Updated over 3 years ago on . Most recent reply
Buying from a wholesaler
Good Evening BP! I posted a bit ago about my wife an I finally starting our journey after years of research and getting our personal finances ready to make the shift into REI, and I want to thank you all for the replies. Today I come to you with another question. Prior to turning pro I had built my own rental calculator and it seemed to work fairly well (although not nearly as detailed as the one here on BP) and when we knew it was our time to hop in we made the jump to BP pro to be able to make sure we knew everything was accurate.
After analyzing hundreds of deals (on market) I realize that while every once in a while one pops up, typically the best BRRRR options are found off market. I don't have the time to source seller leads myself, and am happy to pay assignment fees to have a wholesaler or wholesaling company do that portion of the legwork for me.
Now to the questions -
What are the typical steps to buying off market properties? Is it similar to on market (Have bought primary residences before) just without the agent? Something like 1) Put an offer/ Accept the contract 2)Due diligence (Inspection, have GC/PM walk the property) and 3) Close (Paying cash)?
What changes if it is HM/PM vs Cash?
Do the sellers/wholesalers pay for title insurance/ title company fees like on market or is that up to me as the buyer?
I know that was a lot to ask, and any answers/help are appreciated!