All Forum Posts by: Account Closed

@Chase Hancock yes that is correct, although on craigslist you're just not referencing any specific property. You'll have to have some contact info on there so they can contact you. I. would, however, highly recommend getting a Business license and set up an LLC, if you ever plan on using someone else's money to fund a deal, most will only lend to corporations. That's the only type of license I've needed, but as mentioned above you could always get a RE license for kicks.

I am a full-time wholesaler out of CA and I don't have a real estate license. 

As far as protecting yourself, just don't openly "Market a property you don't own". You can privately tell your buyers list about your deals, or market a potential wholesale deal, but not list any identifying info, so that anyone that calls you for more information you out on your list and it's private from there.

Hope that helps,

-Chelsea

@Rasheed Hope If POF is a problem, you can always make your offer out as a Hard Money Offer. Even if you're using transactional lending, some transactional lenders are also Hard Money lenders and can provide a bank statement. Then the seller know upfront that you're using someone else money, but hard money works like cash in escrow. So hopefully you're offer still gets accepted.

@Wayne Brooks I wouldn't get the fee, the realtor would. I don't think you understand. I would simply be selling the property. And paying the agent a commission /fee. 

I have asked realtors before if they would be willing to bring me buyers for a kickback or commission percentage, and they all seemed to have the same answer: They couldn't justify their buyers paying more for a property then I would have gotten it for. 

Now every realtor is different and you ma y have luck, But I had to let that idea go. One of them told me their broker would simply not allow it. 

If you do have realtors on your list, make sure they know what you're asking, and that you would not be listing the property through them. (Or maybe you are thinking of closing on the property yourself and then listing it on the mls?) That would make a difference.

@Sergey Tkachev  So I am not yet well educated in the formulas needed to evaluate buy-and-holds, but I can give you some examples. A house I sold last year was close to our community college and had an ocean view. I sold it for 93k and that house would have rented for 1600.00 a month. That doesn't include the repairs that were done. (Approx 50k) It's pretty easy to get cheap properties here, and because of high rental prices throughout the county and high demand, I've heard other buy and hold investors say this is a great place to cash flow. 

I know that's not very specific, and hope it helps. If you're interested in Humboldt I would suggest talking to a local property manager and getting the formulas to do your own math. 

Buy and Hold works really well here in Humboldt County CA, high rental prices and relatively low purchase cost. We're about 5-6 hours away from you here on the Coast of NorCal.  

In my experience the letters from online work just fine, I've used them every time and they are always accepted.

@Jay Hinrichs Thank you, that is very good information I'll be using. This seller is not "elderly" she's probably in her late 50s. But she looks to be in poor physical health.  I'll keep that in mind when dealing with anyone over, say, 70. Like I said earlier I'll be consulting an attorney, and tell him exactly what would be happening. Like I said before what he does with her own money and on her own taxes is not my business, but this deal will only happen as long as I wouldn't be liable. 

@James DeRoest My question was regarding structuring a wholesale deal. What this woman does with her own money and especially on her own taxes is none of my business. 

But using a public forum to try to stroke your own ego, Bravo! bravo!