Accidental Wholesaler Needing Help
Backstory: Long-distance investor/flipper with 17 units in Ohio
So I found a 4-unit in Ohio that I put an offer on. I did an inspection and it turned out this property was going to need a rehab before I could rent so I was able to negotiate pretty aggressively with the seller and get a huge price reduction.
As I'm setting up my schedule for next month, I realize I'm going to be a bit overwhelmed with all the projects in my portfolio.
So I thought hey, why not post it on local Facebook groups and see if I can wholesale this deal? I've never done a wholesale deal but how hard can it be?
I start getting interest in the property and people want to come see it. Now I feel kind of lost.
3 out of 4 units on this property are occupied so seeing the property can get kind of tricky.
Do I just tell my agent that I want to wholesale the property and need access?
Can I just schedule for all the potential buyers to come see the property at once?
What's next if I do find a buyer? We already started the paperwork with Fidelity Lawyer Title do I just let them know I'm wholesaling it too?
As I'm sure you can tell I don't know what I'm doing when it comes to wholesaling.
Any advice is appreciated.
Matt
- Real Estate Investor & Agent
- 937-930-4069
- http://suprcap.com/brokerage
Quote from @Matthew Masoud:
Backstory: Long-distance investor/flipper with 17 units in Ohio
So I found a 4-unit in Ohio that I put an offer on. I did an inspection and it turned out this property was going to need a rehab before I could rent so I was able to negotiate pretty aggressively with the seller and get a huge price reduction.
As I'm setting up my schedule for next month, I realize I'm going to be a bit overwhelmed with all the projects in my portfolio.
So I thought hey, why not post it on local Facebook groups and see if I can wholesale this deal? I've never done a wholesale deal but how hard can it be?
I start getting interest in the property and people want to come see it. Now I feel kind of lost.
3 out of 4 units on this property are occupied so seeing the property can get kind of tricky.
Do I just tell my agent that I want to wholesale the property and need access?
Can I just schedule for all the potential buyers to come see the property at once?
What's next if I do find a buyer? We already started the paperwork with Fidelity Lawyer Title do I just let them know I'm wholesaling it too?
As I'm sure you can tell I don't know what I'm doing when it comes to wholesaling.
Any advice is appreciated.
Matt
You are probably breaking a few rules here. Here is a good video The Ohio Division of Real Estate made about wholesaling in Ohio
https://www.com.ohio.gov/real/
I would engage an attorney as soon as possible to make sure you are staying within the law
Did you find this 4plex on the MLS? Are you just bringing strangers in to another person's property while assuming they'll be okay with that/you being able to assign it while ALSO not being able to perform?
Your Agent, the other Agent, and the Seller need to wake up lol
Quote from @Randall Weatherall:
Did you find this 4plex on the MLS? Are you just bringing strangers in to another person's property while assuming they'll be okay with that/you being able to assign it while ALSO not being able to perform?
Your Agent, the other Agent, and the Seller need to wake up lol
Who said I can't perform? I got this property under contract with the full intention of closing on it and I probably still will. I'm just exploring my options.
- Real Estate Investor & Agent
- 937-930-4069
- http://suprcap.com/brokerage
I hear this every day from people that want to tie up my clients' listings when they know damn well they have no intention to close lol - 'exploring my options'
I found out one of the Buyers was doing this and parading strangers through the property not too long ago and called TREC on the other Agent without hesitation. I'm the one that would be held liable when something inevitably goes missing, so really, you're just putting everyone but you at risk by doing this bait and switch stuff. But you do you and continue not caring - that's why I said the others need to wake up!