All Forum Posts by: David Walls

Thank you @Crystal Smith

Hello fellow investors, any suggestions on title companies or closing agents in Chicago, IL? Which ones do you use? Preferably familiar with assignments and/or back to back closes. Thanks in advance. 

I agree with everyone else @Debra N., it's not a big deal. Any time you make a mistake honesty is the best way to go. Just admit it and learn from it. I've never gave an investor appraisal estimates, and the numbers must work if they want it. And trust me, they're also doing their own due diligence and not just taking your numbers as facts. It's not a knock on you, just how business works. You should ALWAYS run your own numbers. Best of luck to you. 

I agree with @Pratik P. I don't daisy chain my deals. @Marty True I would say ask the person who brought you the deal to see a copy of the original purchase contract and you'd be able to see who has it under contract. 

Hello @Chris Sullens. First off, I apologize that you've ran across a bad wholesalers. I wholesale myself and I dislike when people give wholesalers a bad name by not working seriously and with integrity. According to a post on Trulia, someone said, "the Earnest Money , also known as consideration, has not been deposited then the contract is not a ratified contract". With that being said, if the wholesaler did not deposit any earnest money the contract is not legally binding and you can go to the seller directly. Disclosure: I am not a realtor or real estate agent, so don't take this to be 100% truth. Hopefully someone with the correct answer will come along and help you.

@Samantha Payne smith it all starts with education. Books, podcast, reading forums, articles, etc. and networking. Join local REIAs and connect with people here. The Biggerpockets Beginners Guide is a great start. It seems like you have your niche, now just learn as much as you can about it and put your learning into action. Best of luck to you. 

@Kevin McCollick wholesaling could be a lucrative strategy, but it's not as easy as some make it seem. Lots of time goes into it like any other form of investing. Also like any other form of investing systems can be made for marketing, negotiating, going on appointments, building buyers list, etc. but it's something I enjoy. You constantly have to send out marketing and even find better deals than the rehabber (because you have to factor in your profit). Profits vary by the deal, but I believe it's worth trying. I love helping distressed sellers out of their problems and hooking buyers up with good deals. If you have any more questions on wholesaling feel free to message me. 

Congrats on getting it under contract! Start here (on BP) and Craigslist! And by start here I don't mean post it in the forums (because it may be seen as an advertisement and against the rules), but you can post in the forums you're looking for investors in your area or in the Marketplace. On Craigslist, post that you have a contract to assign and a few details, not that own the property or anything. Being honest is best. If you know any other investors or wholesalers, start calling them and asking them if they know anyone. Best of luck to you!

This is a great post @Terrill Clark. Hopefully more people chime in, because I'm also looking into the 203k loan. 

Welcome to BP @Kevin McCollick! I love your title, hold it down for us millennials lol. I believe option 1 is better, but everyone has to make their own decision. I left college and now I wholesale full time and it's working out pretty good so far, but I also want to house hack and I know it'll be very hard to get a mortgage without a W2. Best of luck to you!