All Forum Posts by: Mike Oconnell

Wholesaling as a licensed agent is a slippery slope. Clear and full disclosure to all parties is a necessity. If you have an idea of the office you are going to hang your license, run your plans by the broker. Also, you can probably do the wholesale deal before licensing if it is ready to go soon.

A lot of the sellers that want an offer from you over the phone are not very serious about selling. They just want to see what you are offering and are hoping it is a real high number.

If they took the time to call you though, you have a great opportunity to build a relationship with them and see if you can help them out of a possible difficult situation. If they insist on a number, you may want to try to give them a price range. Then you can give them a more accurate number after seeing the inside of the property.

Good luck!

Getting face to face with them is going to give you your best chance of actually buying their property. You can approach them with the intensions of helping them and build a relationship with them. You will probably have to contact them several times before they are ready to buy. Patience and persistence! In my opinion, the next best thing would be to try to get their phone number and call them. If you can't reach them through those avenues, a yellow letter type mailing would be my next suggestion.

Does anyone have a good book they can recommend that focuses on asset protection for the real estate investor?

There are many books on that subject but I would like to know if anyone has read a few, and would recommend one or two.

I'm looking for a book that offers proven best practices/recommendations for setting up LLC's, land trusts, and/or S corps, etc. for properties and companies owned by a real estate investor.

Any recommendations would be much appreciated!

@Matthew Paul Great point, thank you Matthew!

Thank you @Account Closed! That is exactly the kind of advice I was looking for!

In my location the landlord can collect a security deposit not to exceed the equivalent of two month's rent, and as much prepaid rent as the tenant is willing to pay (but it has to stay in an escrow account until the rent is due).

I was looking for pros and cons for both options and you gave them to me, thanks!

If a rental applicant falls a little short of our qualification standard of 3x income or favorable credit, we sometimes offer an option for the tenant to pay a double security deposit or pay 2 or 3 month's rent in advance.

I would love to hear if other landlords or property managers offer this option, and if so, do you think it is more beneficial for the landlord to accept a double deposit, or rent paid in advance?

Thanks very much!

Mike

@Eddy Dumire Get in touch with me if you are thinking of wholesaling it; either before or after getting in touch with the tenants.

Mike

I think it will be hard to lose at that price, Eddy! Good luck with it and keep us updated.

I agree with @Devan Mcclish. All great stuff but you lost the seller after the first sentence or two. Give them just enough to get them to call you.

Good luck!