All Forum Posts by: David Wright

Just send the agreement by a service like Docusign or email or fax....

Are you asking is it legal to do this as a wholesaler and not as a realtor?  I want to make sure I understand the question to help you better.

@Martineja Coats I am not a Chicago investor however there is always a buyer for a good deal. The question you must ask yourself is how long can I or are you willing to wait it out for a cash buyer? And the other question Is: how much money do you have to market the property to cash buyers if it is going to take longer than normal to sell it? The answers to these questions will lead you to make the correct decision. I hope this helps

@Jesse Harris. Please understand this (and I am not advocating using attorneys as a must) land trusts are very state specific and I would spend the money with a good experienced real estate attorney who is also an investor themselves. Spend a little more now verses a lot more later if it's not set up correctly. The system is set up to drive you to attorneys many times and that is just the way it is.

@Amit Pawa. Amit there are many good commercial lenders in the market. Go to the market place here in Bigger Pockets and you will find many.

@Paula Phelps. What do you mean by a non-commercial property ? The definition of a commercial property I have found out means different things to different people in real estate. A commercial property is a non-owner occupied property whither it's a condo or a shopping mall. Some commercial properties are fix and flip deals and some are churches, etc... The key is non-owner occupied vs owner occupied. If it's owner occupied it's not a commercial property. Now they are some exceptions but hopefully remembering owner occupied vs non-owner occupied will help you. Much success !

@Sophia Carter The list is pretty large with vendors selling these list. Just Google Vacant property list

Dominic, very simple if that is a major concern for you and a real risk, just do not use social media to promote your real estate investment business.   There are many investors who have never used social media to promote their real estate investment business.  Social media is a plus, not a must. 

I wish you the best!

Quintin, use whatever money that is going to give you a good return on your investment.  Do not be to concerned with the title "hard money" because their are many alternative lending programs and lenders that will allow you to get long term financing for a rental.  Now your rates will not be bank and credit union rates that is why its called alternative lending.

I hope this helps. Much success.

Hello Kiera,

You wrote "but they aren't willing to use the property as collateral for the LOAN..."  therefore I am going to give you an answer based on you looking for a commercial lender.  Therefore in short, do not expect any commercial lender to give you any loan without the property being used as collateral; it is not going to happen.  It just doesn't work like that.

My suggestion is, if you do not want the property to be used as collateral go find an equity type investor to do a JV (Joint Venture) with you. Lenders have to have some type of collateral and for a commercial lender it is always the property to minimize their risk.

I hope this helps and saves you some time as well.  Much success.

Hello Kyle, I am curious on why you want to get into wholesaling?

The answer to this question could direct you in maybe another real estate strategy that better for you.  Nothing at all wrong with wholesaling I just want to make sure you know that is not the only way to start in real estate investing.  Based on your goals, desires and budget; their may be another better real estate strategy than wholesaling or wholesaling could be the perfect fit for you.  But ask yourself first, why wholesaling?