All Forum Posts by: Nick C.

Get a definitive date from her. If she doesn't perform by that date she's gotta go. Also if she can't give you a definitive date she's gotta go. 

Wholesaling is a job, but it sounds like you already have a job. Focus on buying rentals, unless you're looking for a new career. To wholesale correctly it should take a lot more than 40 hours per week. Save that 2000 a month for a downpayment, get some local bank financing. If the houses are cheap enough you'll have a few in no time. 

It depends on the situation. If the property just came on the market and it's a good deal and there's multiple offers, then you will absolutely need to waive your inspection clause to stand a chance against the other offers. If it's been sitting on the market for a period of time you can attempt to get an inspection. 

What do you do with the contracting company? I don't know the area, but first determine if it's a deal or not. If you can close on it yourself using hard money that would be more beneficial if the contracting company can handle the repairs. If not, and you don't have any experience go the JV route, but you will have to give up equity.

What are you going to study in college? Why not get a degree in real estate if that's what you plan on doing? I don't know how it is in Ohio, but here in Florida if you major in real estate you can skip the pre and post licensing courses.

Would you be finding the property? Relisting it, dealing with appraisals, inspections, buyer's agents? 

The remodel of the property is just one responsibility of many. If that is the only function in the process the contractor is going to perform it would make more sense to just pay him for the work he does, not give up equity. However, if you must partner with him and give up equity make sure to split up the responsibilities on paper accordingly so no one feels like they got burned. 

I would use hard money to do multiple homes. Basically you'll mitigating your risk. If you do one house at a time and it bombs you're in trouble. If you've got 5 or 6 houses going and one bombs you can count on the other 4 or 5 to still make money. 

As a rehabber I agree with you 100%. 

Although I can see where lenders are coming from wanting skin in the game. I can understand that with a new flipper, but track record has to be taken into account here. Like you I'd rather spend that "skin" on more marketing and finding more flips, thus giving the lender more points and interest. Finding deals at 65% ARV takes money.

I don't see any benefit in saying that. As you'll see in these threads wholesaler has become a dirty word in the investment community. Fair or unfair there's way more bad ones than good ones, buyers are generally going to assume everyone is a bad one. 

And for sellers most of them won't know what a wholesaler is, and if they did they wouldn't be selling to you anyway. Marking their property up and selling it for more than they're selling it for by and large wouldn't sit well with sellers. 

Investor is a catch all phrase thrown around a lot, go that route. 

Every market is different, but with inventory being as tight as it is I would not limit yourself to one or the other. By at the right prices and you'll be in good shape in the long run regardless if it's SFH or apartment complexes.