All Forum Posts by: Troy W.

@Patricia Vildozo, if you haven't already, make sure you go to REAPS (Real Estate Association of Puget Sound)... it's the top REIA in the country. Lots of resources there, including money. There are lots of ways to get into RE investing without your own cash. I have done 4 fix/flips with none of my own cash.

Whether wholesaling is illegal or not is going to vary from state to state...and could even vary within local municipalities.  

In Maryland I am going to say it is a bit of a gray area.  Can you assign a contract? The answer seems to be yes.  Can you show the property to the person you are assigning that contract to....that seems like a no according to the Maryland Real Estate Commission. Does this happen? Of course.  Would you be in a legal or civil situation if an agent reported you? Possibly, but who knows?

Whether wholesaling is illegal or not is going to vary from state to state...and could even vary within local municipalities.  

In Maryland I am going to say it is a bit of a gray area.  Can you assign a contract? The answer seems to be yes.  Can you show the property to the person you are assigning that contract to....that seems like a no according to the Maryland Real Estate Commission. Does this happen? Of course.  Would you be in a legal or civil situation if an agent reported you? Possibly, but who knows?

@Josh Parra   @Troy W.

Gents, 

Great responses and information.  This is exactly was I have been looking for.  Other people experiences and methods.  

Josh,

I really appreciate the general construction cost and zoning/building department lead times you have experienced in Boston. DFD, or probably better in Boston is, walking for dollars sounds like it could be high value activity but more time consuming. That being said I have seen a number of properties in Boston that I should follow through with and contact the owner.

It is good to know that you are operating currently in the Boston area.  I plan on marketing to some of the higher end projects, (needed capital wise), before I am actually ready to do a full scale flip myself.  The marketing feedback as far as what works and what doesn't is invaluable and a real advantage.  I have a call center set up that is more than capable to handle additional incoming calls and filter through the time wasters so I am excited to get started in this new area.

Troy,

I am originally from Northern VA and I love DC. Glad you had a good experience there. A simple fact is that the higher the value of the property the higher profit a flipper or wholesaler can expect all things being equal. These higher rewards are offset by larger barriers I am sure.

Thanks again guys

Rick 

Thank you guys for chiming in. We decided to take the easy 10k. I literally drove to the property once and spent 15 minutes on the phone. I'm getting a personal mortgage as we speak so I wouldn't be able to hold as a rental at the moment. We have a few SFR rentals but we are moving over more to multi and complexes for cash flow.