Contracts & Conversations : Speaking to Motivated Seller

5 Replies

I'm an 18/yo investor coming out of western Massachusetts looking for some advice. I am in the beginning stages of developing a wholesaling empire.

Although I am young my marketing skills are excellent and I have a good feeling this industry will be a good fit as I mature in the business. I have limited funds however I am not working a low budget marketing campaign. I intend on sending 500 yellow letters, as well as capitalizing on phone calls, drive by's, bandit signs and consistent phone marketing.

I am currently undertaking licensing courses, With all the courses, podcast and information I've read it's hard to imagine that I would have any more questions but unfortunately, that is not the case.

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I am wondering if all goes well with a motivated seller and I intend on putting the property under contract. What is the next step in dealing with paperwork and title company/attorney?

After I have motivated seller under contract & memorandum what are the next steps in closing with end buyer ?

I am also wondering, in my area who are key investors, title company's, attorney, or in general anyone involved in the business that I should be in contact with?

I would love to chat with any locals who are willing to supply me with the information I'll need in these final steps of closing deals. Please if anyone would like to talk, contact me with your information and I will promptly be in touch.

Thank You

Sef - feel free to contact me off this post if you like more info. A lot of the questions you asked  would take more then this space to answer.

For example: MA does not generally use a "title company" to do the closing. Usually it is done by an attorney. If you want title insurance then use an attorney who is a title agent. They would review the title and let you know if there are any defects, liens etc.

Since you are intending to wholesale the property, the buyer would normally have an attorney, especially if the buyer is a cash buyer/investor.

What licensing courses are you taking? To become a real estate agent? Then you have an other set of issues of whether you represent the seller as the agent or as a wholesaler. This issue has been discussed previously on BP so search the posts.

Good luck and welcome to BP!

I am in the beginning hours of my RE licensing course, from a local RE brokerage. I hope to build some lucrative relationships and acquire some contacts in the process. I have not determined an exact market however my options are expandable. I would like to stay local so I have access to properties before I put them under contract however I am not afraid to commute for a great deal. I will hopefully be in contract soon with a attorney who will support my deals and possibly share the contracts I will need to close.
Currently I am seeking a title company as well. If anyone has any suggestions on where perhaps I could find one that would be very helpful.

I wanted to follow up on my contract questions in asking, if I have determined a realistic offer, and believe I have a buyer ready, how do I make my offer and propose the contracts?

After the offer is "ideally" accepted, and the end buyer is "willing" to purchase, how do I propose the assignment contract ?

Now to briefly cover my headache I encounter when trying to decide my market

I live in Amherst MA, a college town with many rental properties for students, and multi as well as single family housing. The cost of housing is expensive, however in my understanding it may lead to a bigger profit margin. Will it be harder to place these expensive homes under contract, if so, despite the unlikelihood, what tactics should I use to successfully do so? I'd like to mention I do not know as of now of any REI or wholesalers in my town specifically.

On the other hand.. Nearby I am near low income housing with renovations and rental spaces that are often for sale. I have found that prices for these homes are cheaper however I am not sure if finding cash buyers will be more difficult.

If anyone has any advice on deciding on an ideal market please feel free to contact me ASAP. I understand that finding a market is partly trial and error however, I am seeking help to avoid the majority of mistakes.

If anyone resides in Western Mass and is active in the business please be in contact with me so we can exchange information because I would love to talk/meet.