All Forum Posts by: Tanner Peabody

I've got a flip property that ended up not fitting my criteria under contract. I've reached out to a few investors in the area in hopes that they may want to have the contract assigned to them, and one came back with something I haven't dealt with yet. The investor is also a realtor, and they have a client who's interested in the deal. They'd like to represent their client in the deal for their 3% buyers agent commission. I realize that this would come out of my assignment fee in the end, but what would my assignment contract look like? Also, how would this look at closing?

Thanks!

I think what she's asking is if she can wholesale a MLS listed property. The answer to that is yes. But as mentioned by Tom, it can be difficult. I've done a few wholesale deals with Realtor listed property and as long as the sellers hit their number, and the realtor hits theirs, the deal goes down pretty smoothly. In markets like today though, its almost impossible to get sellers to sign up for something below asking price, let alone below market value.

I have a current scenario where I was looking to purchase a few single family homes and a 12 unit apartment with 4 commercial units. After viewing all of the properties, my realtor told me that all of these properties were owned by the same seller. The seller is also looking to offload these fast because of a family sickness.

At this point in time, I am not 100% comfortable purchasing all the properties myself, but know some people who possibly would. 

My question is since the homes are listed separately and with a realtor, is there a way to structure a wholesale deal where the seller gets his asking price, realtor makes her commission, I get my contract assignment fee, and the buyer gets a good deal?

I only understand the "off-market" side of wholesaling, so my biggest concern is how the contract would look and work with the sellers agent involved.

Any and all advise is appreciated, thanks! 

@Nic Stergion

This brings up a great point. If I was single, I’d definitely think about the house hack idea. I am getting married in a month though, and I’m sure the wife wouldn’t like the fact of sharing a home.

Now listen to this.

My company currently pays about half of my rent (the average 1 bed unit in the city of the headquarters). I currently have a 2 bed apartment and pay extra for a garage unit. But if I have a mortgage (home), the company pays for 100% of my rent and expenses traveling out of state. If I take the “mortgage” deal, I’d be able to put that extra grand of rent on top of the money I’ve budgeted out for investments into a mortgage/renovations...

This sounds obvious, but wouldn’t it make sense to get a home/duplex, pay for that mortgage, all while the company covers my share while traveling, then renting out that home or units?

While typing this out I’ve realized that I’d hopefully be at least even on a mortgage and still getting my living expenses covered, plus getting my spouse and I’s normal salaries...

I think I may have just made up my mind.

I gotcha. I'm not saying that I want to quit my job and go full time with real estate. Using my w-4 job to fund my investments, I'd like to get started with something soon. That'll allow for many years of failures and teaching moments that will get worked out with time. 

Thanks Jim.

Knowing what you know now, would you have rather waited 10 years to get into RE or would you have made a deal earlier?

Fresh out of college, making more money than I have ever made, and am ready to start investing in some small multi-family/single family real estate. I've done my research, sort of found a niche, and have connections in the industry but have yet to find someone in a similar situation where I can get some real guidance. 

I currently am a construction manager and my company moves me every 1-3 years depending on the duration of the job. 

My question is, where should I begin to invest? I've only lived in my current location only a few months, and although it seems like a booming area, the real estate price tag is higher than what I want to get started with. Plus, I may have to move within the next year or so. I do have more stable locations such as my company headquarters, where my parents live, and my old college town where I have connections and have been doing most of my price analysis'. All of these are at least 250 miles apart from each other and over 500 miles away from where I am currently. I do like taking risks, but would like to get opinions from others who may have dealt with similar situations. 

Thanks!