All Forum Posts by: Anthony B.

Wholesaling a FSBO isn't different than wholesaling a property listed by an agent. I wouldn't tell the seller what I am doing. I would think the average person would feel cheated if you told them you want to get their house under contract, only for you to make another 5-10 grand off the transaction.

When you are wholesaling and net small gains like 3-5k, assigning a contract is fine. But when your gains get larger, I read its better to do a double close (this way neither party knows how much profit you net).

I don't think there is a way to 'simplify' the process. Get your offer calculated, and make your offer. Just realize you have to make a lot of offers, because you will get rejected a lot. The more offers you make, the more deals you will get. Get a list of buyers so you can flip the contract as soon as possible.

That's what I've concluded to, but I wouldn't mind hearing someone more educated chime in.

Anthony

In this instance, the seller and the buyer would then know how much you're getting paid. Am I right?

I thought of making some signs to find people to add to my buyer's list. I got the signs and markers ready to go. I am now thinking of what to write exactly.

-RE INVESTORS-
"I WHOLE$ALE REHAB Properties"
(###)###-####
[email protected]

Anyone have feedback? Good/Bad?

(WholesalingSD = Wholesaling San Diego)

Anthony

Thank you Will.

I will say what I understand about this:

I go to a real estate agent to help me send out offers. I find one deal and then flip the contract to my investor. Investor purchases property, and the Seller's Agent get a commission from the sale, AND the Buyer's Agent (the one who helped me find properties to send deals to) gets a commission from the sale also?

Please let me know if I have it misconstrued.

I've noticed on loopnet it displays a note: "Commission split: 2.5%"

Is this note referring to a scenario where a Buyer's Agent comes and helps find this property, the Buyer's Agent will get 2.5%?

Thank You,

Anthony Burton

Although I have no response as of yet, it felt good submitting my first offer. It took me about 15 minutes of thinking before i finally hit the 'fax' button. A lot of negative thoughts went through my head.

Here is what the numbers came to:
House last sold in 2005 @ $385,000
Listed price was $270,000-$280,000
My offer was $235,000

This is short sale, and located in San Diego.... anyone see anything wrong with my offer price?

Honestly, if you're new to investing, 'stretching' in order to do the deal doesn't sound like a smart way to enter as a beginner. I myself am a beginner. I am going to avoid all situations where I would need to 'stretch' in order for a deal to happen, being the risks are increased. I could be entirely wrong, but that is my opinion.

Thanks,

You do have a good point on the public forum replacing the need of a mentor. I've already found a wealth of information and help here.

Thank you for the response John.

Does a Title Company and a RE Attorney serve the same purpose relating to closing on contracts?

I have learned more in depth in regards to double closing and the benefit of it. So I realized the possibility of double closing from a motivated seller to an 'Average Joe' consumer. I am going to do bandit marketing and get some possible deals come my way. I am going to focus on properties that are in need of rehab and wholesale it to an investor, but I would like to be prepared for any deals that might come to the table.

My questions are directed towards this scenario:

Motivated seller comes and wants to sell house at 70% FMV. House is good condition. No repairs need to be made.

1.) No repairs need to be made, so no need for a rehab investor to intervene and bring the property to livable conditions. If I choose to do a simultaneous close with the end buyer being an 'Average Joe' consumer, what are some unforeseen challenges that need to be taken into consideration?

-My first concern is possible traffic of 'Average Joe' consumer traffic through a house that might possibly be non-vacant and disturb the owner.
-Second concern is how to efficiently market the property without a realtor in an effort to emit fee? Smart decision?

2.) Is it better to sell to an investor?