Can a wholesaler hold an open house

7 Replies

if you have a property under contract that is assignable can you hold an open house for investors?

A property under contract is not yours until you close, so you would need the current owner to sign off.  I also wonder if it is helpful to allow the general public in, but leave that to those who know wholesaling.

Nothing wrong with having an open house but as @John Knappmann  mentioned, you'd still have to clear it with the actual owner. Your contract gives you equitable interest in the property but you don't have physical possession yet.

so would I need the owner to sign an agreement for an open house. Btw I'm not a licensed real estate agent. 

Soes the owner know you're trying to wholesale it, or does he think you're buying it?  That may determine your getting their cooperation.  By the way, open houses aren't generally that effective, for selling that particular house.

yes they know I'm wholesaling it, she is a friend of a friend never was on the market and is a great deal.want to try my luck with trying to get a buyers list from it. I am hoping to meet some general contractors, agents, investors, maybe even potential private lenders this way. Hoping  for the best. Thanks for the advice. Just needed to know legal aspect. 

Open houses are a great way to attract the neighbors and really bored people that like looking at houses without ever buying anything.  It's definitely not the way to attract the cash investor buyer you would want for a wholesale deal.  

If it's a great deal let your fellow investors know about it at your local REIA. If it's good, it will sell. As everyone else has said, open houses are not really for investors, contractors etc. I've done a lot of open houses as a Broker. Usually, you get retail buyer leads for other houses that are listed, good luck