All Forum Posts by: Andrew Mazzenga

Whats the consensus on making offers for wholesale deals on homes that are listed by an agent... is it a waste of my time if they are saying the seller is "motivated"?

As of right now, Realtors are on my mind because i just happened to talk to one today and it got me thinking that maybe they would be able to help me, I am still really new at this whole thin and trying to figure out the correct avenue for me to take as far as marketing. or even a hybrid of marketing techniques. BUt to be honest I am trying to work a little smarter, i see a ton of these signs all over the city, so if i can take a different, less congested avenue i would prefer to do that, and i figured i would use my resources first.

What do you do as far as marketing's concerned? Is there a specific Type of seller that you focused on and how did you reach them?

Interesting Bryan.- I suppose what i am "intending" is to assign the contract to somone else more capable of purchasing the property (hopefully that will change in the near future and i will be in the buyers seat). so i have no intentions of taking ownership of that property with my own money at least. so what you are saying is that i WOULD in fact need to get a RE license...Correct?

At the same time however, when the agreement of sale is written, from the start, I am incorporating "Andrew Mazzenga, Or Assigned" into the contract. so doesn't that imply (from a legal standpoint that i "intended" to never hold the property in my own name or with my own money from the start?

Thanks for your input, very good point!

Bill, the reasoning behind me getting my RE License would mostly be to have access to all of the newest listings but more so than that would be for me to have access to the MLS to find comps. This would also be extremely useful for me working as a MLO for a broker. we are not aloud to choose our appraisers unless you are a Banker and have a warehouse line to fund from, they are selected out of a Pool and sometimes they are not even from the area and have no idea about the local RE market...it would help both the buyer, seller and me as the LO.

Just a very useful tool to have for someone in the RE industry

I posted earlier about reaching out to realtors and them telling me i should need a license to do wholesale deals. Turns out that you dont BC you have equitable interest in the property because of your earnest money.. makes sense!!

The reason i was reaching out to some of the realtors that i know in the area to feel them out about the market and also the area that i want to try to get into (geographical) with the wholesaling side of investing. The one seasoned realtor that i was talking to told me that she know of no successful wholesalers in my area. I live about 35 min outside of philadelphia in the suburbs of Chester county (west Chester to be exact) The area is a pretty prominent area with a lot of sections of Old money, big houses sits right on the main line... i am curious if i may be looking into the wrong area to start this dream that i have...I rarely see a "cash for houses" and that kind of thing.

I also talked to another realtor that said that he thing this kind of business is only good in a "hot"market.... I dont know, I am curious if i would be better off looking within the city but if i do that i will be competing with the 30 other cash for houses signs so on and so forth... like i said before, i have a lot of really strong relationships with a good amount of realtors that i would love to tap into if there is a logical and profitable way to do so. I think they would be a great resource and i would love the to be able to get me the comps on properties that i thing will turn a profit, im just not sure how.... any suggestions?

I have found that my biggest roadblock thus far is finding motivated sellers, and frankly im having a hard time wrapping my brain around why they would be agreeing to sell their home to me for such a discount...30-40%+ under retail. with the exception of needing to move very quickly i don t really know what would posses my to make such an unprofitable move if i were them.

Sorry for the wordy post but i have so many questions!! but i really appreciate all of you seasoned investors lending of novice guys a helping hand!!

Thank you both very much, if anything i would have thought a double closing would be easier to do legaly... as I would be golding the title for all of about 5 min or so which also would be equitable interest also i suppose if i put an earnest money deposit down... so i guess i kind of answered my own question so thanks for the assistance!!

Hello friends,

Being in the mortgage business for the past 4 as well as being a property manager i have established a pretty good relationship with a good amount of realtors. I have been calling around and telling them that i am looking to get into wholesaling homes and for the most part all of them have been telling me that they think that i need a license to do this. Could someone please explain to me why i do not need a license to do this? because i kind of feel like i should need one also...

I have been wanting to get my realtors licens anyway so i am sure that i will get it at some point but in the mean time I am not real turned on by testing my luck... am i good to go?....

Thank so much!

Tell you husband i said thank you also. You could try to take advantage of a VA loan since your husband was in the service- i know they allow for a 0% DP and you can propabally most of/if not all of the closing costs paid for- you may be able to get away with next to no money at the table!

Also a good point. i actually listened to it today and i thought the podcast was very good. I would apsolutly take the loss for a good cash buyer. but she also talks about having a number in that you are shooting for. in order to find that number that you want she is using the 70% formula and knows that she wants to take 7-10k from the deal. so knowing that i want to know how to weed out the good properties from the bad. so i was figuring that in order for me to figure out which were good properties to make an offer on i would need to do my own due dilligance. so i thought that the end buyer would like that info also...right?

Hello Friends,

What kind of paperwork should i have with me while talking to both a seller as well as a buyer while putting a wholesale deal together. Im sure this may vary by state but if it makes a difference i think that i would be focusing in PA, del and possibly NJ.

Will I need to be armed with a full briefcase of documents and paperwork for the other parties to fill out?

I am in the mortgage business, but i have not worked in a realtors shooes so im not quite sure what i will need to bring with me and how to word documents in order to protect myself as well as the oppertunity.

Thank you Kindly