Wholesaling in Portland, OR Area?

Question

Hello everyone,

I am new to the industry - currently have one SF rental and my goal is to Wholesale for capital. I am getting better at reaching potential sellers (still not great at it) but am having a hard time completing my first Wholesale deal.

I don't know what kind of contract/paperwork I need... and how to assign it once I get the Seller on board, among other things. I am willing to put in the work to make this happen, just hoping for some direction. Book recommendations, general advice, etc.

Thanks for any help!

Chris Shepard · Answer

@Steve Morris

Actually Steve, I did that exact thing that you mentioned about 5 years ago.  I filed a complaint against him with the REA.  I too thought what he was doing wasn’t legal and wasn’t fair since I had worked hard to get my real estate license.

In the end though, the case was dismissed after he explained which laws he was operating under and I was proven wrong.  I also felt quite a bit of remorse for what I did after the fact and Scott eventually forgave me for what I did.

In the end I agree with you there are some people who take advantage of other people, but wholesaling is about providing a service to home owners who need to sell a very illiquid asset very quickly.  There’s only a small segment of property owners who this serves.  In particular with Scott he tells them if they use a real estate agent they will likely get more money out of the deal, but he highlights what services he can provide and why his way is easier.

Cheers,

Chris

Chris Shepard · Answer

@Steve Morris

Hey Steve,

Wholesaling is definitely legal although the OREA has tried to challenge it in the past.

When you enter into contract you are allowed to transfer/sell that contract for consideration.  It doesn’t matter what the contract is for, whether it’s a trailer or a duplex.

I have purchased multiple properties from wholesalers and they have all been great deals.

@dominic york

A couple months ago we had a very successful wholesaler, Scott Dalinger, do a presentation on his methods.  It was extremely informative.  I’d be happy to connect you with him.

As well, our brokerage has a lot of resources and training opportunities for newer investors, wholesalers, and brokers.

Steve Morris · Answer

May want to check with the Oregon REA first on the legality of wholesaling, especially WRT expecting a fee for arranging the sale of real estate here without a valid RE license.

Joseph Crunkilton · Answer

@Dominic York

Lot of good resources on here to help you get started. For a purchase contract and assignment contract you can contact in RE attorney. They should be able to help.

Good luck!

Wholesaling in Portland, OR Area?

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