All Forum Posts by: Barry Pekin

@Mason Klement,

If you have a house under contract with the seller, the buyer cannot go around you.  Your contract is legally binding.  Registering the contract to cloud the title is helpful, but generally not required.  It just makes it easier to deal with if something does go awry.

If a buyer is truly looking for investment properties, they want a relationship with you because your goal is to bring them properties.  If they try to go around you, then you're not going to do business with them again, will you?  No.  And word gets around.  They're shooting themselves in the foot if they do something like that.  If they're a true investor, they're going to work with you.

Now, go connect with @Lydia R.

@Alfonzo C Rushin II,

Getting buyers is very easy.  Let them know you have a contract and you want to sell it to them.  The only thing you discuss is the final price they're going to pay.  You negotiate that with them.  If they're willing to buy at the price you're willing to sell, then the amount of your fee shouldn't matter.  I know a bunch of cash buyers that say very clearly that if they're getting a good deal, they really hope I'm making a killing.  If $100K works for them, then it works for them.  If you're making $20 or $20K it doesn't matter to their bottom line.  If they balk after seeing your fee, then it's not someone you want to work with.

As for finding motivated sellers, that's an entirely different game.  It's tough.  You have to decide what works for you, both in how you market and to whom.  There are probably hundreds if not thousands of posts in here on the topic.  Not to mention books, podcasts, YouTube videos, etc.  Start researching and figure out what works for you, your personality, your capabilities, and you finances.

@William Mckoy,

The process is pretty easy, actually.  Talk to the seller.  Find out how motivated they are to sell.  If they're sufficiently motivated to sell to you at a good discount, then you have a potential deal.  You do have to understand how to run the numbers to see if it's a deal that would work.

I recommend the book, "If you can't wholesale after this... I've got nothing for you."  It's a good roadmap of the entire process.

@Allen Jackson,

Get the book "If you can't wholesale after this... I've got nothing for you."  It's a good roadmap of the entire process.

@Steven Moore,

There are some contracts here on BP in the "FilePlace".  I would also talk to some local wholesalers in your area and see what they're using.  You could also ask your title company.  You want something that works in your area.

You need two main agreements, but others can become handy now and again.  Those are a purchase agreement and an assignment agreement.

@Brad Wilson,

Learn, learn, and then learn some more.

Read the book, "If you can't wholesale after this... I've got nothing for you."

Then read some more, listen to podcasts, and just absorb all that you can.

And, network.  Connect with local investors.  Get to know them and what they're doing.

@Allen Jackson,

Assuming you're wholesaling, you really only need the title company.  Contact the owner, see if they're willing to sell at a price that works for you, and then get it under contract.  Once it's under contract, the title company can handle the transaction.

If you want help determining the value of the property, ARV, and repair costs, then a contractor and a realtor might be able to help. I wouldn't bother with an appraiser.

@Alex Garza,

This can be difficult.  Checking with neighbors can help.  You could also send a letter to the property address and see if you get lucky and it gets forwarded to someone.

@Antwan Davis,

There are a lot of ways to market, both in how you market and to whom.  Your choices are going to be personal.  Are you going to market to absentee owners/landlords, pre-foreclosures, empty nesters, etc, etc, etc?  And what appeals to you for marketing?  Do you want to setup a good website (hint: yes), use direct mail, make cold calls, etc?

What I would do with $5K is almost certainly going to be different than what you should do.

@Ronald Troy Whidbee,

I totally missed part of what you asked.  NO!  You cannot wholesale and act as an agent at the same time.

If you decide you want to wholesale, you need to disclose to the seller that you're an agent, but that you are not acting in that capacity.  I'm sure when you got your license, they explained how to purchase investment properties.  If not, go ask someone.