All Forum Posts by: Patrick Flynn

Steve, glad to help any way I can. Sent you a colleague request.

Patrick 

Welcome Larry!

To your question: 1. Does trying to find a wholesale deal(s) to provide capital make sense as a novice with limited resources? If not, any insight for a better approach?

I am in a similar position as far as capital goes.  I posed the same question to myself, and just recently decided to go the wholesale route; in fact I have not done a single deal yet! I think wholesaling is a good option if you have the right expectations.  As a wholesaler, you are a marketer. You must comb your market for homeowners who are motivated to sell their property and willing to trade some of their equity to solve their problem quickly.  You may have to speak with 50 or more homeowners to find one who is motivated to sell at a discount.  Each of these conversations costs you time talking with prospects and money in the form of marketing dollars.  If you are willing to carve out the time, stay consistent with your marketing, and have thick skin, wholesaling could be a good way to learn about RE investing, build your network, and generate some cash.  

There are a lot of great resources that get much more specific on wholesaling on BP and elsewhere on the web.  

Cheers!

@Corey Liepelt I came to the same conclusion! Thank you for your input

@Richard C. Great info, and if the ROI is not adequate enough to cover those small costs then I have no business being in the game. However small, I believe I can make that money go pretty far invested elsewhere (marketing) if there is a legal avenue to temporarily circumnavigate it (I'm coming from humble beginnings here).

Now, forgive my ignorance when I ask: are there any strategies to your knowledge where a wholesaler CAN close / control the property without his own money? What if it is not necessary for me to "market" the property because I already have buyers? I will of course consult an attorney competent in Ohio RE law on all of this, but I really do appreciate all the input.

@Richard C. This post was partially motivated by a long thread on here about Ohio's DoC regarding legality of wholesaling, so thank you! I'm not opposed to getting a license, actually planning on it. Like an LLC, however, the costs are enough to incentivize me to scale a bit first (provided I can do so legally). Any insight into what you mean by "as the term is usually understood" ?

@Brian Hayes  I like your philosophy; that's why I'm here.

@Guy Gimenez Couldnt agree more! Thanks for the advice; my direct mail is serving as an  accountability tool to get my legal affairs in order.  I will not be going it alone, so the motivation comes from opportunity cost of lost leads. Thanks again!

@Braden C. Thanks for the swift response.  An example assignment agreement would be a huge help; double closing is just one approach that seemed fairly prevalent (maybe more so once my buyers list is solidified).  Thanks for the advice just sent you a request to connect! 

Hey All,

Newbie here planning my first round of marketing to be launched March 9, 2015. I've spent the majority of my time designing my marketing campaign, but before I launch I'd like to have at least a basic game plan to convert leads (assuming a couple trickle in from the first mailer). I am less concerned about finding buyers / interacting with sellers, however, I am clueless about the legal/contractual process I will need in order to get a deal in contract. From some basic research I have learned about double closing, and it seems I do not NEED and LLC to get going on my first couple deals. I am now stuck on what to use for a wholesaling contract and where to find good legal advice. I am open to all recommendations especially anyone who may be familiar with the particulars in the Great State if Ohio. Thank you!

Patrick