All Forum Posts by: White Kandlez
White Kandlez has started 5 posts and replied 22 times.
Post: Anybody want to form a meetup in Detroit for real estate investi?
- Posts 22
- Votes 5
Originally posted by @Jamiel Strickland:
We are having one this Saturday its a free real estate event, from 12pm-2:30 pm. It is free and in Detroit with many other investors in the room.
Ok cool. Details please!
Post: Anybody want to form a meetup in Detroit for real estate investi?
- Posts 22
- Votes 5
Not a one on one, looking to connect with other investors. What Reia is free and any have regular weekly mtgs? Ive seen some make you pay to be a member, and after a couple visits as a guest you have to start payin. I'm just starting out and I'm literally broke so... Lol
Post: Anybody want to form a meetup in Detroit for real estate investi?
- Posts 22
- Votes 5
Anybody want to meet up in Detroit to talk about real estate investing? Ive been having issues locating a local Reia that is free. New to this arena, wanted to start something smaller.
Post: Working with Realtor: New Investor
- Posts 22
- Votes 5
Originally posted by @Tamara Deering:
If I find an send you off market deals as a Realtor, the contract would be between you and the seller. You would pay my fee, in essence I would be acting as a wholesaler. When I initially met with the seller of the property I would explain the different ways that seller could sell the property, and we would come up with the best strategy to fit their needs. Sometimes a seller wants to sell fast and doesn't want to pay the full commission and typical fees that come up when a property is listed on the MLS. There are properties that won't qualify for conventional financing and maybe your Realtor doesn't list these because the work involved in weeding out offers from everyone who doesn't read the listings is more than the commission on low dollar properties. There are many scenarios about how and why your Realtor can be sending you off market properties but the only person that can really answer the question is your Realtor.
Thank you for responding! You all are saving me right now; the education I'm getting on BP is priceless! Do you all recommend any books on RE Investing, RE in general, or would it be best to get familiar with my county's practices? I'm like an obsessed sponge right now, I love to read. The info has to be up to date. I see many of my county's laws have changed in the past couple of years alone.
Post: Working with Realtor: New Investor
- Posts 22
- Votes 5
Originally posted by @Oscar Cardenas:
@White Kandlez
You will have a hard time finding a realtor that would play ball with owner finance.
Finding a realtor that would play ball with subject to would be near impossible due to its gray area with contract law. You generally need off market for that.
The realtors should * still present all offers, but that usually comes with a lot of comments to make sure the sellers says no.
For wholesale, if on the MLS you send all contracts and negotiations to the agent. The agent then presents to the seller with knowledge and experience.
In your case, I don’t exactly know if the agent is sending you off market deals where she does not represent the seller. In that case she probably hopes you use her to buy the property and probably expects you to pay her commission on purchase price.
Remember wholesaling can be a gray area in many states. Make sure you are transparent and make sure you know the laws in your state regarding what things a wholesaler can and can’t do. I am starting to hear about lawsuits coming up with bad wholesalers who can’t sell then end up sale failing and request earnest money back last second.
Thank you for the info about sub2s! I just want to do legal business and assist the public. I am in the process now of acquiring a tax delinquent list from my county (they require a FOIA form). Should I request this years and last years tax delinquent list (both before foreclosure - what's a good time frame, current and last years list?), or should I just wait until March/April 2020 to request for a new year, and this year (2019). There are plenty of homes in foreclosure, I've read the statistics on my county, its unnerving. I may move on getting some of these in the future, not sure how the city/county land banks look at that (especially when I get a good capital going!)
Post: Working with Realtor: New Investor
- Posts 22
- Votes 5
Originally posted by @Oscar Cardenas:
@White Kandlez
Forgot to answer the last part.
The sellers/realtor knowing about the end buyer can depend on how transactions are done in your state. Most of the time they do not speak with each other. If you want to avoid any issues regarding laws, end buyers, realtors, ect. You can always get transactional funding. Essentially a loan that lasts for 1-2 hours so you can buy and sell at the same time in escrow.
