All Forum Posts by: John Hamilton

Unless it has its own address, it's just an extra building on the property. I bet the original house, which is smaller, is the one on record. Depending on restrictions, not sure you can do anything now. You may have to pay some money to get it legit for the 2 family house (duplex?). Permits, zoning, lot allotment, etc are all things you are possibly facing in this deal.

Thanks everyone for their recommendations. I will be needing different GCs for a rehab coming up. Not sure if I'll need them, but it's nice to have them ready, just in case.

@Jerry Stanford thanks for the input!

@Chris MartinThanks for your feedback. I like the same option as you; series LLC. My Dad is no longer with us, so I'm the only surviving managing member.

@James MillerThanks for your feedback. Understood about jurisdiction. I was wondering about that. Also, haven't paid to reinstate since early 2015 and insurance. My mom did the taxes, so I know that's good. This was in Illinois, tho. Either way, I think I have to incorporate here in Florida or pay twice as foreign entity through the state.

I've recently decided to do wholesaling. I knew this was not a no money down, no risk, no credit avenue to REI. This costs money, time, sleep, frustration and stress over deals, etc.

Marketing, promoting, number crunching, negotiating with both the seller and the buyer, knowing your area, estimating rehab costs, sorting through a butt load of leads to find those small %s that are motivated to sell at a working PP. These are all the things a good wholesaler does to make a living. However, it's not an all encompassing list.

I want to be a dependable, knowledgeable, accurate as I can be, timely, informative, and reliable wholesaler. If there are soo many bad wholesalers out there, I think it would be a cinch to gain trust and close those deals.

A wholesaler who does all those things I mentioned in the previous paragraph should be able to feel great and amply paid for their hard work. Be an expert, you get paid as an expert. 

These buyers who spout this is how they think a wholesaler should perform is not fair, as that is from your perspective. If you have never been a wholesaler, how can you dictate the ins and outs of a wholesaler? That is from a one-sided conversation. However, this should give insight to wholesalers to understand what buyers are looking at when they are presented with a deal. 

@Rebecca LeBrun It depends on your goal. Want to invest in real estate or sell and market homes for commission. There are rules about realtors doing certain things as an investor. Net listing, conflict of interest, etc are some of the rub points.

Someone else mentioned having to spend a considerable amount of money and time in order to be your own agent. This is true, but check your state realtor commission by-laws.

Then, finding a broker that let's you invest while being employed by them is a rare find. However, It's been done by others on BP.

Much success to you in your REI.

@George RodriguezWithout the address, we can't tell you about the deal. MLS is a tough market for finding deals.

Reading the blogs and watching the podcast specifically in wholesale can do wonders for you. 

What is your strategy to get leads? How much money do you have to invest in your marketing? Direct Mail or DIY are the 2 ways of getting leads. Advantages and disadvantages may guide you to the perfect option.

Do you have a plan to handled incoming calls? Find out how the pros do it and adjust to your level.

Have you ever negotiated with a seller before? Learn some negotiating tips to help you get the property at the price that works for you, the seller, and your buyer.

Have you reviewed and looked at contracts? Purchase agreements and Assignment agreements are 2 biggies if you want to wholesale. Consulting a RE attorney can be costly, but it can be more costly if you don't have one drafting or reviewing your contracts.

Do you know the laws of wholesaling in the State of WA? Some states require you to be licensed if you use certain marketing strategies. Check out some of the forum posts to see what's shaking in the "wholesale: Is it legal or not" realm.

There are a list of other specialties that a wholesaler has to be good at in order to quickly and effectively determine good deals. Rehab estimates, rents in the area, comps, neighborhood evaluation (jobs, crime, income, etc), cap rate, etc.

Much success in your business. Let us know how it goes.

@Kathy Judd I thought all realtors were bound to submit ALL requests and offers no matter what the offer was.

She gets her cut from the sale. Since she doesn't represent you, there is no need for her to double dip.

@Devon Garbus A Zip letter is an officious looking mailer, like from the government or library. It emphasizes urgency so the mailee is almost forced to read it.

Not sure if this works. Yellow Letters I know works, but they say to maximize your returns, mix up the mailers between the lot.