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49
Posts
10
Votes
Tatiana C.
  • Rental Property Investor
  • Katy, TX
10
Votes |
49
Posts

Wholesaling questions - newbie in wholesaling

Tatiana C.
  • Rental Property Investor
  • Katy, TX
Posted Mar 21 2017, 18:29

Dear fellow investors,

I'm a newbie in need of help. I've started my direct mail campaign recently with intentions of doing flips. Someone came across my advertising and now I have a lead in an area I do not intend to invest in. I'm sure there are other investors in my network who invest in such areas so I believe I will need to wholesale this, if it turns to be a deal. Problem is that I don't know how to wholesale! I'm reaching out to you experienced wholesalers or investors who need to wholesale some of your deals, looking to hear and learn how you guys do it. Questions:

  1. For flips, my plan for my leads is to get comps to confirm the ARV and get a contractor validate the repairs cost to figure if my lead is a deal. Should I follow the same process for wholesaling: get it under contract, get comps, get a contractor to calculate repair costs?
  2. Can I usually get back the money invested in fees (contractor's opinion + closing costs when choosing to double close) when charging my wholesaling fee? are these all the expenses I should consider? are they usually costly?
  3. I've heard that the wholesaling fee is usually low (hence my earlier question). How much do you guys usually charge? is there a flat fee you normally work with, or is it a percentage on the deal?
  4. How do you guys charge the wholesaling fee, through non-refundable earnest money? should this earnest money in this case be solely my fee or should it include other considerations?
  5. In getting comps for a wholesale deal, how can I have a realtor get me comps when I cannot compensate him/her as I would in doing flips (giving them a house to sell in the end)? any other ways to get comps for a wholesaling deal when you are not a realtor?

Appreciate your help!

Thanks in advance! :)

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