All Forum Posts by: Kelly Howard

I guess I shouldn't have brought up the dishonest investor at all. It was 1:00 in the morning and I'd been on the computer for hours. I'm sorry that I made things confusing. I think I was getting delirious. lol...But in answer to your questions, no, I worked from my home using my own phone, etc. I never received a penny from him...as far as our written agreement, it didn't even say that I had to work exclusively for him. It basically just stated what he agreed to pay me and that I agreed not to share any of his software or training materials. 

No Brent. The dishonest investor is totally out of the picture.... The investor that I am wanting to do this deal with is a totally different investor. He is just one of many investors that I had made a connection with. 

I'm sorry Brent and Bill. I guess I didn't give you all of my details. I formally cut ties with the dishonest investor over a month  ago, so I'm not doing anything behind his back...As for the 4 plex investor, I am  going to tell him that I am wanting to wholesale it. I don't think he will have a problem with that as we never discussed fees or any arrangements. He just casually mentioned to me that he is looking for 4 plexes and what he was looking for. 

I am not being dishonest with anyone. I am just trying to figure out how to do everything correctly since this is my first possible wholesale deal.

I was working as a bird dog for an investor who was quite dishonest, but that's another story for another day...While I was calling sellers for him, I connected with an out of state investor who is wanting to buy 4 plexes and asked me to contact him if I came across any and today I did. It's a steal of a deal and I would buy it myself if I could. I was going to contact him and give him the lead and charge a bird dog fee, but I think, I'm going to try to do it as my first wholesale deal instead.

I have several questions. The property doesn't need any repairs. So how do I analyse the deal?  I don't have to worry about figuring out any repair costs. Tenants are all in place with great rental income. Do I have to pay a earnest money deposit on the property when I do my contract and if I do, if the deal falls through for some reason, do I get it back? Secondly, I've been reading lately, that when I do my assignment contract with my buyer, that I should require him to pay an earnest money deposit. It makes perfect sense to me that he should pay one, so I know he's serious and doesn't leave me hanging at the closing table. Have any of you wholesalers done this with your buyers?

When I am talking to my seller, do I just  tell them up front that I am wholesaling the deal? Last question. lol...Where can I go to print up the correct contracts that I'm going to need for this? Sorry for all the questions and I appreciate any help!

Thank you Mark Nolan. It's a little scary starting out and I love this site and people that I feel like I can ask questions to. I just recently found this site, I think it's the next best thing for newbies like me that don't have a mentor to turn to. You are all my mentor!

Hi Brie,

Thanks for the links. I will read them. This man claims to be a private lender. If he is a private lender, how do I check him out to make sure he legit?...I have also seen other people advertising to be a group of private lenders working together to do loans, but I feel like they are just hard money lenders.  I am going to have to go this route if I am ever going to get started in investing. I'm ok with that, I just don't want to get involved with a bad one. 

Hi all! I am a newbie and new to this site as well. I came upon an unexpected killer deal for a fix and flip that I really would like to get as mine and  my daughter's first deal, but I have to move quickly and don't have the funds for it. I've been looking at private lenders. My question is, how do I know that they are legit? Someone told me to ask them for their NALMS number. What is that? Also, are there certain questions that I should be asking them to verify that they are legit?  Also, any ideas on how to find private private lenders as a newbie? Thanks all!