Mentoring and purchase contract

9 Replies

I am not sure if this is allowed, if it is not please delete. I am looking for a mentor in the Columbus Ohio area who has experience in Wholesaling from closing on REO's, closing with private lenders, foreclosures etc. I literally just started wholesaling at the end of July 2015 and have already sent out letters to my targeted sellers. Plus, I have contacted buyers and asked what they were looking for and how much they were looking to make on an average. Also, I asked what type of properties were they interested in and in what area. Now, someone came to me and is looking to sell their property. For Sale By Owner, but I stepped in and offered to help him out of his situation. I already have a buyer lined up with cash to offer but the deal has to be right. I checked out Columbus Board of Realtors to get a purchase contract and other forms needed to close, but once again it costs. I don't have the money to buy all the necessary documents to close from seller to me and me to buyer. If someone could please direct me on a solution to this problem I would be so grateful. I am out there doing it, sending my letters, making my spreadsheets for now tracking my leads, appts, contracts, letters etc. Thanks to Ben Grise, I thank you for walking me through the streamline process to make my business grow. That was an awesome podcast #92 with Brandon a lot of valuable information you all shared. I am looking into that process of streamlining my business so I can devote more of my time finding more leads etc. I have an awesome title company here locally that will handle my closings and my research on them paid off. But I need a purchase agreement for Ohio to give to my seller and then from me to buyer. I need a mentor to guide me on where the clauses go to make property assessable to inspect before close and to assess repairs and also in the event my partner/buyer can not provide financing or able to bring the cash, that I have an exist clause that lets me out of the contract. If there are other clauses I need to ensure my interest please share. And also, when I get the property and I build rapport with seller, signed contracts or needed forms to get controlling interest, then send the forms to title company and begin closing on the seller side to me and then bring in my buyer with cash funds to place into escrow at my title company. I feel like I am missing so many steps like running the costs associated with this deal, and the repair costs and how to calculate that all in to make the deal profitable. Can someone please help me solve these issues. This is my very first deal wholesaling and I am in Ohio and I do not have a realtor licenses but trying to close this deal ethically and professionally where everyone is happy. I am trying to build my company on integrity, being ethical in all my transactions, I want to be known for solving problems for the seller, and providing my buyers what they want and to grow. Sorry for the book I wrote here, its just I want to make sure I am doing everything correctly, because of this being my first deal. Could a wholesale investor in Ohio provide me with a sample purchase contract and other forms to give to my seller because I do not have the Ohio standard forms without charging money that I don't have. I am determined not to let this deal go, Please help. I need a local mentor with experience in closing REOs, pre foreclosures, and for sale by owner. I need the right paperwork to give to the seller and any other forms necessary in closing this deal. Thanks for your patience with me.

thank Brian I will check it out. Thank you for the direction to solve my problem.

Hi @Michele Rok ! I can send you some contracts to get you going in the right direction! Shoot me a PM with your info.

Also, if you would like to meet additional wholesalers, we are hosting a meetup on Monday:

Aug 17th 6pm

J. Lius - Worthington

Hope to see you there and congrats on your first deal!!

Steve

thank you steve i would love to meet you all. Is J Luis a place in Worthington? Steve my direct personal number is 614-902-7479 please add me to your list of gathering when you all meet. I can not promise everytime to be there but I surely would like to me everyone. Plus if i can get back with you on the numbers to add into the contract. I so appreciate everything everyone on biggerpockets has done to help me succeed in this business.  

Hi Michelle,

I am just inspired by your perseverance, tenacity and resourcefulness-all attributes of a successful person. I have no doubt that you will bounce back and be a successful in whatever you touch.

Good luck !

Francis

Awe! Thank you so much for your warm thoughts. I am doing everything I can to move forward. I have gotten great advice from so many and I am very grateful to everyone. I will keep you all posted when I make my first deal. The sky is the limit.

Michele, I'm in a similar boat, but even more newbie because I don't even have a deal yet.  I'm also ISO a mentor!  I just wanted to say please post us your progress because I'm interested in following your footsteps.

Thanh, dont give up. The key to wholesaling is building a rapport with the seller and solve their problem. Run the numbers on each deal and see which solution works best for all parties involved. There are great experienced people on bigger pockets and they have helped me a lot. Read the blogs, watch podcast, get real estate books that relate to wholesaling. There is a ton of info out there and you just have to google, or this site has tons of info. Put it keywords that you are struggling with and let it generate and those related topics will come up and help you move forward. Its a great tool to use on biggerpockets. Keep with it and dont give up. Good luck and feel free to contact me if you need help. I will help you if I can.

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