All Forum Posts by: Account Closed

Hey Everyone,
I'm in same situation as Matt. I graduate college in December and I'm trying to figure out what to do. I have done one wholesale flip, but I'm definitly still lacking real world experience. Any advice would be appreciated.

Also,
Mike you mentioned work for an investor or real estate agent to learn the ropes. I'm in your area, do you happen to know anybody who might be looking to hire a hardworking college grad?

Thanks,
Lance

Hi,
Quick question, if the owner will carry all or part of the financing or sell the house subject to the current loan, as a wholesaler are you willing to offer more. From my understanding, a general guidline is to offer 70% of arv, - repairs - my assignment fee.
But this is based on hard money lenders only lending 70% and also because of the holding costs. If the owner carries or sells subject to, thy buyer might not need hard money and the holding costs could be substantially less. So what do you offer?
Thanks in advance

Thank you for your reply,
that makes a lot of sense for subject to's, what about with doing a sandwich lease, is that still something that I should really have a lawyer draft the agreements on.
Also, you mentiond how every situation is different, just curious if you suggest having a lawyer go over the agreement for every individual deal, not just having one agreement that I make slite motifications to for all my deals.
Thanks again

Hi,
I have been studying about wholesaling, lease options, and subject to's. I think I'm at a point where I'm confident in how the deals work and I want to start contacting sellers and marketing for leads. My biggest problem is that I don't want to have a seller to work with but no contracts to have them sign. I understand that having good legal contracts is essential in real estate, but I can't afford to have a lawyer draft them and don't want to get myself into a bad spot by using contracts that don't protect my interests. Any advice on where to get good, inexpensive contracts for wholesaling, lease options, and subject to's.
Thanks,
Lance

Hey, does anyone post job listings to recruit birddogs to bring them leads. I've been toying with the idea and also found a program called the teamwork lead system. Curious if anyone does this and what kind of success they have with it.
Thanks,
Lance

Curious if anyone has used the teamwork lead system. I have been thinking about trying to find birddogs through craigslist ads and I came accross this system. Just wanted to know if anyone has used it or if not, has anyone found birddogs by posting job ads on craigslist, any success.
By the way I am not affiliated with this system and I'm not trying to advertise it, just looking for input.
Lance

I appreciate the fast response. I see what your saying with the small spread and buying and selling costs.
What I was really wondering is if there is a way to get an option to buy and then assign the option just like I would a regular purchase and sale agreement. That way the seller and end buyer would pay the closing costs, and I would never actually purchase the property so there wouldn't be any holding costs. I've never done this before, are there any other costs associated with assigning a contract?
Even if this is not possible on this property, would this strategy possibly work on other properties with bigger spreads but don't need repairs. In other words, is there a way to wholesale a property to a reatail buyer if the prop doesn't need repairs.
Thanks again for your help, this forum is great.
Lance

I have a property that I'm not really sure what to do with if anything. The spread is not very big so I'm trying to figure out if it is even a possibility. Basically the seller got divorced a couple of years ago but her and her husband still own the property. He is still living there and while she pays half of the mortgage. The have listed the property twice but it expired both times with only one offer. Now they just want to git rid of it.
It was listed at 245k, obviously more than it is worth.
I'm figuring by the comps it would sell at 225-230k.
They have a loan of 205k, wife will sell it for that, but husband is talking more in the 215+closing cost range (after all, he is living for half price).
The home needs no repairs.
So I want to find out from the experts if there is a way to make money on this. I was thinking maybe I would offer to take an option to buy because I don't know if I could resell it fast enough to assign, and also buyer would probably being using conventional financing.
Please let me know if you have any ideas.
Lance

Hey Nick,
First off, I just wanted to say thank you for your service, I was in Iraq in 05, is that where your deployed?
Anyways, I'm fairly new at this, but I've talked to people that wholesale from a distance, for the contracts usually they use a fax machine. I'm guessing you don't have access to that, but another thought I just had and I don't know if this can still be set up now that your already there, but you could sign a limited power of attorney and have someone you trust sign the documents for you. Make sure it's limited though so that person doen't stab you in the back and take everything you own, I had friends that had it happen when I was there.
Another option, I've never used one so I don't know exactly how it works, but I believe by using a land trust and you being the beneficiary, you could have your lawyer be the trustee and then he/she can, sign the documents for you. Not sure on this one, do some research before you use either idea as I've never used them.
Lastly for "seeing" the property, I've talked to some people who never see in person the properties they are going to buy, they pay someone, in your case could be just a friend, to walk through the properties and take lots of digital pictures and basically inspect it for you, then they can email the picks and you can do what you can to verify there information.
If you don't want to pay someone you can have the seller take the pics and you can ask them what they would fix in the property if they werent going to sell it. This obviously is riskier since the seller can and will lie, but if you assume this and put an inspection period in the contract, your buyers are going to inspect the property anyways so they will let you know if your estimates are way off. Nobody has perfect estimates anyways, if your even close you should be ok.
Just my thoughts, curious to see what other people say.
Again take these ideas with a grain of salt since I'm fairly new and haven't done any of these things myself.
good luck
Lance

Hi everyone,
Basically I am new to this, I have read the entire forum and I feal fairly ready to get started and have actually begun to build my buyers list and search for deals, but I love to continue educating myself as I go. I have read many real estate books, but I have never read one that dealt with wholesaling. I was just wondering if anyone knows of any authors that write primarily about wholesaling. Thanks a lot.
Lance