All Forum Posts by: Bill R.

Guess we will have to agree to disagree. I stand by my post... Investors and real estate agents are not one in the same. Sounds like you have a little animosity about investors (wholesalers) being able to sell property and not need a realtor.

Thanks Karin, I typically don't market out that far - have you been to CTRIEA meetings?

The market I am working now is Probate, some properties are very distressed and some are not. I give my offer and if it is a win-win I then go to my buyers list to assign contract.

Thanks all for comments.

I have brought flowers in for my first visit to a probate clerk. She asked what these are for and I stated "I wanted to start off on a positive note - you aren't going to like grabbing all these files for me".

@James Wise & @Joe Gore

When I see a post that I might not agree with, I would ask questions to better understand the thought process behind the poster. It is unprofessional to make assumptions about people you have never met. Let me start from with:

James Wise If you are not confident that you will find a buyer for this property and you are worried about loosing an E.M. deposit you have no business signing a written contract agreeing to buy this property.

People doing things like this gives the industry a bad name.

Andre came to this forum looking for advice not to be attacked. Positive feedback would be have been better than trying to knock him down. Everyone needs to start somewhere - when you started were you so confident on your first deal?

Joe Gore That is what give honest wholesalers a bad name yes gives the seller 10 bucks tie up the home for 30 or 60 days and put a ton of weasel clause, and if you cannot find a buy just screw the seller and move on to the next deal. One day, you will look in the mirror and the only person you will see is yourself because no one will trust you or work with you.

You are entitled to your opinion, but you should know all the facts first - just common sense. $10.00 deposit's are my starting point, I have many contracts active at any given time. I try not to tie up a ton of money if, not asked for. I have and do give $1,000.00 - $5,000.00 and once $100,000.00 deposits on a large commercial deal. 30-60 days till close, again common sense and experience shows that most properties investors deal with have some sort of a title issue (liens, tied up in probate, old mortgages from now non existing banks) that may take time to clear up - why have to keep re addressing the closing date. I did not mention a ton of so called weasel clauses, the clause Subject to Partners Approval is commonly used. I have partners that have to approve. My post to Andre stated to secure hard money contacts and people to partner with in case he needs to close himself, thought that was clear. I do not and have not walked from a deal that left a bad taste in anybodies mouth. I will not state that every single property closes, it is not a perfect world and if you have a perfect record - congrats - you would be the first investor of that kind. When I look in the mirror the only person I see IS myself (unless my wife or daughter are nearby) - who do you see? I am well trusted and sleep well at night.

James Wise Do you feel any guilt lying to desperate homeowners just looking for a way out?

No I don't, considering I do not.

Hope this clears up things and if you two have any more questions I would be happy to address them or if you like come down to CT and I can show you around - maybe introduce you to some satisfied people I have assisted out of a tough time in their life.

Andre, good job so far. Just make sure that the numbers work, if they do you should have no problem assigning the contract. You should also find people that would be willing to partner with you and a hard money lender in case you need to close on property yourself. As far as a clause to get out of contract, Subject to partners approval is one I put in contracts. Also try to put only $10.00 as deposit. I also put closing date 60 days out and state we will close sooner if needed, just like to leave room in case of issues with title.

In CT a single member LLC is very easy to set up by yourself. It is a single page and cost $65.00 or $85.00 to have expedited. I set up my own LLC's and would suggest doing so for all investment real estate deals. If something goes horribly wrong with a deal and you have contracted under an LLC, only the LLC and its assets can be attacked - not you personally. The LLC would have to be pierced (very difficult) to show you personally liable, especially important if you have a house, saving or any assets.

They way I deal with that is simply put and or assigns after my LLC in buyers line. This makes it transparent of what can and cannot be done by contract - point blank. I will sign all paperwork before closing and let the sellers know that a business partner of mine will be at closing. This has never been questioned by the seller.

@Chris Norwood pm me and we will get together. @Liam Goble, when I have been wholesaling probate properties - they may be distressed but the discount typically comes from the fact that the property is left to children and is unwanted and in need of being liquidated.