All Forum Posts by: Alex Harris

Wayne Brooks does have a point that if your not experienced it is really hard or near impossible. Also a point he mentioned that I was getting to (or planned to) was that an Agent isn't going to do that unless your bring major value (unfortunately most don't). Its illegal but many brokers/agent let others use their MLS access under certain circumstances. I definitely don't but I know some who do.

While I am a strong virtual wholesaling enthusiast, I do agree that MOST should start in their local market. Thats not the road I took but I had experience prior. In Houston, TX - I would definitely try in my local market.

I think what your asking do-able however not a good way to get your REAL goal accomplished. Also before all else, understand the wholesale process and real estate basics which is square 1. Why not get licensed?

@Robert Leonard - Agreed!!!

One good thing is that you control the assignment fee so whatever number you can fit it, do it (as long as its still a deal for end buyer)

It seems doable but there will be fees to pay with each membership. I assume your trying to access MLS comps?

Its helpful in many aspects. It also puts you more at risk. There are disclosures, "real" deadlines, ethics, etc involved. Not saying that wholesalers aren't ethical but its just a fine line. When you mix being an agent with wholesaling, you really need to know laws so you don't break them. You can't just have a "wait til somebody complains" attitude. As far as the benefits, there are more than meets the eye. In my area I chose a top broker who ALSO understands that I am wholesaling on the side and doesn't have a problem with it. I'm all for getting your license as a wholesaler but expect MORE work and higher expectations from yourself and others around you. Also don't try to explain wholesaling to other agents unless they are interested. Sometimes ignorance is bliss.

1. I'm not 100% sure but basically you can find title companies that have franchises in multiple states. One that comes to mind is First American Title and Escrow (I am not affiliated with them). The only issue is that I don't know if they necessarily are all investor friendly. One might in one state and the other might not. (BTW I used American Title on my first deal and the guy was rude to me and my seller - I talked to one in Alabama and the experience was much better)

2. Not all deals are the same. If your wholesaling outside of your market you can have fund wired to your account or mailed. You could pick the check up too but who wants to travel across state or country for that?

3. Yes you can do deals out of town. ALL of my wholesale deals have been in different markets. There are a lot of different guru's who teach virtual wholesaling. If you want to do it for free just research every aspect of it on BP. Thats what I did. Sometimes (most times) you will need to speak with a couple Realtors in the area or pay somebody on the ground locally to do basic stuff (take pics of property, put lockbox on property, etc). Again, getting the funds is easy. Setting up the deal properly and estimating repairs virtually are the "harder" tasks when it comes to virtual wholesaling. Finding the motivated sellers is also a challenge for a lot of people.

I was also wondering about that $12k. Yes this deal doesn't seem like its going to work but its good to get an idea about what it would take to MAKE it work. Very conservative numbers from Chris but then again, I've never made a $20k wholesale fee yet. If its working, Congrats! Its a good way to ensure that you will find a buyer.

As an agent you just need to disclose everything if you are going to wholesale. In my wholesale contract with sellers, I disclose to them that I am a Realtor in the state of Virginia however I am acting on my own behalf basically as a buyer/investor. Again as long as there is equitable interest, it really doesn't matter. You just market your property in a different way. One word for ANY INVESTOR/AGENT is always get your contracts checked by an attorney. Everybody on here will say "consult with your lawyer" ANYWAYS however I know some who haven't just because a "guru" or somebody else has told them that their contract has already been reviewed. DO NOT LISTEN AND CONSULT WITH A LAWYER ANYWAYS. The power of an agent in a wholesalers world is down played so much and losing your license is definitely not worth it.

Agreed with Jon Holdman.

I don't know if your new or not but sometimes when you get your first leads coming in, its hard to walk away from bad deals. I believe it is possible to make large profits on cheaper properties but it all depends on how you structure it. The first deal that I closed was a property that I under contract for $15k, sold for $22,500 ($7,500 assignment fee). Bottom line is that if the deal doesn't make sense, move on to the next. Also when you lock the property up with no real chance of doing anything, it can really hurt the seller. Yea you might not lose anything but a seller (not this siutation with the daughters new family) could really lose a lot "thinking" that somebody is going to buy their house when they are really going to cancel at the last minute.

Welcome Jon!

I'm local in the Richmond, VA area also so if you have any questions or want to just discuss business, feel free to contact me. As I see you are already aware that one can learn from this website and do deals to generate cash flow. Welcome again

I am not able to physically be at the property. I live in another state. I will never see this property in person. Its a virtual wholesale deal.