What are the Real Costs Associated with Wholesaling a Property?
And who typically pays...closing costs? title fees? title insurance? surveys? etc. etc....
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Broker Ohio (#2021007233)
- 614-379-2017
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And who typically pays...closing costs? title fees? title insurance? surveys? etc. etc....
What do your contracts say is the first thing.
On title insurance, it protects seller so usual is a debit to them. Closing costs I try to split buyer/seller. Surveys are usually for extended title insurance IF THE BUYER WANTS THAT, hence at buyer cost (along with diff in cost for std vs ext title).
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#2 All Forums Contributor
- Real Estate Broker
- Lake Oswego OR Summerlin, NV
Originally posted by @Joe S.:@Gary Leonard Brother are you one of those that can type 300 words a minute? LOL. The situation that we are facing as you have already seen is if people don’t like something they simply call it illegal as you have pointed out. I hope you don’t mind typing more because there’s a few other people that loves to argue and hates wholesalers that will probably be looking for an opportunity the spend a few moments online. Thanks again for your insightful responses have a blessed day as well as a prosperous new year. :-)
I will keep it short as a 50 word a minute typer who does nto use spell check LOL
This is VERY state specific and the lady above who mentioned the legalities is in Ohio and they have pretty specific rules.. And Illinois passed a new law last year that REQUIRES a license and disclosures.. Texas has their disclosures etc..
Oregon does not agree with the guru equitable interest debate.. you have a contractual interest NOT equitable.. small EM and a contract does not create equitable interest it creates Contractual interest big difference.. but we are not triers of fact.. so thats what i know.
If someone advertises a property they dont own in Oregon to Oregon residents without a RE license that is not legal .
Quote from @Irina Belkofer:
Originally posted by @Summer Starr:
So nobody talked about initial investment. IE.. Gas from driving around trying to find properties amount of hours spent looking, to how they found investors. Seems to me you’d have to have a lot of spare time and gas money.
This is the best kept secret.
When all the gurus try to seduce wannabe RE investors without any money, they omit the fact that there will be money but much more time. This will be more than full time job without income to rely on....besides, legal obstacles might leave you not only without money from transaction but with money spent on lawyers.
After all, wholesaling is brokering without license. It takes one good complain to the Division if RE or Board of Realtors....it costs around here $10K for the first offense ....or maybe more now
One of the things I get really annoyed is by these so-called "gurus" who are selling this idea of wholesaling forgetting that there are so many issues going on including legalities, who pays what and environments where people screw over one another. It is literally insane.
Quote from @Kerem Cagin:
Quote from @Irina Belkofer:
Originally posted by @Summer Starr:
So nobody talked about initial investment. IE.. Gas from driving around trying to find properties amount of hours spent looking, to how they found investors. Seems to me you’d have to have a lot of spare time and gas money.
This is the best kept secret.
When all the gurus try to seduce wannabe RE investors without any money, they omit the fact that there will be money but much more time. This will be more than full time job without income to rely on....besides, legal obstacles might leave you not only without money from transaction but with money spent on lawyers.
After all, wholesaling is brokering without license. It takes one good complain to the Division if RE or Board of Realtors....it costs around here $10K for the first offense ....or maybe more now
One of the things I get really annoyed is by these so-called "gurus" who are selling this idea of wholesaling forgetting that there are so many issues going on including legalities, who pays what and environments where people screw over one another. It is literally insane.
There needs to be more voices on Social Media debunking all the Gurus and calling out every single one of their stupid behaviors. You have to know how to actually appraise properties, how to deal with the legalities of contracts, and how to negotiate and much much more. We need to call out the gurus and seriously find a way to actually bring an end to the "guru" industry.