All Forum Posts by: Bonnie Jones

Check out "Rehab Estimator Pro," a program that helps you estimate rehab costs.

I am trying it for a month, and so far I like it. It's pretty cool.

Wholesaling Inc. talks about Rehab Estimator Pro
https://www.youtube.com/watch?v=GMxz6wFJQa8

Link to website Rehab Estimator Pro:
https://www.rehabestimatorpro.com/

Let me know what you guys think.

Sean D. Yes some call it doing a "blind Hud," for the assignment type of closing. The "blind HUD," or split HUD, shows the assignment fees only to the investor buyer. The seller cannot see the assignment fee that you get. Make sure your title company can do an assignment closing with a "blind HUD" or split HUD.

Here's what attorney William Bronchick says about the legalities of wholesaling. He differentiates between a broker and wholesaling. He is actually in Colorado, but he has some good information. 

https://www.youtube.com/watch?v=PMxxc96q_RY

The YouTube channel is "Emerson Property Management." It's great, because he is in Houston, Texas!

He explains in detail how to use the standard Texas Real Estate Commission (TREC) 10-page contract with the Seller.  He also periodically refers you to other videos for more detail on certain sections. 

NOTE: When filling out your name as buyer on line 1 of the TREC, make sure to add after your name the phrase "and/or assignee," which will allow you to assign the contract to another person. 
https://www.youtube.com/watch?v=xlMv6ww9Ors

He also refers you to another video (below) on how to use a standard assignment contract with the Buyer. 

https://www.youtube.com/watch?v=7toOkVoyy4g

I confirmed with a wholesale-friendly title company in Lubbock that many wholesalers use the TREC with sellers and then use a standard one-page assignment contract with buyers for their deals. 

Suggestion: Look at several different types of standard assignment contracts and choose the best from each of them to make up your own contract. You can have an attorney at your favorite title company look over the finished product to make sure it will be alright for you to use.

Wholesalers in Texas. Do you have any other advice on contracts?

Michael J. Ray:  Here's a video by real estate attorney William Bronchick in Colorado on this very subject. Hope it helps you!

https://www.youtube.com/watch?v=wbJzsbNhPdU

Diego Hodge. Try looking at the PropStream program for real estate investors. It is a great program that shows you a lot of data for properties, including MLS and comps. It costs $97 fee every month. You can get a promo code from Max Maxwell's video about PropStream to try it out for free for a bit. Here's a link to his video describing how to use it. They direct you at the end on how to get the promo code. Hope this helps!

https://www.youtube.com/watch?v=-axXhH6CPpI

I don't think so, Kathy. Does anyone have any input on wholesale contracts for Kathy?

Kimberly, I think you are going in all the right directions! It is absolutely awesome that you are interested in majoring in business and real estate! It's going to take you far, and you are going to be wealthy at a young age! I think it's also great that you are interested in building design, interior design, and landscaping. That will be very helpful if you are going to be building homes, flipping homes, and purchasing buy-and-hold rentals. You can also have a side gig in designing and landscaping for other people!

Many people start out in wholesaling, especially if they don't have much money to start with. Videos about wholesaling teach you how to evaluate deals that flippers and investors would be interested in buying. Which ones would be good wholesale deals for them, and which ones would be good deals for real estate agents? Wholesaling also gets you out right away talking to sellers and investors. Then after you make some money at that, you can graduate into investing, doing flips, buy-and-hold rentals, and more. 

I found a great course online to study for my real estate license for $371, which is accredited in my state (www.trainagents.com). Real estate courses teach you all about real estate law, contract law, and financing deals, which I think is important to know. If you run across a deal that would NOT be good for wholesaling, you could list the home as their real estate agent.

Bigger Pockets has so many interview videos with successful wholesalers, and here are some of my favorite YouTube channels to watch:  Max Maxwell, Kris Krohn, Phil Pustejovski, Clever Investor, Wholesaling, Inc., and real estate attorney William Bronchick.

Best of everything to you Kimberly!

Bola, sure it would be okay to contact me.

Demarcus Crump, I have recently very reluctantly had to say, "I would love to buy your house, but my handyman does not want to take on this project. It would not be feasible for us." In this case, I will refer them to a realtor who could get them the price they need.  

I've also had to say, "I cannot offer what you need (they had a high mortgage balance to pay off), because there is not enough margin in this deal for my investors to be able to flip this project and make a profit on this deal, nor for them to buy it as a rental. This is what your house could make on the real estate market. It would better for you if I connect you with a real estate agent who can put it on the market for you, and even if you pay the 6% commission and closing costs, you would get closer to the full price that you need for this house."

It's a matter of knowing when you have a wholesale deal or a real estate agent's deal. And this is a great way to start connecting with real estate agents in your area who would love to have that deal. You help them, and they will help you out too.