All Forum Posts by: Haider Zaman

Hello BP family!

Just last week, I purchased a list of absentee owners from List Source and started mailing out yellow letters.

Today, I heard back from a seller and I am scheduled to go out tomorrow to look at the house (YAY.  SMALL WINS).

I have a question regarding the title search.  Should I get this property under contract, can someone tell me who would do the title search?  Would I do the title search or should I have the seller or my end-buyer do the title search?

If the end-buyer does the title search, what happens if the title doesn't come back clean?

Any guidance you can provide would be greatly appreciated!  

Hello BP family and List Source users!

I am trying to purchase an absentee owners list from List Source and had a question regarding the Last Marketing Recording Date and First Mortgage Origination Date.  To find absentee owners with lots of equity, which field would you recommend using?

I've watched a few videos on YouTube and they each seem to use one or the other.  So any direction on which option to use would really help!

Thank you!

Haider

Hello BP family,

To all my expert wholesaler friends, I have a question regarding the closing costs when wholesaling. Who usually pays the closing costs when you are wholesaling properties (the wholesaler, seller or the buyer)?

How do you factor the closing costs when making an offer? I've done quite a bit of research and can't seem to find consistent information. Any advice you can provide would be greatly appreciated.

Thank you!

@ Gerald, this such a fantastic post! Thank you so much for putting this up.

I do have a quick question. Can you explain the difference between the contracts you have posted? (Difference between Purchase and Sale contract vs Assignable contract vs Wholesale Investing contract)

Thank you very much!

Hey Russhell,

I recently bought the Flipping and Estimating book here on BP.  I haven't cracked it open yet but it's received awesome reviews.  I originally went to Amazon to purchase it the book..however, BP is offering the Flipping and Estimating book for free if you purchase the book on flipping houses (same price as the Flipping/Estimating book on Amazon).

Thought it was a good deal.  You're essentially getting a 2 for 1 deal on BP.

Here is the link: http://get.biggerpockets.com/flippingbook/

Thanks!

Thank you both for your advice.  @Russell Ponce.. what do I do if I can't find an investor who will buy the property I have under contract?  Naturally, I didnt do a good job of negotiating or the deal itself isnt good.  But with that said, what happens if I have a contract on a property and I can't find buyers.  

Would the property go back to the seller or am I under any obligation to buy?  Is all this specified in the contract?

Thanks

Hey everyone,

I had a question (which will show just exactly how green I am to all this) regarding contracts.  If i have a property in contract and I begin looking for buyers.. what happens if I am unable to find one?  Does the wholesaler risk having to purchase the property him/herself?

Or are there certain clauses within a standard contract that says the property would revert back to the seller after "x" amount of time?

Any guidance on this would be much appreciated.  Thank you!

Hello BP Family,

Would you all recommend establishing a LLC before wholesaling or is this something that can be later on once you actually have a few deals in the bag. As someone who is starting off, i'd prefer to keep my costs to a minimum and would prefer not to pay the fees for establishing a LLC and getting a business license.

Thank you,

Haider

@Mike Hepburn, you mentioned your strategy that works. Would you mind sharing some of it? I am trying to keep my marketing costs to a bare minimum and already having access to MLS, could greatly benefit from any guidance you can provide.

Thank you

Thanks guys for responding. @Bryan L, I have a follow-up question for you. When I find properties in MLS that need work, who do you contact to make an offer? Do you go through the listing agent or go directly to the owner?

I figure the listing agents wouldnt be too enthusiastic about receiving a wholesale offer considering it directly impacts their commission.  

Thank you again for your response.

Haider