All Forum Posts by: Alex Owens

Wholesaling can be a gray area some times. While it is mostly legal and done every day, there are certain activities that are not only unethical but also illegal. The biggest thing I have found is that you need to be transparent with everyone involved. If you go to a seller and tell them that you are buying their house, then you need to realistically have the ability to close on that house (i.e. cash in the bank). If you happen to find a buyer before closing that is willing to take over as the buyer on the deal then more power to you. However, if you deceive the seller and tell them you have the ability - and intention - to close on a house when in fact you do not, then that is problematic. Most of the time distressed sellers are banking on the pay-day that you promise them and you should always do your best to hit the deadlines and expectations you have set for them. 

Conversely, if you do not have the ability to close on a house, then be upfront with the seller. I'd recommend saying something like this: "Mr/Mrs seller, I understand that you want "x" for the property. Unfortunately, I don't think this house makes sense for my investment strategy at "x". However, I know a lot of investors in the area and there is a decent chance that one of them will find value in this home at "x". So here's what we can do; lets write up a contract for "x" and give me one week to find an investor who can make it happen at that price. If I can't find anyone, we will cancel the contract and you can move forward with listing it with a Realtor or whatever strategy you choose. If I do find someone within a week, we will be ready to close on your house two weeks after that. Sound fair?" 

Again, transparency is key here.

@Jacob Chapman lets make it happen man! Shoot me a PM 

I disagree with pretty much everyone on this thread... I think there are a lot more multi family properties out here than people think. Most properties will never find the MLS so if that’s where you’re looking that’s probably why you are struggling. Personally I’m not having any trouble finding duplexes and 3-4 unit’s aren’t hard to find either. Additionally, if you are not hyper local I HIGHLY recommend staying away from Norman and OU. As a recent graduate of OU I have a lot of knowledge of that market and it has been over built in the last 3 years like you wouldn’t believe... I promise you as an out of state investor you will lose in Norman. Just my thoughts though!

@Nathaniel Hovsepian check out @Jon Pitcher, he manages a portfolio for me and does a great job. 

@Luke Miller I forgot I'm actually headed out of town on Friday afternoon so I won't be able to make it. Let me know next time you're in town! 

@Luke Miller let me know if you make it up to Oklahoma City - I'd be down to meet up and talk about all things OK Real Estate! 

@Justin Tidwell can you shoot me anything you have in Oklahoma please? [email protected]   - thank you sir! 

@Justin Maser Check out Millionaire Possibilities - www.millionairepossibilities.com

Definitely the best REIA I've been to in OKC and it's free for your first time. Next meeting is next Thursday

@Wendy Schultz I have used that before, but I am afraid of how accurate that filter actually is. Zillow is sometimes slow to update info on listing and sales compared to the MLS so I am afraid it might be the same on pre-foreclosures. Definitely a great suggestion and place start though, thank you!