All Forum Posts by: Ralph C.

Hello BiggerPockets community! I'm so excited to be here and learn from you all. I'm a newly licensed real estate agent and I would like to sell investment properties to local investors. I eventually would like to become an investor myself using the BRRR method, and also fix and flip. I plan to invest in property in both Georgia and Connecticut(MFR). I would love to connect with current investors because I would like to gain hands on experience, and ask questions to those who know the business. However, I also have a few questions regarding my plan. My first question is that if I eventually want to become an investor myself is it wise to have the real estate license? My second question is, does anyone know of any investor friendly brokerage companies in the Atlanta area? I look forward to learning new things and networking with all the experience investors and agents!

Thank you,
Tiffany

@Anita Gee I agree with @Ralph C. Everything is negotiable, but I've always had in my contracts that the buyer pays. As long as you let them know from the beginning and the numbers will still make it a deal for them with the closing cost, they usually don't mind. 

Hello all,

I am a investing realtor from Chicago and have a potential wholesale deal however the only thing holding me back from making writing up the contract is the fact that the seller wants the buyer to pay for closing costs?  I want to be clear to my investors and I do know closing costs can vary.  The deal is a brick 5 bedroom turn key condition house in Roseland...

Does anyone have experience with this?  how is this normally handled?

While I'm absolutely not fond of wholesalers, I also don't agree that only agents should be selling, because they're licensed. A seller/buyer might let more of their guard down, because they think that they can trust them, because they have a license and might do things they wouldn't do for a wholesaler. 

Here's an example:

https://atlanta.craigslist.org/atl/reb/6011783058....

This guy states that he's an agent. This is my farm area and a +900Sqf older house will sell completely rehabbed for about 70K. Any sales above 100K here have been  2-story houses, built in the 2000's with 1500-2500sqf.

So, clearly, this agent also doesn't care about fair and honest business.

This is a little off topic from where the thread has gone, but still relates to wholesalers :-)

I receive emails from several different wholesalers. Sometimes the prices are reasonable and below the price you'd find on the MLS - usually about 10% below. But occasionally something more discounted comes up. There have been a few times we've put some serious thought into buying one of the properties.

I'm thinking about one now.  It looks like a solid deal.  But the wholesaler doesn't allow formal inspections, which is what holds me back.  I can identify problems, but our inspector is awesome and always finds more than i would.

I can't figure out why the wholesaler won't allow an inspection.  I wonder if there is something seriously wrong with the house?  What other reasons could there be to block an inspection?

I'm a relatively new investor and excited to be part of this forum. Primary investment focus is commercial & multi family projects. 

We are just looking into a townhome project in North Georgia and looking for anyone with some experience/expertise - what is a good construction estimate per sq foot for a mid-scale town home project? 

Thanks,

Sorry I must have missed something. To me a wholesaler was someone who had the wherewithal to close with their own funds or credit and often did so then resold with a reasonable amount of earnest money at risk (can be held in escrow with their attorney of course). Worst case any good wholesaler will have no problem teaming up with a hard asset-based lender to finance the transaction (could be a double close to save money of course). But only if the deal really made sense. If it didn't then they should walk away or look at other more creative approaches.

The folks you guys are speaking of as "wholesalers" I would call "bird dogs" or "transaction engineers". Putting houses under contract with "weasel" clauses and "and/or assigns". The problem to me is what happens if they are not able to perform after promising the moon and the stars to their seller who may be counting on them for one of their biggest life situations.

So the litmus test to me would be if a hard asset lender would be willing to lend on it. Nothing wrong with marketing a property that you have under contract (in my mind the Real Estate Board may disagree) as long as you have the ability to close if not able to find a buyer in time (which I'm pretty sure a judge would agree with).

@Ralph C.@Jay Hinrichs courthouse steps/fix-flips. The duplex I'm selling here in Portland was a house hack that I renovated. It was an awesome experience and I learned a ton! I want to switch to flipping though.

Jay Hinrichs I'm selling my Duplex in Portland and moving to Atlanta at the end end of March. I hear the real estate market there has died down. If foreclosures are still hot, it's something I might look into, but I've never bought a property for cash, so I have no idea what to do when I get there. Any advice for a noobie with about 100k to work with?