All Forum Posts by: Michael J.

I would see if he will let you break up your down payment if its 12% down, pay 50% at 6months and then the other 50% at 12 months.

Chris,

It can be difficult when just starting out to try and wholesale off the MLS. Most investors have access to MLS listed properties and have already seen everything that is available. You would need to get the property at a steep discount 50% or more to make it worthwhile for an investor to give it a look. Also having an agent involved can make the transaction more difficult as most agents don't understand wholesaling and thing you are breaking the law. Another thing to consider is they will want you to use the state specific contract which usually doesn't give you provisions for assigning it. As far as your question about the commission, the seller typically pays the agent commissions. As far as POF, you could have the contract drawn up that EMD and POF are delivered after your 14 day inspection period. This gives you 14 days to find a end buyer who can put up the EMD as well as the POF for you.

I would check with Synovus bank.  If they can't do it, why not just do a cash out refi on it?

Cantey Foundation Specialists  (864) 774-2206

or 

Mount Valley Foundation Services (803) 770-0708

Does anyone have a solid contract they would care to share for flipping a house using a GC?  One that favors the owner more than the GC?

it is legal to wholesale properties in Indiana. As a real estate wholesaler, you cannot market a property; you can only sell your equitable interest in the property in question. This means you need to have a contract to purchase property before you can wholesale a specific form of real estate including rental property and investment property. 

Its not necessary usually.  Use an e-signature program like hellosign and email it to both parties to sign.  Then you will have a digital footprint and send to the title company.

At minimum, I always suggest at least adding a 1/2 bath to any property.  Its much nicer for your guests then to have to walk thru someone's bedroom and use their bathroom.  If you are able to stay in budget and do your proposed floor plan, I'd go ahead and do it.

If you are having trouble finding a buyer its because you have it priced too high.  The issue with trying to wholesale on market properties is that all the investors have already seen that property.  So unless you were able to get it under contract for 50-70% off the list price you will have a hard time getting it assigned.  To be successful at wholesaling you have to be able to find deals at a deep discount so that you can have room to add your fee and the end buyer still be able to profit on the deal.

As far as finding buyers, join the local real estate investor facebook groups, find the local REIA chapter and join it, look on meetup.com for real estate meetups, go to local auctions and see who is buying the properties, look on zillow at all the recently solds and see which ones look like flips and reach out to the agent and let them know you have a property their client might be interested in.

I've seen anywhere from $100 to 1st months rent.  Varies from property to property.