All Forum Posts by: Joshua Manning

Thanks @Dustin Bowen

Thursdays are always pretty busy for me, but I'll try to make it!

Hello All,

I am currently looking for an experienced wholesaler in the Shreveport, Bossier, Minden, Ruston or Monroe area that would be interested in mentoring me as I try to get started in becoming a wholesaler. I easily able to get to any of the aforementioned areas from where I live so I can work with anyone in those areas. I've been researching wholesaling for several months now, what I need now is just for someone to help guide me along as I start to really dive in. I'm even willing to partner on deals together as I get started 60/40 (60 mentor/40 me).

So I've been doing some research on house hacking a little bit. I wanted to hear from some people who have had either success or failure in house hacking. I am currently living in an apartment while in school, and I was wondering if you guys would recommend house hacking as a good way to get started in real estate investing or if starting off with something easier would be more beneficial after I graduate. Also if you think house hacking is the way to go, then how, if you were in my shoes would you proceed with doing so.

Ok for the experienced wholesalers out there what would happen if you create a purchase and sale agreement with a seller, but you are unable to find a buyer for that property.

On a lot of posts I see where the wholesaler finds a seller and creates a contract with them first and then go and finds a buyer. But what would happen if you can't find a buyer or if you find a buyer and the deal falls through at the closing table.

Are you forced into buying the home yourself or does the contract just end? And how owul you go about canceling a contract?

I found the site recently that talks about how they connect wholesale real estate investors with cash buyers. I was a little skeptical of it at first, and I've never heard it mentioned on here has anyone here had any experience using this site before?

http://usawholesalerealestate.com/

Okay so right now I'm in college and am on track to graduate about a year from now. So I wanted to know in y'alls personal opinion with starting out in investing in RE what do y'all think would be better to try and go for a rental or flipping a house I know each of them both have their own pros and cons. I just want y'alls opinion on which one and why. Also no matter which one I do how should I prepare in this next coming year? Such as building credit, building capital for investing and things like that. And how to go about doing that.

No money would be inputted however, until the buyer is under contract. 

@Tom Mole

I have considered most of the problems you mentioned above. You are right that this business model is a great risk, but with great risk comes great rewards. Or that is what they say anyway. But o answer your questions...

1. I would have to talk to an attorney to work out the details, but in the contract i enter with the buyer, the buyer would agree to buy the house once it is finished as long as we abide my the floor plan they consented on. Although if they fail to honor the contract I'm not sure what consequence should be written in that would be appropriate, any thoughts? Although if worse comes to worse you could just treat the renovated house as a typical house flip and sell it on the market.

2. As in a typical house flip (one where your buyer is still unknown mind you) the investor would be the one putting up all the money to acquire and renovate the house. The benefit of using the company would be the expertise in using a hired contracting team to renovate rather than trying to do it yourself, or using someone who doesn't know what their doing.

3. We work with the buyer to come up with a floor plan unique to the home the buyer wishes to flip. Before agreeing on a floor plan it will be the job of the contractor on hire to ensure to that the floor plan is suitable to the property in question.

I was wondering if anyone has come across anything like this or even tried in real estate investing before. A RE investing company hires a contracting/construction crew on hand enters introduces personalized flipping described by the steps below. 1. Buyer approaches company with intent to buy a personalized home (all other homes are too expensive, and it is too expensive to build a home) 2 company located area(s) that are suitable to the buyer. 3. Company presents several low quality homes for sale in the area suitable to the buyer with potential for renovation 4. Buyer presents desired features of their ideal home. (Patio, open floor plan, etc.) 5. We work with the buyer to create the perfect floor plan with one of the renovated homes. 6. We give a ARV estimate to the buyer, alongside the price we would sell it for. Buyer either accepts or declines. 7. We enter into contract with the buyer 8. We flip the house and sell it to the buyer.

What are some common problems or setbacks or anything that most people experience while investing in Real Estate. In other words what are some of the more painful things about being a RE Investor.