All Forum Posts by: Randall Rose

Brian,
Beautiful...OPM!!!

I can relate to your questions! There is no way to control the time line to a deal,maybe in the closing part of it.
It is very important to have full disclosure with your seller,unless you are doing a back to back closing.I myself would make the wholesaler go to closing for their fee,You never know what could go wrong.If your buyer feels like I do, they must give you a EMD big enough to cover all/or any expenses if they back out...Plus it will show, they are all in! Use that check to open escrow.
As a wholesaler, it is very important to control where closing takes place.Your closing company should be in place before you submit your offer.There is one thing I do not hear alot of people talk about, and that is, pre title check(FSBO).If a title has liens or lots of other issues, you would want to know before making your offer(save time). I have heard some title companies offer, courtesy title checks.
I believe it is all about exit plan(s)

First off, Jim thank you for taking the time to help me!
I made a mistake in my question, when I said PA...I meant purchase agreement. Next time I will use (P&S).

Now I have power of attorney in my head! When I refinanced my house a couple of years ago, I gave PA to the broker to act on my behalf.

I am always searching for different ways to get the deal done.

Hi Jim,
If you would,can you elaborate alittle more on "But PA can give you rights to do,contract,or even sell"

I am 100% with you on,full disclosure! Everybody has to be on-board, and know what to expect.
The reputation I am looking to gain in this business is:My word is my bond,and I am a team player(not greedy). I am not focused on the money, but more the network...the money is the fruit of your labor.

Hi Jim and Brian,
Thanks for your replies!

First I would like to say: My comments in this thread are hypothetical.

If I was to build my buyers list or to help another wholesaler move their property, I would advertise my own house for sale. The listing would be very vague with certain keywords in place, and I might forget which zip code I live in(No foul...I am getting old). When someone calls, I will inform them, I took it off the market, but I will tell them that I buy and sell real estate and see if they will give me their contact info, so at a later date when I buy something, I can call them.Before we hang up, Especially since I am a nice guy, I will tell them about a property I was looking at, but I had to pass on.
If they are interested, I will give them the contact information...end of story.( before all of this, an agreement of honor was made)

My question has been answered,people are brokering without a license(give or take on a whole)

I have a question, that I just have to ask: If I have a PA on a property, and I will throw in, it is assignable. Can I issue a option on that contract?

Hey,
Jon and Steve, thank-you for your replys and reading thru the comments on this board, the both of you give great information!
When I first posted this topic, it gave me the chance to introduce myself to the forum, and see if there was a way to do what these wholesalers were doing,with "equitable interest".
I think what I am going to do is,keep networking in my area with other investers(Like minded people) and take the chance of bringing buyers to the table on a handshake deal! I figure you will win some, and lose some,but I will do my best to check someone out,if it is possible. I know one thing, I will use a ghost listing.

When I went to the REIA last night,I ask a wholesaler about the multiple listings,he said...he has advertised other wholesalers properties, with full description and by handshake alone! :whistle:

Hi Ralph S.
Thanks for your reply,I understand what you are saying.I was thinking the same thing!
When I read thru the forums,You posted some really good information.

I went back to four different wholesaler web sites, to double check myself. After looking over their inventory,It seems there is a handfull of properties that have more than one wholesaler advertising it (2).I originally said,there was 3 to 4 involved,but I did find one property being listed by all four wholesalers.Research shows,the property was foreclosed on by Chase and the county clerk gave certificate of title to a holding company(nomally the bank takes title and then sells to who ever).
I think I am just going to call one of the wholesalers and ask the magic question(I have talked to one of them before and said to call them if I needed any help).
The first thing that came to my mind was...Can you option a option or have contract and issue a option?

Randy

Hello everybody,
First I would like to say,This site has helped me answer alot of questions I had! Really great REI site!!!

In my area I have noticed 3 to 4 different wholesalers advertising the same property.

My question is : How are they able to do this? I thought you could only have one contract on a property,at one time.

Thanks
Randy