All Forum Posts by: James Green

@Barbara Garrett, first do you have the property under contract! If not, then do that first.

Once you it under contract, I would ask the buyer for a POF, preferably a bank statement. I don't want to waste the owner's time, nor my time with a tire kicker.

Next go to the property with the buyer, instruct the buyer to ask you any questions they may have, but NOT THE OWNER.

Let's suppose you do all of that & the buyer goes the next day to talk with the owner to try go around you. Well, one you have an enforceable contract. If the owner signs another contract with your buyer, take your contract down to the your title company and let them know what is going on. They can help you out with what you need to do. There is some type of official paperwork that you file with your city/county that when the buyer tries to close on the property with the seller, your contract shows up as part of the chain of title. What this does is cause the buyer to have to contact you to clear it up - which is when you tell them " $5K and I will go away, otherwise kick rocks!" Buyer can't buy, seller can't sell to no one else.

Next remove that buyer off your list, NEVER do business with them again & broadcast that buyer's name to everyone you know locally. 

@Omer Husain , just ran across this article in one of my feeds - https://www.recode.net/2018/4/24/17275202/bitcoin-scam-cryptocurrency-mining-pump-dump-fraud-ico-value

Great minds think alike! LOL!!

@Jade Utley out of state wholesaling is a lot harder if you've never done your local market. You are in Nashville, a big metro, you should be able to find deals all over the place. You might have to go out to the suburbs, I don't know your market but I am in the DC area, very competitive and very expensive, but there are deals all over the place. Not only in DC proper, but in all the VA & MD suburbs.

I would suggest visiting the wholesaling forum & consume all the info there. Have you joined any of REIAs in the area? There are deals in Nashville & its' suburbs.

@Jade Utley have you done any local wholesaling?

@Dylan Barnard  don't walk away, RUN!!!

@Scott Michael, I agree with @Tim G. ! There are a lot of moving parts with trying to wholesale a mls property that you don't have with off-market properties. Also, do you have an agent or agents that will submit these numerous low-ball offers?

@Joseph DiNardi-Mack can't be done!! There is no way to determine for sold properties what is a "wholesale" transaction. Also what would be a definition of "wholesale" if you could, 90% / 80% / 70% etc. of ARV?

At best you can go to listsource & pull cash sales for each county.... but CASH SALES don't necessarily equate to a "wholesale" transaction. Many retail homeowners buy their own homes for cash.

@Courtney Fricke 2 of the best (in my opinion) REIA/Meetups in my area are: 1)https:/// ; 2)

I like #1, because the whole meeting is nothing but presenting deals. No teaching, no selling, just deals! Different type of deals, whether is wholesale residential, wholesale commercial, hotel investments, Rehab JV opportunities for private lenders, Agents presenting retail properties for sale, notes, etc. The organizer - Andre Johnson, has added a real time polling system for the audience. So once a presenter has finished with their pitch & answering any questions, there is a live poll via your mobile phone to gage everyone's opinion on if it is a "deal or know deal". As each person text-votes it shows the numbers show up on the overhead screen instantly. It makes for great feedback. It can be humbling to see that 70% of those that voted, thought your "deal" was a "No deal". There is even a prize for the best deal of the night.

I like #2, because the organizer - Charles Blair is a very successful investor and he teaches for an hour what he does in his business. Each month is a different topic, so one month maybe "real estate tools". So he goes through all of the offline & online tools that he uses or has used and goes over how to implement them. He even goes over all of the low cost or free alternatives to the tools he is currently using, for those just starting out with limited budget. Another month maybe on "finding motivated sellers", another month "online marketing", etc.

Both meetings are very well attended (100+ easily) and are entertaining as well. Also both of these meetings are just meetups, not REIAs. Both are free to attend.

@Sarah Ozuna for info I would listen to every podcast interview of a wholesaler that has been done on BG. Also go to the Wholesaling forum, there are a ton of articles on the steps. There are contracts in the File section, but as @Laura Alamery suggested, you should probably network with successful wholesalers in your area to get help in a JV deal - You find the deal, they provide the buyer(s).

@Rahib Karim when using hard money you need to totally understand all of the financial numbers. Also as a beginner rehabber, hard money lenders will charge you a higher interest rate than someone that is experienced and they've worked with before. It's important that you shop around for rates. Get as many quotes as you can, I'm sure there a plenty of local HML companies in your area. I would go to all of the REIA meetings in your area and network, to find lenders & contractors.