Transactional funding would result in a double close correct? I'm trying to avoid these, I know they cost more, plus I really don't care about the buyer knowing how much my assignment fee would be. The buyer couldn't take legal action anyways right, they could just back out of the deal correct? But why, they have to buy property to stay in business...
Post: Working with Realtor: New Investor
- Posts 22
- Votes 5
Originally posted by @Oscar Cardenas:
@White Kandlez
You will have a hard time finding a realtor that would play ball with owner finance.
Finding a realtor that would play ball with subject to would be near impossible due to its gray area with contract law. You generally need off market for that.
The realtors should * still present all offers, but that usually comes with a lot of comments to make sure the sellers says no.
For wholesale, if on the MLS you send all contracts and negotiations to the agent. The agent then presents to the seller with knowledge and experience.
In your case, I don’t exactly know if the agent is sending you off market deals where she does not represent the seller. In that case she probably hopes you use her to buy the property and probably expects you to pay her commission on purchase price.
Remember wholesaling can be a gray area in many states. Make sure you are transparent and make sure you know the laws in your state regarding what things a wholesaler can and can’t do. I am starting to hear about lawsuits coming up with bad wholesalers who can’t sell then end up sale failing and request earnest money back last second.
Post: Working with Realtor: New Investor
- Posts 22
- Votes 5
Originally posted by @Oscar Cardenas:
Originally posted by @White Kandlez:
Originally posted by @Oscar Cardenas:
@White Kandlez
Hmm, haven't really met an active busy realtor that doesn't know what a wholesaler is by now. We realtors get flippers looking for off market deals all the time so we tend to have a small list of people to call first based on previous deals. And that's only if the seller has expressed an interest with staying off market because a realtor has a fiduciary duty to the sellers so that vast majority of deals will go straight to the MLS.
Maybe you did get lucky though and found a realtor who is breaking fiduciary duty a lot to give investors off market deals and you happen to be one of the few investor she knows. 🤷🏽♂️
OR perhaps the properties she wants to send me she doesn't want to list on MLS because the properties are "embarrassing" ? Not sure how that works! Thanks!
Hmm, Maybe you are correct. Detroit might be a unique market with the past it went through. I personally would never turn down an ugly property to list lol and neither would any realtor I know but that is because there aren't many terribly ugly homes here. Anyway, I wish you luck!
Thank you, my guess too is if she doesn't really work with wholesalers and investors she doesn't know these kinds of properties are how we make money. Also, how does the process work for "subject to" do they get listed on MLS or they have the option not to also (based on seller right).
What do I do about purchase and sale agreements, do they go to both the seller and realtor (requiring their signature) and then take the contract to the end buyer, and does the realtor have to be present with the end buyer also? In addition, for good practice should I request end buyers to always have proof of funds when meeting up with seller and/or realtor?
Thanks
Post: Working with Realtor: New Investor
- Posts 22
- Votes 5
Originally posted by @Oscar Cardenas:
@White Kandlez
Hmm, haven't really met an active busy realtor that doesn't know what a wholesaler is by now. We realtors get flippers looking for off market deals all the time so we tend to have a small list of people to call first based on previous deals. And that's only if the seller has expressed an interest with staying off market because a realtor has a fiduciary duty to the sellers so that vast majority of deals will go straight to the MLS.
Maybe you did get lucky though and found a realtor who is breaking fiduciary duty a lot to give investors off market deals and you happen to be one of the few investor she knows. 🤷🏽♂️
OR perhaps the properties she wants to send me she doesn't want to list on MLS because the properties are "embarrassing" ? Not sure how that works! Thanks!
Originally posted by @Carson L'isle:
Who is an established investor in Detroit with a good portfolio that needs an apprentice that can help with the tedious jobs while you mentor?
I'd like to know too!