All Forum Posts by: Adrien C.

Hi @Frankie B. - welcome to BP. Great place to learn and make some connections. I have 2 dozen rentals in Hammond and would be happy to chat with you about the ins and outs of the city. Great returns there with the exodus of Illinois residents. 

@Steven C Hazel yes most wholesale deals bypass the normal contingencies. Keep in mind that they don’t own the house so have to lie to get you and the inspector back in the house. In my case where I close on everything first before i send it out to investors, I have so many buyers that will take it after walking through with their contractor that i don’t have to deal with someone who wants an inspection. 

yup- send me an email

That’s a great idea if you want both the state and the federal securities divisions coming after you. I’d chat with a securities attorney about proper ways to raise money while complying with the security laws. 

Great thorough response from Erik already. I'll add on a few points. 

1 & 2) You can ask for whatever you want. Doesn't mean the wholesaler is or can accept it. Keep in mind most wholesalers are flipping paper and don't own the house so some of your requests (like a 4hr home inspection) are not possible without the seller being on board. Often the seller has no clue what's going on, thinking the buyer is showing contractors and financial partners so to accommodate your requests may be a challenge. I close on all my wholesales so have no time constraint. I probably wouldn't accommodate any crazy requests and I only use my purchase agreement or the state realtors contract if it's from an agent. It's not that I'm being a jack, but because I have buyers that will take it under the terms I want. Regarding the inspection, I would skip it and bring a contractor through the property. I say that because you'll pay someone $500 to tell you the property is bad and needs work- but they wont be able to tell you what it'll take to fix it. A contractor can spot the same obvious stuff an inspector does but at least be able to give you a ball park on what it'll take to fix it. 

3) Most wholesalers have stupid high non refundable EMDs. I do as well and it's $2500 payable to the title company. If you like the house enough to make an offer, stand behind it with EMD. It doesn't sound like you're at a stage yet where you should be buying from a wholesaler. If you need inspections and other accommodations, it's probably better to stick with traditional sales. You're less likely to get burnt since a large portion of wholesalers have no clue about rehab costs, ARV, ethics, etc.

4) Best way is with an agent. Attend a REIA in your area and network with some local agents. If they know they'll get the listing when you sell, it's easier for them to work with you.

5) Sure- but the wholesaler may not want to have an agent involved. I work with a lot of agents who bring buyers. I still use my contracts but I'll pay the agent 2% (to basically show the house and get out of the way so it closes smoothly). Keep in mind, that person's offer is automatically lower than the same offer with someone not using an agent so compensate your offer accordingly. 

Good luck- go shadow a person renovating houses. There's a ton of hidden expenses that you don't realize till you have some experience under your belt. 

 what specific city?

Hey- I'm in NW Indiana and we have a few cities that make great BRRR locations. I've sold several to local and out of state investors who are successfully doing BRRR. I'd be happy to help in any way I can.

Hi @Andrew Bowlds My company is buying 100 plus house a year in Lake and Porter counties in the NW corner. 

@Brian Hec which attorney are you using? @Justin Smits can give you some insight. I was chatting with someone else about this recently and they were able to get the court to pull the house out of BK and get the deed. 

@Kumar Paj the folks who run Vilgar never were associated with PB. She does have a former associate who started his own but I don’t know anything about that company. Pretty new.