All Forum Posts by: Randall E Collins

Good idea except I'm not able to get a realtor's license because I have a criminal record from way back when. You're right, taking a training course is a bunch of BS no one needs. I've taught myself how to wholesale and would never spend that kind of money. If buyers have no funds, they honestly shouldn't say they're interested.

0 Votes

Dallas, Texas

Quote from @Chris Seveney:

Quote from @Randall E Collins:

I have spent hours, and days, in search of distressed property and locating a buyer thereafter. Once I have completed my part, I then present the property to a potential buyer who said he/she is interested. The very aggravating part is that I never hear back from the person. Does anyone else have this problem or is it just me? I mean, I know I took a shower this morning, so I don't stink. I don't understand what the problem is.

From what we have seen the majority of buyers have zero money and are hoping for 100% financing. But you can pay $5,000 on some training course to make it sound like money falls from trees when trying to be a wholesaler or implement your idea. My recommendation is go get licensed.

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Dallas, Texas

Quote from @Chris Flynn:

Have you ever posted the property on Keyglee? There are serious buyers there.

No sir I have never posted on Keyglee because they are an acquisitions company. Most of the property I've located is also from an acquisitions company as well and the two can't work together.

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Dallas, Texas

1 Vote

Dallas, Texas

Due to the rising cost of buying a home or paying high-cost rent. More and more people are buying/living in an RV. If the location of an RV Park is good the cash flow will be almost immediate and a good no-brainer investment. Rachel is correct, the cost of building an RV Park from scratch scares some investors and landowners. I recently had 1.5 acres of land which I had under contract with the seller to build an RV Park. However, after I quoted her a ballpark quote to build, she backed out. When the cost was super low compared to the potential cash flow. My advice to any investor thinking about building an RV Park. Go for it, get your feet wet! You'll be glad you did.

1 Vote

Quote from @Rachel H.:

@Wesley Oaks If funds are limited, you might consider taking on a partner. I've seen this done over and over again in the mobile home park investing space.

Usually, one party has more funds and the other party has the experience and time to be more hands on with the business.

Hope that helps!

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Quote from @Preston Dean:

Quote from @Randall E Collins:

Another real estate agent I see. Let me ask, do you allow a wholesaler to take on a property you've listed on the MLS? Most realtors will not allow a wholesaler to steal their glory. That's why I will look for property that's off-market as most wholesalers do.

Hi @Randall E Collins thanks for the reply

In my post I was simply giving an example for the gentlemen. And in regards to your question, "Do you allow a wholesaler to take on a property you've listed". If my clients want to accept a wholesale offer then yes. Obviously they will be counseled against this but ultimately the property is theirs and they can do what they wish.

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Quote from @Preston Dean:

Quote from @Evan Lipsky:

Hi, I'm a current student in college getting wanting to get started in wholesaling. I understand the general concept of how it works, but not a lot of the intricacies. Once I find a house that I want to get under contract, and then I get that house under contract, what if I can't find a buyer soon enough? What would happen if I backed out of the contract? Like I said I'm in college(and obviously don't have much funds) so I wouldn't want to end up losing a bunch of money that I don't have much of. Wondering if this is something I can get into with little to no financial risk or if I should wait until I'm out of college and have more money.

Hi @Evan Lipsky

Generally speaking wholesalers have an agreed upon time to "find a buyer". Speaking strictly for Texas and properties on the MLS. Example.

Property listed on the MLS for $200K. Wholesaler gets it under contract for $160K and has a 14 day option period (inspection period). In Texas you have to get funds to the seller to receive an inspection. Those funds are called an option fee. In Texas the typical amount is $50 per day. So at 14 days that is $700. If you cannot find a buyer in the 14 days then you back out of the contract and lose your $700.

Again,

Strictly speaking for Texas and properties listed on the MLS. If you get properties locked up UC off market then that is a different story.

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Quote from @Caleb Brown:

If he is serious to sell he needs an agent that specializes in that field. Sure you can FSBO a starter home but a expensive farm/ranch is a different beast. There is agents that crush it in that niche. They have the connections to buyers who want that, marketing to get it sold and know what they are doing. Sure he can owner finance or do something creative but for a price point like that the likely hood is slim. Farmers might lease it but it'd have to be strictly farm land to appeal to the biggest farm audience. If it's mixed use your pool of creative buyers drops

Understood, that's what I would do. For whatever reason, he doesn't want a realtor. That's why he has agreed to allow me to try and help him. It's 70 acres in Texas, mostly cattle and he collects/sells hay. It's really not farmland. Like most of the land in this area, there's no agriculture, I don't know, the soil maybe not fit for it. But thanks for the advise.

0 Votes

Dallas, Texas

All Forum Posts by: Randall E Collins

Randall E Collins has started 34 posts and replied 250 times.

Post: Ghosting from buyers.

Post: Ghosting from buyers.

Post: Ghosting from buyers.

Post: Ghosting from buyers.

Post: Developing and Starting Small

Post: Developing and Starting Small

Post: What is the risk involved with wholesaling?

Post: What is the risk involved with wholesaling?

Post: What is the risk involved with wholesaling?

Post: Pricy real estate