All Forum Posts by: Henrietta M.

I'm wholesaling the property and I got a contract for me and the seller to sign. The contract is a basic contract which lets me take over the property. I called it a quit claim deed BC that's what I thought it's called. Anyways, zillow and every other site has huge gaps in housing market value. For example, this home is the only home within ten miles of the next homes. Then 26 miles in between those. Market value is very hard to determine. I have tried contacting someone to inspect but just like everyone else. They don't know the area and before all this took place. I honestly thought this area was another area I had been researching. I'm still trying to find someone familiar with the area.

Thank you

Sylvia, it's in LINN COUNTY and I had someone I trusted telling me to just do it. He said buyers will come because of price. I DIDN'T PAY ANYTHING, I just paid the $10 earnest fee and had her sign over interest to the property. I thought writing a time period stipulation would be 'just in case,' for an exit strategy. Now I realize I may have to use it. I just want this to deal to go through!😌

1. I definitely need help analyzing's this deal! Here is the situation:

• 13,000 population in entire county of Missouri small town
• Owner is very motivated, says large lot is included, which house was built on
• 3/1-unfinished bsmt-yard-kitchen furnished
• rented consistently $375 monthly
• hard to find comps because town has only 3,000 ppl
• owner said bought it 10 yrs ago for $31,500 and is now asking $25,500...I got price down to $18,000

MY QUESTIONS:

1- How do I calculate sq footage and ARV Correctly? I believe I may have done it wrong 👎

2- How could I even get someone out there to inspect it? I should of had this done or at least planned out

3- Why was I CRAZY ENOUGH & UNPREPARED BUT still got a quitclaim deed and had her sign over interest?! I'm a wee bit WORRIED!

SUGGESTIONS??

Do you Really have to have any legal to say, ah-duh! You're the MANAGER, which equates to you are RESPONSIBLE.

Hiding behind contractual technicalities and perverting the law for self benefit never wins. Even if you think you have won, time always deals a healthy dose of karma.

So I decided to try contacting some out of state fsbo's and see what happens. I've been wanting to virtual wholesale for a while now. Anyways, I found a few very motivated sellers with 3/2 sfh. Basement, yard, park near by. ALSO, there is only two elementary schools in town. It is rented consistently for $400 monthly and is priced twice as much as the LTV. Problem is, they are in a small 4000 population town.

I feel like I don't know how to even wholesale locally so I shouldn't be contacting out of state owners. Also, I have no idea who to market these deals to. Most buyers need city deals or close to city deals.

Can someone please help me out with if I should even bother these? Also, help analyzing an offer price better.

Thanks

Scared to wholesale in small towns but ALL MY MOTIVATED SELLERS ARE FROM THIS PARTICULAR TOWN!

I have 2 very motivated sellers from a small town stays in Missouri and Illinois.

Not only have I never wholesaled virtually. I only wholesaled one deal so far locally and that was not much work on my side.

I don't know any buyers who want these deals. They are both sfh (single family homes) 3/1 and 2/2 with unfinished basements. Both have large yards and they both need fair amount of work.

Please leave your advice and if anyone in the Missouri of Florida area Orlando or Miami are interested in a possible JV. Let me know!!

Thanks,

You don't need a license to wholesale in any state. Ohio is cracking down on real estate investing in general but still no license needed to WHOLESALE. Wholesaler is simply taking control of the home for a limited amount of time, until you find a buyer, then assigning the contract to the buyer. Now, please make sure you get a second opinion and legal advice. Also, make sure the contract has the necessary wording before ANYTHING. It's not complicated, it's actually simple. The hard part is covering all your bases and finding the necessary people who can help you. Bigger Pockets is actually very helpful. You could find everyone and everything you need on here, just ASK😁

GOOD LUCK 🍀

He

Hello everyone!

I'm a newbie investor/wholesaler in Utah and I'm looking to WLO remotely. Florida is obviously one of my top picks. I will need investor friendly grounds people, such as investor friendly agents and a title company.

I am also interested in co-wholesaling as long as their is a binding contract involved between us.

please contact me through BP ASAP.

Thank you,.

H.

Hi Joe Mccall,

I really love listening to you on podcasts and your free advice is worth SOO MUCH. You give away a lot of amazing tips and helpful advice. Your advice literally costs thousands, if I were to buy a course.

I live in Utah and I'm new to WLO, actually new to real estate investing, proof.

The thing is, I feel Utah is just too strict with certain laws. Also, finding an investor friendly title company here is a bit hard.

I really want to start virtual wholesaling. I'm just a bit confused about what order I should start in? Laws, steps to take? Etc? Any advice???

I know I'm interrupting this convo but I'm in Utah. I am very interested in building a virtual wholesale team in other states.

I've received advice from people who say that I'd be breaking laws and it's not possible. I'm afraid this may be true. Right now I can't afford attorneys. Do you have an attorney? What states do you focus on? What should I know before I start remote wholesaling? Also, how can current renters stay in the home if you're selling it? Are they signing a lease purchase agreement?

Thank you