All Forum Posts by: Rickey Wallace

How would one go about doing a wholesale transaction as a RE agent? Scenario: u r approached by a distressed seller. She wants out of her home b4 she gets too far behind in payments so is super motivated to save her credit. Owned for 12 years, bought for $57,500, owes $18k, can't afford repairs of about $26k, CMA shows ARV to b about $132k. U don't want to flip but the value margin is too good to just let it go "too waste." Is it possible to do transaction w/o signage? Would broker fees still b involved? Would it ever need to b displayed on the MLS even if it's already sold n closing in 1-2 weeks? I'm trying to understand the proper course of a possible situation that I could run into. Any input, from any state's jurisdiction, would help

@Paul Timmins

Hey, thanks! I've heard some commotion about those types of deals back when I was attending my local REI but I haven't taken the steps to further pry into that information yet. Thanks for the reminder, sir!

Ty, sir. I grew up a bit and came out w/ only one training wheel on the bike 😄

Good day! Allow me to reintroduce myself: Rickey Wallace, former (but soon to be relicensed) real estate agent n aspiring part or full time (haven't decided yet) investor. I'm not necessarily new to BP but I have been FAR from active lol. I've mostly been an information gathering ninja here, even as of current, but after watching about 2 dozen or so podcasts, one of the reoccurring themes stated is to become one w/ the community n to mingle w/ an empty Heineken in hand (which I hadn't drank) that I will fill up w/ water later.  So, let's dip that toe in the water..!

After attending my local REI so I can better gain knowledge on which way to draw my road map for successful RE investment, I stumbled across the dirty little secret known as BP, thankfully. New job came along shortly thereafter, which ended my ability to attend said group (initially killing my RE investor motivation), but my ability to invest grew dramatically n my RE plans altered, for the better 😵😵

Now, the meat of it all: I will b focusing most of my attention in Pennsylvania, majority Lancaster county. I have a few connections in Berks, Chester, n York counties, n some Delaware but those options might be considered later down the line. Currently, in a newly acquired short sale purchased property that has HELOC options once fully rehabbed, if that route is taken. Dumped most of savings into all of that fun jazz n am currently saving up and getting ready for when the next opportunity happens. Unlike most newcomers, my 10 year plan doesn't revolve around flipping n wholesaling. Not opposed to either but focused on rehab n hold, 1-4 units, w/ leveraging, to increase the portfolio, maintaining my full time to secure loans easier. If a deal screams wholesale or flip, best believe I'll hire a translator to learn what money is trying to say lol

Thank u for your time. I will try my best to stay as an active helper on BP, giving information, not opinions, as I am able to. If u made it this far, go n have urself a big ole cookie, on me, cuz u earned it 😄

Jay Hinrichs lol I completely agree! Personally, I couldn't take someone for that much of a ride cuz of those "having a conscious" "problem" lol but I do know those types of situations happen regularly enough in all aspects of business :/ We do not have those types of advertisements around my way but that is an interesting way to help push a deal through, w/ a majority of the happiness being spread around. Thanks for that enlightening thought. What kind of legal problems can arise while having ur license though? Mostly, the top layer benefits scream "yes" but there has to b a few major pitfalls..?

Jeremy Tillotson understandable. I haven't decided which way yet but I'm leaning more on the buy, rehab, n hold over the flip initially, unless the deal just screams otherwise. I have heard that there can b conflict of interest situations when one has a license. I'm thinking more so about issues like where u run into a seller that wants to sell but has approached u w/ the intent of wanting u to list it to get "max" value. However, the they're willing to go much lower to sell n the numbers make sense for u to buy from them n flip it urself. There's that ethical/legal line that can pop up where u want to get the best deal for u but u also don't want to encroach on that possible business relationship that could haunt u for the rest of ur RE caree. Lol I'm just doing a lot of thinking n would like more input, ya know? I

Hey all u happy ppl! New to the site *raises hands to accept applause*, thank u. I use to b a RE agent back in my good ole days but now, I'm looking to get back into RE w/ investing on the mind. I've heard advice backing up both but I'd like a further detailed, preferably unbiased opinion about the question: is it better/worse to have a RE license while investing in one's own RE personal wealth gaining? What kind of pitfalls r there to look out for if u do have a license? R there any legal qualms to worry about? I'm considering relicensing in the near future but if the signs point more to "no", I might stop that plan. Thanks in advance!