All Forum Posts by: Roland Paicely

Generally speaking, you will not handle this the same way as a 'normal' wholesale deal.  Almost all (probably all) contracts with agents are non-assignable.  There are a few ways to deal with this.  One is to line up hard money and close on it yourself and immediately sell it to your end buyer.

However, unless you have some experience in wholesaling I'd advise not starting with this strategy.

I had a license a few years ago.  I'd disclose it to the seller.  They didn't care.  They only want someone to buy their house. 

I gave up my license because I don't want to go through the updates etc.

Just my opinion, I don't think it matters much from a sellers point of view!

Stephen,

I don't know about the best bang for the buck.  Because I haven't used very many of them.  However, I will say that I've been very happy with Listsource.

Hey Joseph,

It sounds like you are out there making it happen by getting your first deal under contract.  For that I commend you! 

A couple of things to keep in mind: 

ARV is between $93,800-$116,000....Wow that's a $23,000 difference. The first thing that I'd do is find out which number is correct. Don't settle on a number unless you know that it is the right one. It doesn't matter if the seller/buyer likes it or not. Is the number real/accurate. The numbers are what the numbers are. Either it's a deal or it isn't. Don't fall in love with this simply because it's your first one.

I applaud that you got one and are working hard to make it happen.  But 'act' as if you have a ton of other leads. 

Having said that, if you aren't sure about the repair costs.  Have a contractor give you an estimate.  A lot will do it free.  Or charge you a small fee $50.  That way you have a better idea of your repair costs.

Regarding the soil test.  If the buyer needs one or wants one I'd suggest that they pay for it. 

But remember, the numbers are what they are!..........Good luck

Bruce,

There are a number of ways to get a list of buyers. To begin with I'd recommend going to your local REIA. There are always plenty of buyers there. Talk to people and ask them what are they looking for. What price range, how much in repairs can they handle, what area do they want etc. They will let you know!

Good question Michael.  I always wondered about that myself.  For years I was a licensed agent/broker while wholesaling.  I did comply and disclose that on my marketing.  However, while talking to sellers my opinion is that to them it didn't matter one way or the other.  I think that they are mostly concerned with selling the house vs are you licensed or not. 

Personally, I always felt that having a license gave me an edge. The sellers know that I am legitimate in some way. However, I hated taking all of the updates etc to keep my license current. But it is great for access to the MLS.

Overall, I think that it's more of a personal preference.  I'd like to have a license without taking the required updates........ha ha.

Other people feel different.  Do what you feel most comfortable with.  It works both ways.

Hey Pat,

Find out the mortgage balance.  Knowing the payment amount is nice.  But more important is to know the balance.  Also, what is the current value of the house?  You mentioned that the seller paid $160K in '07.  Does that mean that at that time it was worth $250K or was it worth $70K?

OK, I know I'm exaggerating.  But the idea is to focus on the current value and his mortgage balance.  ...........good luck

Hey Kid,

Before worrying about double closing or assigning contracts.  I'd recommend focusing on getting seller and buyer leads.  Read as much as you can.  Ask as many questions as possible.  But start at the beginning.  Get leads, talk to sellers, talk to buyers, get a deal signed then determine if it best to assign or double close.

good luck

K.D.,

Don't worry about it.  The only thing that the seller is concerned about is selling his house.  Very important to be natural and find out why he wants to sell.  If you can get a price from him, great.  If not, no biggie.  Try to find out mortgage balance.  By walking through the house you should get an idea of the condition it's in regarding repairs/updates. 

Be natural, when you don't know the answer be honest.  Tell him you don't know but you will get back to him.............Good luck

I'd think that the bigger question is 'why wouldn't you call them'?  They called for a reason.  Could it be that they are so motivated that they want/need to speak to someone immediately.  For them it's time to call the next wholesaler that will answer the phone.  Hurry, hurry maybe you can catch them........good luck!