All Forum Posts by: Mir Mubashir Mahmood

@Mir Mubashir Mahmood go buy the book "If you can't wholesale after this, I've got nothing for you" That will take care of you and explain that process and you can do that ANYWHERE in the US.

If you already have a buyer lined up, a great relationship with them, trust them etc, you can get them to tell you the price they would pay for the house. YOU DO NOT need to know ARV, you DO NOT need to know rehab if you operate that way. Then Let's say your buyer says they'd pay $100,000 for the house, then all you need to do is negotiate with the seller for a price below 100,000, making sure to solve their problem and then you won't have to worry about marketing the deal all over facebook, your buyers list, text blast etc.

But that's just one way to get the deal done legally.

 Again as stated before, you’re NOT MARKETING THE DEAL. If you buy it and sell it, you own it. If you have a buyer already in mind and you’re not already under contract and marketing it, you’re not brokering it.

But if you let fear stop you, that’s on you. 

Exactly as @Lydia R. stated.  Which matches the thread from a year ago I added to my first message @Mir Mubashir Mahmood

I know your thread is to look for a closing team nearby, but we also want you to continue being an active wholesaler if that is your plan.  Not just do one then quit, or do one then move virtually to another state in fear.  There are many methods to get as many wholesale deals done as you'd like in Illinois. :)  

Hey @Mir Mubashir Mahmood - It would work to partner with a broker and have them sign the contractor, but more importantly, market it as well.  You can't legally market the property without your license which is why it wouldn't matter if you did a double closing. 

@Mir Mubashir Mahmood Good Morning, if you partnered with a broker and THEY were the ones on the contract, then legally they would be the one on the hook to use the Transactional Lender.  If they then assigned it to you for example, then you would not become the buyer and would be the one to work with a Transactional Lender if you were needing to double close.

There are many ways to make that happen, all depending on your relationship with the broker. If you had a solid trusting relationship, then you guys could work off handshake, but in the meantime i'd sign a JV agreement or something that you can share with the closing attorney or title company before closing to make sure that you get your cut of the deal. Then the broker could remain as the B buyer in the AB transaction of your double closing since they are licensed. Then in that scenario, the broker would be the one on the hook as the buyer and would have to seek us out as the Transactional Lender for example, vs you since it wouldn't be an assignment.

Hey @Mir Mubashir Mahmood - We have both the general contracting and brokerage arm.  We are always looking to partner with deal finders here in Chicago.

My friend @Joe Mueller has a title company that works with investors here is a link to the website https://investorstitleservices...

 You should consult an attorney to know what law permits.

Keep learning and growing.

All the best!

@Mir Mubashir Mahmood

While wholesaling real estate doesn't require a large amount of money, it does require that a wholesaler do the necessary property research, the networking to find the right investors, and the work to craft a financial deal that the investor will accept.

Here are the steps involved in real estate wholesaling.

1. Conduct Research
Learn about the wholesaling laws in your jurisdiction. In addition, look into the locales and neighborhoods where you want to buy property.

2. Locate a Distressed Property
Look for properties that may be listed below market value and owners who are motivated to sell. Owners of homes that are being foreclosed or have liens may be open to selling for less than what the house is worth. These resources may help you find such properties:

Multiple Listing Service (MLS)
Networking organizations, online real estate auction sites
Social media platforms
Foreclosure sites
3. Do the Math and Due Diligence
Once you find a property that fits your criteria, make sure your wholesale real estate transaction will make financial sense. To do this, first find out the property's fair market value. Looking at comparable properties sold in the area, occupancy rates, and cash-on-cash returns can help. Then determine what any required repairs will cost.

This information will allow you to calculate the after repair value (the fair market value after repairs are done). With that, you can calculate a maximum allowable offer (the highest price you can offer for the distressed property and still make a profit).

4. Contact the Seller
Explain your role as a real estate wholesaler and how working together may be an ideal way to sell their property. Clearly describe how the wholesale real estate transaction would work. Wholesale real estate transactions are perfectly legitimate (as long as state laws are followed) and there's nothing to hide.

5. Obtain a Property Contract
Present your offer to the seller and get the property under contract. Be sure your contract includes the right to assign the contract to another party. Also, include in your contract a contingency that allows you, as the wholesaler, to withdraw from the deal if unable to find a buyer before the contract expiration. This limits your risk.

6. Find a Cash Buyer
Once you’ve found the right property and have a wholesale real estate contract with the seller in place, you need to market your contract to potential cash buyers.

Use your networking skills, both online and off, to connect with potential investors. You might also contact local realtors and ask about cash purchases made over the recent past.

7. Reassign the Contract to the Buyer
Now's the time to close the deal with the investor who fits your wholesale real estate transaction best. Both of you have to agree to terms and conditions. Of course, as the real estate wholesaler, you want to be paid for the work you did to find the distressed property and to put the deal together.