All Forum Posts by: David Burton

 Yeah, we went over all of that. The main point I got from everything he was saying, is that you can’t do it. He was saying you have to purchase the house if the contract is signed. If you used an optional contract though, then you could assign it to someone else, but you’d still have to buy it for whatever you agreed on if you didn’t find an investor. I believe that’s correct, we kind of confused each other because we were going in circles, it confused me anyway. I know he kept saying the type of contract I was describing sounded like an optional contract to him, that people use in stocks. It didn’t make sense to him that you could put contingencies, etc to back out of the purchase once it’s signed.

I’m making this story as short as possible, so....

The lawyer had no idea what wholesaling was. So I explained it to him, then he didn’t understand why the contract would have contingency’s allowing the wholesaler to back out before the contract was up, mainly if he was not able to assign it to someone else within the time period. So, basically, I got no where with getting contracts made or figuring out more of the legal side of things because we kept going in circles about why the wholesaler wouldn’t buy the house if the assigning part didn’t work out. He also said that somewhere along the purchasing and assigning part, he feels that I’m being an agent or a broker, which is illegal because I don’t have a license.

Is there any informative blog, etc I can email to him or should I find another lawyer that already knows and understands the processes of wholesaling?

So, I’m going to meet with a lawyer in about 2 hrs to get an estimate on how much the two contracts might cost and am planning to ask a few questions about what’s legal. I’ve gained a lot of knowledge online about wholesaling, but majority of the people mention to check with your lawyer about legal and illegal processes of wholesaling in your state, but don’t really tell you or give examples of what to ask.

Any experienced people have questions that I should for sure be asking? I already  have a couple to ask, but didn’t want to make this post too long.

Thanks!

 Thank you! I appreciate all the help. I’m sure out of everything this site and community offers, it’ll help me greatly! 

I’m new and learning as much as I possibly can from the internet and my work buddy that owns and rents out a few houses. It’s hard considering everybody has their own way of working and some people suggest different things a different way. I guess the “right way” comes from your own experience and what you feel comfortable with. I’m wanting to get into wholesaling as soon as possible, I have no big money to put towards anything and you have to start somewhere, right? I have a few questions for anyone with wholesaling or investing knowledge/experience that’s willing to help.

1. What’s considered a good deal for an investor? Ex. A house is valued at 50k, but the seller agrees to sign a contract for 40k. Is that even enough for an investor to put his time and money into? Is any amount of profit considered a good deal?

2. When I contact someone about their home and they ask about my experience in wholesaling, what is the best answer? Considering I’m just starting, I have none. If someone told me they have 0 experience, I probably wouldn’t feel too comfortable working with them or taking advice.

3. If you’re not aware of local meetups, what are ways to find buyers or any other connections? If I go to auctions, etc should I approach anyone that threw a bid and introduce myself?

4. Once I have a cash buyer as a contact, do I ask what he’s looking for and wait for that opportunity to grow or just get whatever I can under contract and bust my ___ to sell the contract?

I may be overthinking something that could be simple, but it’s better to know ahead of time than to possibly disappoint yourself and/or a home owner.

Hi. My name is David Burton and I live in TN! I work at FedEx 5-6 days a week and am looking to change that in the future. I’m 23 yrs of age, so not too young or old, I don’t think. I am a father to one, she’s my reason to keep going and not give up no matter how hard or complicating it gets. My goals for joining is to meet people, build relationships and hopefully get my own thing going!