All Forum Posts by: Nancy Brook

I had been driving an old Isuzu Trooper with more than 150k miles. I upgraded to a brand new Suburu Crosstrek a couple of years ago for my cross-country property adventure across country. I love that car! Recently bought a 2002 Mustang convertible with low miles that had been totaled and put back together. It looks great now. Yes, a splurge but it was only $4k for a fun ride.

I'd not go over there before getting a contract signed. Start with their price and then do a thorough inspection. From the inspection findings in writing you can negotiate the price down. I personally wouldn't go over there myself. I'd hire someone for $40-$50 with detailed instructions on putting together an inspection report. While you are waiting days to go there and get a contract signed, someone could already be in there getting the contract signed. Without a contract it's not a deal.

I'd not go over there before getting a contract signed. Start with their price and then do a thorough inspection. From the inspection findings in writing you can negotiate the price down. I personally wouldn't go over there myself. I'd hire someone for $40-$50 with detailed instructions on putting together an inspection report. While you are waiting days to go there and get a contract signed, someone could already be in there getting the contract signed. Without a contract it's not a deal.

Do you guys change the mailing or do the same mailing repeatedly?

I have experience as an investor and started wholesaling a few months ago. I can understand the complaint of wholesalers getting a property under contract and then leaving the seller hanging. That really stinks. At most, the deal should be called off during an inspection period. 

Personally, as soon as I have a contract out, I start making calls to tell potential buyers about the deal and see if there's interest. (I don't give a specific address at this point.) I've found a couple of real estate agents that have clients waiting to buy. I split the assignment fee with these agents. I don't mind sharing the wealth, especially as I am building my buyer's list. 

Once I have the contract back, I have a 10-day inspection period where I can back out should the property not check out. I haven't done this yet but I'm upfront that I need to do due diligence. 

If I could not find a seller, which I haven't had a problem yet, I'd either get short-term money or buy it through my self-directed IRA. I should also mention that I work with non-owner occupied properties which in most cases are investors. So I don't feel like I'm taking advantage of anyone. An investor knows what's happening and they have reasons to use me versus a real estate agent.

I would think a new wholesaler would be best served by either working with another wholesaler as a trainee or bird dog  or doing some buy and hold deals of their own first.  

Originally posted by @Jamal L.:

The beauty in this deal was 1) I was truly able to assist this homeowner with the finances he needed with genuine compassion and concern for his wellbeing and 2) the investor has acquired a property with great profit potential after rehab.

That my friends is why I love wholesaling, checkmate!!! 

 Great to hear about your success in helping the homeowner. Serving others is what it's all about, my friend. 

Good luck! Sounds like you are on a good track with your Toronto investor.

I do virtual wholesaling myself. It's the perfect lifestyle business.

Sounds like a great time! Enjoy the ride. My kind of Property Adventure!

Why can't you move in even if your other house hasn't sold? I'm not following this.