All Forum Posts by: David OConnell

Thanks for the information. I'll check that book out. Really appreciate the update. Also still looking for a steady mentor that is currently wholesaling that's interested in teaching along with benefitting from the leads I bring in. 

Please respond with any advice or knowledge on how to pursue this as well. 

Thanks ahead of time. 

Thanks for the reply and information Michael. Although I Do still need the answer to my first question. I have no clue what the law is as far as assigning my rights to property in form of a contract without making it look like I'm selling a property without owning it yet? 

Please, if you or someone can get this answered for me I would definitely be able to sleep better. Lol

Thanks

I have started my real estate career in Reno, NV. Specifically wholesaling properties. I'm just going to make this short, simple and sweet. My questions as far as wholesaling in Reno, NV are: What is the law as far as assigning contracts in Reno and Re -assigning the contract for a fee? I can't find an answer anywhere on the Web or here on BP in regards to this question. And my 2nd question is, What is the best way to get started? Should I be looking for properties to put under contract first and then investors to assign my rights to? Or should I build and be-friend a bunch of local investors to assign contracts to? You're professional assistance and help is greatly appreciated. 

Thanks ahead of time, 

Local Reno, NV Real Estate Investor/Wholesaler

David O'Connell

OK. Thanks Steve. Couldn't find anything on the topic. Really appreciate it. 

Hi to all the REI's here that are and have been a huge help to my eduction thus far.

I have a really dumb question that may not be so dumb, but is making me feel dumb because I don't know how to approach it so here it goes:

What types of questions should I and have to ask when I'm talking to REI's?

I'm asking this question because I'm worried about stuttering or stumbling over my words and I feel if I just had a script or some questions laid out to ask I wouldn't be so worried. 

Please help. I'm still new enough at this that I don't want to mess anything up. I want to come off as professional as possible when I'm talking to them. 

Your input is greatly appreciated. 

Thank you

Thanks Ellis. That does answer my questions. Thank you for your wisdom. I really appreciate it. 

I am starting as just what you said. I'm finding motivated sellers who are willing to sell there house at a huge discount. In turn I'm letting all my buyers know about the deals.

But now I want to start putting these houses I'm finding under contract myself instead of just sending the buyer to the seller. In turn I'll assign the contract to the buyer for a bigger payout. 

That's not considered advertising or selling as a real estate agent is it? Since I'm not doing either. I'll just be involved in the contract.

Please correct me if I'm wrong there. I don't want to do anything illegal or get my self in a big dilemma. 

I really appreciate the advice and wisdom Ellis.

Thanks Again, Your Friend, 

David

Thanks Randy, your response was informative and to the point. Thanks for taking the time to respond. I really appreciate the insight. 

I have done alot of research and chose to start with wholesaling because of my current situating I'm in. I believe wholesaling will be the answer to the start of my REI career.

To Justin. It seems your negative towards Newbie Real Estate Investors. Why? From what I gathered from your response in my post is ; Yes I'm very aware having good credit would be a huge help getting into this business or at least having some form of funds to start and establish a Real Estate Investors business. 

However, I also know that becoming a Real Estate Investor does NOT require all of the above. Especially starting out as a wholesaler. There is alot of Real Estate Investors that started as wholesalers because they were in a similar situation as I am. Maybe even worse then what I'm in. 

Some of these investors are probably ones you work with in your business and you don't even know. Maybe? Maybe not? Non the less, the point I'm making is that IT IS POSSIBLE. Your response to my post didn't answer my questions or even a question I had asked. I know there are alot of "Fake Wholesalers" out there that destroy the credibility a "Real Wholesaler" deserves or even the few "Newbie Wholesalers" deserve. For them, there just trying to get there foot in the door. It doesn't mean that us as wholesalers are all fake or not good. We are all here for information and help in the Real Estate Investor Industry. 

So please, let's keep it professional and help one another as we are supposed to in this forum and not point out the obvious negatives that I'm sure we all know about our own selves.

Thanks, 

David

I understand that. But as I said, I have a list of buyers ready to buy! That's what has motivated me to start taking further steps in the business. 

At this very point in time I'm only locating houses that my buyers list are looking for and in the areas they buy in. So pretty much I'm playing the role as there bird dog. Which doesn't bother me, but I know I can do more and be more financially secure if I start putting these houses on contract myself and have my buyers buy the contract from me. 

I also know that I'm not the only one that has done this and been successful.

I just want to see what other people have to say about the 2 questions that were asked in my previous post. 

Do you have any insight or opinions on my previous post questions? 

Thanks for your responses, 

David

Hello, my name is David and I am new to the forum. I have a couple questions in regards to becoming a Real Estate Investor. 

I currently have a full time job and never have time with my family. Hence the reasoning behind starting my investor business. My credit isn't horrible, but it's not good enough to get approved for a loan of any type. I already know the challenges that I face ahead of me as far as finances. So I'm choosing to start as a wholesaler just until I can move up in the real estate investor world and start Buying properties to rent out. 

So my questions I have are in regards to my local market and my local real estate agents. 

1. Why are real estate agents so against wholesale real estate investors? 

I've only talked to a handful, but it seems like they all feel the same way about us as wholesalers. Telling me things that are negative about the industry all the way to telling me that it's illegal. 

So very confused about that because If I'm not mistaken, shouldn't real estate agents want to work with wholesalers so they can make me money? 

2. Is wholesaling real estate illegal in Nevada? 

Now the only reason I ask this is because I can't find anywhere online about who to contact in regards to answer that question in my area. I don't even know where to start looking. I did however ask my lawyer, but he didn't know the answer. (He's not a real estate attorney)

Should I ask a real estate attorney? 

I'm just starting out in this industry and have more then just drive to be successful. I already have a buyers list that's starting to be built up and I have tons of houses that "could" be potential sellers. But I Don't want to proceed until I know it's legal and OK. 

Any and all comments and help is greatly appreciated for more learning I will take and soak up like a sponge. 

Thanks, your friend, 

David