All Forum Posts by: Michael J.

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.

Guest & Brady attorneys are great for real estate related transactions.  They have convenient locations around the upstate and you don't have to deal with going downtown.  A number of local investors use them.

Quote from @Tomás Gonzalez:

Quote from @Jonathan Greene:

If you don't like doing that as a wholesaler, why do you think getting your license is any different? Buyer and seller leads don't fall from the trees, you will be stuck in the same cycle and it will cost a lot more.

 I don't like wholesaling but I don't know any other ways of raising capital with no capital in real estate. Thank you for replying

You need to start building relationships with other investors and bring value and you will learn who the people with capital willing to lend are.  You also need to tell everyone what you are trying to do.  You never know who in your circle of friends has money and would be willing to invest into your real estate ventures.

The process you are detailing is called reverse wholesaling.  This can be a time consuming process.  If you are good as sourcing deals and negotiating them, you will have no issue finding a buyer for those deals.  Buyers are everywhere.  If you have a deal and you can't seem to find a buyer for it after a couple days, then you did a crap job of negotiating the price or you are being greedy and trying to take to big of an assignment fee.

I agree with @Jonathan Greene about trying to wholesale off the MLS. There are plenty of reasons this is a difficult route to go when trying to wholesale. 1. Like Jonathan said, all the investors have already seen MLS listed properties. 2. the agent will want you to use a state specific contract which may not be assignable and then you are going to have to double close in order to make this work. 3. you are probably going to have to put earnest money down within 48 hours or so.

as to the rest of your question, you wouldn't sign a JV agreement with the realtor unless they are helping you dispo the deal. They get paid a commission by the seller.

You could get a list of all the duplex owners in the area and start calling them yourself to see if they are interested in selling.  Since you are using bank financing you would have a hard time going through a wholesaler to purchase a property.  

Another idea is to join your local REIA group and start networking with other investors. You might stumble onto some deals this way before they ever hit the market.

Have you dug into the people with the good income and bad credit?  What is the situation behind it?  How long ago were the issues that caused them to have bad credit?  Look at payment history, and for any loan default, bankruptcy, foreclosure, repossession. Honestly if they had good credit and good income they would probably be buying a house, not renting from you.  Everyone's situation is different.