All Forum Posts by: Account Closed

Marijuana possession? That is super fishy, especially in CA.

Personally I wouldn't judge this couple, but if I had to rent it out, I would find a much older tenant.

If you market a property before you have it under contract, your interested buyer can just go straight to the seller and make the deal that way. Hence, no need for a middle man. A purchase contract is not considered a contract, but an offer until both the seller and buyer has signed it. So you have to get the contract. Find out why the seller does not want to sign! Is he uncomfortable that you cannot close?

This old topic will answer your question. 

http://www.biggerpockets.com/forums/12/topics/1211...

Find an agent. An experienced REO buying agent has accessed to auction prices that were rejected. That would be a good baseline to determine your initial offer. Also, make sure to check the foreclosed property to determine if it is salvageable for a profit. Most likely the person you may sell to will be rehabbers so it is important to put that calculation into account. Usually, Purchase Price + Repair Cost= 75% of ARV is a good deal for rehabbers. So in this case, the Purchase Price should be your selling cost. So try to work your offer price around these ideas.

Hope this helped, and feel free to ask for more information.

As long as you are not "promising" to find a buyer for a seller. Use proper contract, find an escrow/title or attorney who specializes in this field. Technically, wholesaling is like "brokering" so a lot of states (not sure on NY, as I stated check with an attorney or ask at some REI club to other NY wholesalers) require wholesaling to have a broker license.

Check this site as well. 

http://www.biggerpockets.com/renewsblog/2015/03/27...

I also work with a lot of wholesalers and can ask around. Feel free to ask if you want specific answers, I'll try to respond as soon as I can.

I'll assume you are wholesaling. Usually if the property can be flipped, a lot of rehabbers can be interested in the property. 

Some questions on your double close. Will it be a dry double close or wet double close? 

You can wholesale it to a rehabber if worse comes to worse.  

Rehabbing alone for the first time is always risky, so I think it's important to work with a more experienced rehabber.

Make sure you have a broker license, first off, I think in some states they consider wholesaling as brokering a contract. 

Probates and absentee owners are a good start. Contacting owners of houses that are about to foreclose are also a great place. 

Feel free to ask any additional questions.

Good luck!

I would say that you should find an investor or rehabber. I know of some lenders that can match an investor with a wholesaler. So finding a rehabber would be a good start. Feel free to contact me if you have any more specific questions.