I am interested in wholesaling and would like to hear how some of you got started in the business. I send my contracts to an Attorney to have him look over it and make sure it meets the Massachusetts guidelines but I need some guidance on how to build up my buyers list. I don't know if it's best to work with a Real Estate Agent instead when starting. Any advice I can get would be very helpful.
@Account Closed Welcome to BP! First, how do you plan on marketing- yellow letters, bandit signs, etc
Do you have a monthly budget? Ideally, you should run any campaign for 6 touches.
Do you plan on taking the calls yourself? You could set up a google voice number-
Hey. I'm also interested in wholesaling. I'm currently working on my real estate license right now. Maybe we can network and exchange ideas!
@Steve Bracero Thank you for welcoming me to BP.
I plan on marketing using yellow letters and post cards.
I don't have a monthly budget but I will definitely use your advice about running the campaign for 6 touches.
Yes, I do plan on taking the calls and my sister to help with the calls. I went online already and set up a google voice account. I read on other forums where someone mentioned that I need to have 2 different numbers, one for sellers and the other for buyers. I don't have a second line as of yet.
@William Doura I am also trying to set up time to take the Real Estate Course to get licensed. I don't mind bouncing ideas to one another. Did you have an Attorney look over you contract yet?
@Ella Villard I'm actually having some hard time finding an attorney in the Boston area that specializes in real estate investing and wholesaling. I found some template contracts online but I don't know how legit they are. If you could help out in anyway that would be great!
@William Doura @Account Closed Please remember that under Mass General Laws, Title XVI, Chapter 112, Section 87pp, wholesaling is illegal in this state - UNLESS you close on the property and then - and ONLY then - market the property for resale.
@Charlie MacPherson If an LLC has the property under contract can you sell your LLC to get your assignment fee?
@Dave Ramirez You're still marketing a property that you don't own, even if you've tried to hide it in an LLC.
Read the pertinent law at the link I posted. Even transferring an interest in a property requires that you be licensed and working under a supervising broker with a signed agreement to allow you to market the property.
@Charlie MacPherson Wow. I read the link you sent. You really need a license to be a real estate investor in Mass. My take away - Brokers have good lobbyist in Boston.
Funny thing - I helped run a transactional funding house and we've never even gotten a call from Massachusetts. Must be a lot of illegal assignments going down in Beantown.
@Charlie MacPherson Thank you very much for the information.
Ella Villard shoot me a message so we can further discuss some of your questions if you'd like. I'll be free all day tomorrow.