All Forum Posts by: Tyler Scott

Andrew Michael Awesome thanks for the response. Looks like I made a simple mistake and used 250K rather than 230K as my ARV in my final calculations! Funny to hear about that contract assignability issue you see happening around here. You'd think that would be something a wholesaler would understand before jumping into a contract. How has business been for you in your area? Is it saturated with lots of wholesalers?

Detached Rambler built 1965 Asking (MLS Listed): 155K ARV: ~230K Comps are based on housed of same square footage with 3 beds. The house in question has only one bed currently. Previous owner knocked down a couple walls to convert the other two beds into a huge living room. So after putting those walls back in that should raise the home value back to local comp prices; assuming other repairs are done as well. Correct? Considering I'm a wholesaler, would this be a good property to tie up? 155/250 = 60% So, assuming repairs occur within 30 - 40K or less then my buyer would stand to make 45 - 50K. This is adding my fee. About 6K of that and they're making near 40K. Is 40k enough of a profit for a flipper or other end buyer? Any responses are greatly appreciated!

Is wholesaling legal in Maryland? Are assignments legal? Any answers are appreciated.

Is wholesaling legal in Maryland? Are assignments legal? Any answers are appreciated.

Why exactly is it important for the seller to have a lot of equity? If someone has a $100K house that they still owe $90K on, why would it be less appealing to a wholesaler or flipper than someone who has 100% equity? I understand the mortgage is a lien on the property which must be paid before it can sell, but it' a little foggy why it is of importance. - T

No. Get their number and call them. Only message to get their number. The exceptions would be if they don't feel comfortable talking on the phone. Then I guess text communications would be the best option.

There comes a certain point where you just have to start. That's really it! So, make sure you know enough on how to find deals. Then, pick up your phone and start calling. That is how you start. To be successful, you must continue to learn as you move forward in the process. For example: if you're driving through your city and come across a property that looks beat up, you need to figure out how to find the owner. Learn that step then do it. Then learn to analyze repair costs and determine ARV with comps. Etc, etc, you continue the process until you have a check in your pocket.

Your safest bet would be to google "Massachusetts Purchase and Sales Agreement." Then, read up on which contingencies you want to add to protect yourself. Add the contingencies and take it to a local attorney that specializes in Real Estate. This will likely be cheaper than straight up going to an attorney because they will just need to go over and make sure all the lines and contingencies of the contract are current and legal. Feel free to ask any follow up questions.

My passion has always been music. 

Since a young age, music was always in my head. I remember listening to Linkin Park as I walked home from middle and just being in awe at how they blended those sounds together. Not too long after that my grandfather bought me my first guitar. I think it was a Washburn STD. I remember just sitting for hours learning my favorite songs on it. The years went on and fingers got faster and better. Not long after I had learned Wonderwall, I was soloing to November Rain and Voodoo Child. 

In high school, through a mutual friend, I found a drummer and we started a "band." From there it was fun performances and good memories. Oh and ton of money spent on guitar pedals. ;) 

So yeah, theres the long winded answer. 

- T

Wholesaling interests me very much as an 18 year old about to graduate high school. It seems as if it is a good way to raise capital quickly to embark on bigger and better investments without much money. I have spent many many hours learning about the wholesaling process and it almost seems to good to be true. If wholesaling is as easy as finding deals, and assigning or double closing them, then why isn't everyone doing this?! Am I missing a key caveat to wholesaling? Is there any reason why I might want to reconsider wholesaling as an initial avenue of "investing?" Any advice or warnings for young investor going forward in wholesaling?