All Forum Posts by: Chris Turner

Hey Jake.  You did not give a lot of details about the situations but from what you did give I would highly suggest that you walk away.  

If a realtor is calling you then the sellers have already signed an agreement with him, with his broker actually if you want to get specific. They can not then legally sign another contract with you.  You would be buying this house from a listing agent.  You will be required to show a proof of funds if you do decide to make an offer otherwise your offer will be rejected. Also these people do not sound motivated at all which is your #1 criteria if you are trying to wholesale.  

I love it when people say that the house was appraised for "XYZ.''  A no-bs very detailed appraisal from someone who is licensed to do so in my area goes for around $1,000. Ask to the see the appraisal from their licensed real estate appraiser that was done anytime this year.  Bet you a Coke they can't.

Treat this property as if you were buying it off the MLS because that is exactly what you would be doing.

Just my 2 cents.

@Marc Roberson

Are you asking about an "assignment fee?" Why are you wanting to double close? Will you require transactional funding?  Are you aware of the costs?  

Need to know more about the situations before your question can be completely answered.

@Max T.

Great point Max I did not think of that.

I would definitely tell them that the second room is unusable as a “bedroom” because they have chosen to put the washer and dryer in there. I’d say something along the lines of, if you put the washer and dryer back (wherever it’s really supposed to go) and turn the room back into a practical bedroom then I will offer “X” amount of dollars. Otherwise my offer will be “X” because I’m going to have to spend “X” to pay someone to turn it back. Then tell them that a 1/1 in their area goes for “X” and that is where your offer came from. Just use “kid gloves” because it’s possible that some sort of disability (i.e. going up/down stairs) led them to chose that location.

Can anyone recommend a postcard service that they have used?  I know I can do a search but I am interested in personal experience.  Preferably one where they mail out as well.

1/3. If it wasn’t for you the deal wouldn’t happen. Don’t sell yourself short

You can not wholesale without involving your broker. It is immoral and against the law. It costs a broker a lot of money to have real estate agents. Sounds like you are trying to open an LLC in attempts to hide what you are doing from your broker. Can you? Sure! Will your broker sue you when they find out, YES!! Will you lose your license? YES!!!

Tell your broker that you would like to start wholesaling on the side and would like to work out some sort of flat rate deal with them. If they refuse, find a broker that will. If you just wanted MLS access to invest then there are online brokers that can accommodate your wholesale deals for a flat fee (not including closing costs, etc). Paying someone $500 or whatever a deal is better for your piece of mind and everyone else involved.

Also do some research here on the forums.  You need to be very careful how you word your contracts since you are a licensed agent not acting as one.  You can do it, just do it the right way.

Anyone have any experience with this guy? Apparently he is God's-gift to closing deals by going door-to-door and making offers. My local REIA is offering a course where you go around with him and see how he does it, it's an all day thing. Looking to see if he is worth the price of entry ($300).

Make sure that whatever title company you use that they are familiar with working with people who wholesale real estate.  If you call them up and tell them what you do and they are like "what's that?" hang up and call someone else.  

Welcome!  Like Michael said you definitely need a local number.  Get a free one from Google Voice.  All the calls will be forwarded to your current number :)