All Forum Posts by: Account Closed

It's funny because I came to this forum to ask this same question.

I'm leaning more towards flipping for two reasons.

1. Flipping seems pretty cut and dry. By this, I mean that there seems to be too many tracks to cover in Wholesaling. In my area, the best deals are on REO's, and I've found it difficult to wholesale an REO. Then I've also found that a lot of people don't like to deal with wholesalers in my area.

2. Flipping seems to be more profitable.

There's a lot of great advice in here on the topic. I've learned a lot just by reading it. Some people have confirmed to me that I've been doing it right.

Here's my situation: I want to focus on wholesaling, but I see that the best deals are on the REO market. Even though most people describe wholesaling as a no-money-down system, I've still been searching for a cash partner. I'm not even gonna make any offers on banks or FSBO's without having any funding behind me, unless they can agree to what I'm doing. But still, I don't even want to put myself in a position to waste anyone's time, especially my own. And I sure as heck don't want to start in the field and make a bad name for myself immediately.

I would appreciate anyone that could help me out with this dilemma.

Here it is....
I spoke with a guy yesterday that desperately needs to sell his home.He's tried Agents/Realtors, but with no luck. The house has been on the MLS for well over a year. He lives in a Luxury Home, the appraised value is $2.5 Million. He recently had it appraised and was able to prove it. It sits on 6.75 acres of land, a lake, pool, spa/jacuzzi and a lot more luxurious ammenities. But...I was able to talk him into $1.85 Million.

He made me an offer. He says, if I'm able to find a buyer, he'll pay me $200,000 himself. That's on top of whatever I make from the assignment. He also says that if I can just refer someone to him who purchases it without locking it up, he'll still pay me the $200,000. That's an offer I couldn't refuse. This would be my first deal, so picture making that sort of money on my first deal.

Now, here's the part where I need help. I feel sort of idiotic for having this issue, but as I look at the forms, I realize that I don't know how to fill them out. I haven't figured out the "Agreement To Purchase" form. I'm having problems where it asks about the title company, because I don't have a title company. The numbers part of it is also confusing me. Better yet, mostly all of it is confusing me.

If someone could walk me through the process, I would greatly appreciate it. OR...is there a way that I can leave the contract out of it and write up an agreement that he'll pay me for the referral?

Very inspiring story. Also, thanks for the link.

Im just starting out with Wholesale investing. But a veteran also told me that, FOR HIM...the most effective way he built a buyer's list was to actually have a property. He explained that he would lock a property up without having any buyers. But when he would lock up a property and would list it for sale, he would take the name, number and preferences of every single person that called and add them to his buyers list.

Thanks for the feedback. Getting a "cash" partner sounds like the best thing for now.