All Forum Posts by: Todd Gustafson

Well, I can certainly see the advantages of accessing the mls so becoming an agent makes sense. Is it expensive and/or timely? If not, I may go that route.

Dustin, I currently have listings (prospects) automated to me from the agent, but how do I access the mls without being an agent? Yes, she ran the comps on this house. She gave a range of 90 -120k. I believe it after driving by.

Is there a way to automate comps like the prospects she is sending me? I do not know her well and do not want to screw up the relationship we have developed so far.

TIA

I officially established 2 agents, one by me and the other in New Orleans, not too far from me. Now that I am receiving lists of prospects from the mls, something dawned on me. When signing a purchase agreement with wholesaling in mind, how much time should I allow until closing? How long do you make your contracts until you close?

Alright, let me take a stab at this and see what I have learned.

First, I cannot assign REOs but I can double close (if the title company allows it). Approximate costs are 3%. Is it customary to split this with the bank and/or end-buyer?

Second, I will need POF and can do this through a HML. If I use the end-buyer's money, it will likely be rejected. How does this work with HML (transactional or flash cash I assume)? What will the HML need from me as a prerequisite to lending the money? My partner plans to get a bank loan (already established) for roughly $50,000 for our 1st wholesale deal. Personally, I'd rather use alternative funding sources instead of relying on traditional methods everytime.

I'm starting to understand this. Thanks a million everyone, this website is amazing!!!

Thanks for the responses! I found an agent to work with me, and she has sent several pages of prospects. I'll ask her which title company she uses and if they cater to creative techniques.

She is sending bunches of REOs. Browsing through the forums, banks do not allow assignment of contracts, correct??? How can I wholesale without providing POF? If I must, will they allow double closings? I've read more creative ways like a shell LLC and sell the LLC, or constructing the paperwork where I collect a fee somehow???

I guess what I am trying to say is no matter how much I read about it, it is not the same as hands on experience. I'm still confused about transfering title, wholesaling to other investors. What is the best method?

Wow, I didn't know this. Suppose you are buying a property valued at $35,000. Do the banks expect you to have assets of equal value in order to accept your proposal?

Hello everyone,

I'm interested in wholesaling and rehabbing properties. I'm working on establishing an agent now, so I have some questions in the meantime.

I'm curious. After reading a lot and listening to audio seminars, do title companies have all the documents necessary for creative closings (double closings, assignments, quit claims, etc)? In addition, what should I expect to pay for closing costs on REO closings? I assume there is a standard rate or scale or something???

TIA

Wholesaling appeals to me. I like the idea of making quick cash without having to fund a project. Rehabs interest me as well. Once I get a few of each under my belt, I plan to keep 1 or 2, see If I enjoy being a landlord. Last, subject to and lease option deals I'm still unsure about. Think I'll wait until I get some solid experience.

Thanks for responding, Jason. I see you're a HML, so I may have to give you a buzz before long ;)

Hi everyone,

I finally grew a set and contacted a local agent about a junker on the mls. Unfortunately, she claimed a contract is on the house, so it appears I may not get it. After questioning the agent, here are the brief details:

Listing price $29,900
ARV Comps (rough est.) $90,000 - $120,000
repairs - $22,500 (will use $30,000 as hedge)

House is a 2/1, not in a war zone and sitting on a beautiful 90 x 220 lot. I've convinced my dad to start investing with me (he has past experience in more traditional REI). Thought it will be a fun father-son project.

I was going to offer $23,500 based on the following formula:

ARV x .65, less 30,000, less 5,000 (hedge or wholesale, backdoor 2).

I'm curious. Can I wholesale or assign mls properties, or do brokers have a clause to prevent it? The agent stated she will send more properties to me like this one. I'd like to wholesale a few for the experience and some working capital.

Thought I'd share and get some insight as fas as wholesaling and rehabs with mls/agents.

TIA,
Todd

Hello everyone! I'm in south Louisiana and new to investing. I've read a lot on the topic and listened to audio seminars. Though it is still overwhelming, I truly feel this is my niche. Looking forward to meeting plenty of interesting people and making some money in the process.

If you're in south LA, hit me up. We'll do lunch. If you are elsewhere, write me anyway. I just may respond - lol.

Todd G.