before you start burning cash and you will do well.

Welcome to BP, Isaac Yung. All too often, people have the passion for real estate investing but lack any sort of business plan. It sounds like you're off to a great start. Wish you all the best.

As a wholesaler, the rule of thumb is "keep it simple." If the owner wants to do owner financing, that's fine. Let the buyer work out the terms with the seller. Your job is straightforward: 1) Get the property under contract, 2) negotiate your fee with the buyer (since you're not representing the seller), 3) assign the contract to the buyer, 4) collect your fee and 5) move on to the next deal. Whether you're working with a realtor or directly with a buyer, it's all the same. The more you deviate from the above workflow, the less your transaction conforms to the legal description of an assignment. I commend you on seeking counsel given the complexity of your deal. However, you should address any legal questions to a licensed attorney. BP is a great resource, but often you will get conflicting answers. Great job getting the deal done!

Hello Brian Karr. You definitely don't want to pay twice for a double closing. Contact a good RE attorney who works with investors and is familiar with double closings; they will tell you exactly how to forego paying twice. Your only mistake on the deal you mentioned was not surrounding yourself with the right professionals prior to jumping in head first. In this business, double closings are very commonplace. However, you did well to release the property once you found the numbers didn't work for you. Chalk it up as a learning experience. Good luck on the next one!

Joseph Newton, you will need capital for many things such as occasional earnest money, research on potential properties, matching funds for hard money loans  (if you choose to go that route), to name a few. Also, before jumping into hard money loans, learn all the details about the terms before signing on the dotted line. Interest only loans become expensive quickly if you haven't done the proper due diligence on the property, rehab and holding costs, etc. In short, $10K is enough to get you off the ground running.