All Forum Posts by: Adam Mitchell

@Mark Anthony Alvear Jr Check out this blog https://silblawfirm.com/real-estate-law/the-legality-of-wholesaling-real-estate-in-texas/

If you have any other questions let me know. I wholesale in Dallas.

@Mahmoud Y. Elhalawany you can wholesale a pre-foreclosure. Its very tough if it has already been foreclosed on because a bank usually owns it and they have their own way of liquidating properties.

@Joshua Nabours when you write a contract you will add your name as the buyer with this very important addition: and or assigns. This phrase give you the ability to assign it. We do $10 earnest money so if the deal doesn’t close that is what you lose.

I would also like to mention if you are looking to wholesale, focus on marketing. Marketing is the only thing you need to do when starting out. You will figure out the rest as you go. Without any deals to look at, how will you learn?

Any questions Im here in Dallas.

Im looking at a couple of multi-family properties in Tulsa. Can someone help me with the cap rate range for a B and C property? I am assuming 8-12 but would like some input from pros.

@Harold Smith your description is accurate and what your describing is a wholesale transaction. You found a seller with a need to sell a home and you sign a contract to buy that home with the option of assigning that contract to a partner “another end buyer investor”. I would lay out our numbers to the seller if they want to see them (some do, some don’t) and explain your business. If you buy properties with cash explain how you get to your number, if you partner with other explain you facilitate or match up buyers and sellers. Being straight up is the only way to grow a successful business and your integrity will be in tack.

If you are wholesaling you have to be a little careful about your description. After you sign a contract with a seller, You are ONLY selling a CONTRACT (the rights to buy a house), not a house. If you promote “selling a house” you could get dinged for brokering which you don’t want.

@Gianluca Carella I couldn’t agree more with @Barry Pekin on this. Stick to your numbers as they should dictate the deal. If you try to force the deal by manipulating the numbers you will struggle finding buyers for your deals. Trust me I have done this when I was going through a slow period and forced a deal and it did not work out. Its better to walk away from a deal then force the numbers just to get a deal.

If the numbers are not great see if there are other creative options to make the deal work like a “subject to”. Many deals will not fit in the standard wholesale box so its important to have other options.

@Greg Dickerson thanks for the insight.

@Tj Hines thanks TJ for the info.

@David Acosta thanks David.

I am in Texas and have started to look for my first multi family property. Other than Loopnet what are some other sources of properties?

I am looking for 25-130 units preferably in the Midwest or south US. If your an agent with listings Lets connect. I can evaluate properties quickly and won’t waste your time. I have syndicated funds sourced and just need to find better deals than whats on Loopnet.