I could really use some friendly advice from another wholesaler out there. My situation is this...
I have a house under contract that nets me about 25k and leaves the investor plenty of room at around 46k net after a 30k rehab. It's a solid deal but I don't have a buyers list, sort of stumbled on to this deal, then shopped it around to real estate agents as a pocket listing and offered a 3% BAC.
I have an offer at full price the next day but am running into issues and questions from the real estate agent and buyer as neither of them are familiar with wholesaling. It seems that not one agent in Oregon knows what a wholesale deal is as the wholesaler usually shops their deals to the investors directly and agents are never involved.
The title companies also seem to have little idea of whats going on and told me they would have to disclose my profits even if I used the transactional funding to close then resold to the end buyer.
I feel really close to getting this done, and like it should be easier. I suppose my question revolves around shopping deals to agents and offering BAC. Is this a bad strategy? Does anyone know of a wholesaling friendly title company? I'm using first American title in Corvallis and Albany, I got the referral from a 3yr old forum post here.
Is no one familiar with wholesaling in OREGON, south of Portland?
Yeah don't deal with agents, go straight to the buyer.
My title company will do double-closes/assignments no problem but I'm in CA. I'm surprised you can't find a single person who knows how a wholesale deal works.
What's the deadline to get this done? If it's a deal, I or someone I know might do it. PM me
Hi Patric thanks for answering. A very kind BP member Josh gave me a call about an hour after this post. He held my hand through the finer details of getting this thing done and asked nothing in return! The bigger pockets community never ceases to amaze me. Check out http://bridgetownhomebuyers.com/project/ for his upcoming deals.
I've recently met two other very helpful guys that live locally. You hear it all the time but networking is really the best way to learn and grow. Networking with BP members if the best
@Cody Sims I am waiting for one of your deals. Did you change cell phone number ? Been trying to reach you.