All Forum Posts by: Account Closed

One of the purposes of wholesaling is NOT to have to put any money to buy or sell the property. 

Hi Brandon, My advice to new investors is to start wholesaling properties. This is the quickest and best way to get started with the least cost.

First pick a neighborhood that you are either in or close to. Driver around all the streets and look for vacant houses. There should be some. Then look in the county assessors website to find the owners. it should give their name and mailing address. Send them a letter telling them you found their house to be apparently vacant. But if it is obviously abandoned, say so in the letter. Tell them you will pay them cash for a quick close.

Many times the owners don’t update their mailing address with the county so you may get the letters returned. I use beenverified.com to get the most updated info. It costs me $24.95 a month but it is well worth it because it also gives me email addresses and phone numbers.

If you are going to buy the property, fix it up and then either sell it or rent it then you are through.

But if you want to wholesale the property to another investor, then contact a local RE Agent to give you a list of all the houses in that neighborhood that have sold in the last 5 years with all cash. This typically is investors. Then again go to the assessors website and find their name and mailing address. And again use beenverified.com to get the best and latest contact info.

Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash. Then immediately contact all the cash buyers you just found that buy properties in that neighborhood and tell them about the house and would they be interested in buying it.

Once you have done all that with that neighborhood, go to the next one and 'rinse and repeat.'

I hope this helps.

Steve Anderson

I am an investor/wholesaler/agent and mentor here in Orlando. IT IS NOT illegal to wholesale a property as long as you have equitable interest in the property (under contract) or an agent. Because you are asking for a legal document I can't give that to you because I am not an attorney, but I can give you a realtors buy contract. Let me know. 

Wholesaling is the quickest way and cheapest way to do deals. 

My advice to new investors is to start wholesaling properties. This is the quickest and best way to get started with the least cost.

First pick a neighborhood that you are either in or close to. Driver around all the streets and look for vacant houses. There should be some. Then look in the county assessors website to find the owners. it should give their name and mailing address. Send them a letter telling them you found their house to be apparently vacant. But if it is obviously abandoned, say so in the letter. Tell them you will pay them cash for a quick close.

Many times the owners don’t update their mailing address with the county so you may get the letters returned. I use beenverified.com to get the most updated info. It costs me $24.95 a month but it is well worth it because it also gives me email addresses and phone numbers.

If you are going to buy the property, fix it up and then either sell it or rent it then you are through.

But if you want to wholesale the property to another investor, then contact a local RE Agent to give you a list of all the houses in that neighborhood that have sold in the last 5 years with all cash. This typically is investors. Then again go to the assessors website and find their name and mailing address. And again use beenverified.com to get the best and latest contact info.

Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash. Then immediately contact all the cash buyers you just found that buy properties in that neighborhood and tell them about the house and would they be interested in buying it.

Once you have done all that with that neighborhood, go to the next one and 'rinse and repeat.'

I hope this helps.

Steve Anderson

You can pay for adding the new electric panel or simply do a RUBS calculation, unless it is a small cost. What that means is that you calculate the total electric bill divided by the total square footage of the units and then multiply that with the tenants sq ft and add that amount to their monthly rent. 

If that is what the seller wants, then put in the contract. Make the contract contingent on your inspection.

That is the only way to determine if the MF is a good deal or not.

First look at the county's assessor website to find the names of the owners. Then usually they will also have the owners address. But many times it is not up to date. So I use a paid service that gives me updated addresses, current phone numbers, emails and relatives. It is beenverified.com

Thanks. Let me know if there is anything else I can help you with.

I have two companies that I work with. I can't give you their contact info in this format but you can google them to get their web address and phone number. Please tell them I sent you to them.

Lima One Capital

Secured Investment Lending

Yes but because I'm not a lawyer I cannot give you any contracts. I can give you one from our Realtors Association. Also you can google Florida Realtors Residential Buying Contract.

The Assignment agreement is just a custom document saying who your buyer is, what house they are buying and the dollar amount they are paying you for the assignment. Same thing with the Memo of Contract. It is a 1 page document that states you have a contract with the seller for the house at (address). Get it notorized and recorded.