All Forum Posts by: Account Closed

Hi, my name is Robert and my wife is a real estate agent and we are also investors in Texas. Well originally we had our own form to do wholesale deals but now as an agent she has to use TREC forms. We have not been able to find a TREC form specific for wholesale deals. Her broker is also against theses type of deal but I feel it is only because she hasn't been educated on the benefits of this type of deal. Can you guys please give us some advice on how to go about this? Also on what document you are using, if any?

Your investor could be biggerpockets itself. Under the "Education" Tab it has all the info you need. Also take a look at the podcasts. I dont remember which one helped me with my first but they have key words to look for. Hope this helps. Good Luck!!!

biggerpockets has a great tool for figuring out an offer you should really try. I believe it is the "tools" tab at the top of the page. It is pretty accurate. Another rule of the thumb for beginners is if your offer doesnt make your stomach "cringe" you are probably offering too much. If the seller does not accept your offer than they are not motivated enough so just move on. Hope this helps! Good Luck!

Thanks alot @Imran Khan

Thanks for all the feedback guys. @Kelly B. where would I get that information from? And would I need to show a copy of the lease agreement to the tenants @Amy E.

It is not a month to month but their lease is up in September, I was trying to be nice and respectful but it is costing me valuable time I dont have. Is there another route I could take? And thanks for the reply!

Alexander so there have been some changes with the VA loan since the last time I checked. You can use your VA to purchase multi-family properties and only have to occupy the property for 1 year. You can also have sever VA loans out at one time. I apologize for the misinformation.

Forgot to mention the owner of the house is an elderly lady who is currently going through alot of back surgeries and cannot deal with the added stress of a rental property and cannot physically go to the house to show it.

So I have this house that I am trying to wholesale. ARV is $150,000 and I am selling for $105,000. It is being rented for $1300 a month and needs little repairs (paint, flooring) about $7,000 -$10,000 in repairs, if that. The tenants are adament about staying there and paying rent. The Seller says the tenants have a perfect tract record of paying rent. I let them know that this type of house will attract alot of first time homebuyers and can make no guarantee they would be able to stay in the house. The past month I have lost alot of buyers and offers because they refuse to let the buyers see the inside of the house. They slam the doors in our face or will not show up to the house to let us in? Can someone please explain how I should go about this situation.

The VA would require you to live there for 5 years minimum and they have a lot of strict requirements. I recommend to save that for your personal home. Go through FHA. Your only required to live there for one year then you can structure your next rental property. Saves a couple of years.