All Forum Posts by: Roland Paicely

You can also take a look into Onedollarsigns.com

You are right!  That is nowhere near the norm.  Usually the repairs are not done by the seller.  The buyer takes care of that after she owns the property. 

Although, if the seller is motivated enough and all parties agree to it then go for it.  But look for that to happen very often

Welcome to wholesaling Zach!  It's good that you're taking action.  Do you have any money for a marketing budget?  If so then you could do a direct mail campaign to absentee owners & put out bandit signs (know your codes though).

If you are doing this on a shoestring then search the free sites, Craigslist, Backpage etc...

Good luck 

Timothy,

Congrats on getting the property under contract.  That's the toughest part.  If you are dealing with investor/rehab buyers they all understand how the wholesale deals work.  I have done many wholesale deals and the 'buyer' doesn't care if I actually own the house or not.  They only care if it's a good deal and do you have it under contract.  Other than that I have never and I mean never had an investor/rehab buyer hesitate to buy because I'm a wholesaler.  A lot of investors rely on wholesalers to consistently find them good deals.

Move forward with it.  It sounds like a piece of cake........Roland

Tanya,

Indianapolis is a good city to wholesale.  I lived there for over 20 years.  However, it is important to know the correct value.  That's something that is best gotten from a real estate agent.  I would suggest making a connection with one and asking if they will run comps for you.  Unless you are familiar with the market wholesaling long distance presents different challenges.  Of course, it can and is being done.

Good luck.........Roland

Welcome Jerome,

You are going in the right direction by joining Bigger Pockets. Read as much as you can. Listen to the podcasts & attend your local REIA meeting.

The final ingredient is to take action and hang in there.

Good luck!

In almost every transaction a buyer will want a title company or a lawyer to handle the closing.  That is who the check is made out to.  Never have it made out to the seller.

Always make it out to the Attorney handling the closing or the Title company.

Good luck!

If it's a great deal let your fellow investors know about it at your local REIA. If it's good, it will sell. As everyone else has said, open houses are not really for investors, contractors etc. I've done a lot of open houses as a Broker. Usually, you get retail buyer leads for other houses that are listed, good luck

@Kate Pierse   For a buy & hold it might be worth having.  Especially since it is in a very nice area.  Wake has a good reputation for steady appreciation also.  

I think the big drawback will be that it's a townhouse.  What do you think of telling the seller that it doesn't work for you but maybe it might work for one of your colleagues.  If he says yes then sign him up and market it to the Landlord types.  I think you'll have a good feel if it's a possible deal within 1 week.  That's been my experience.

Matthew,

Hey, that deal might work normally.  However, since it is listed it's a whole different ballgame.  I'm not saying that it cannot be done.  But you'll need to have a different approach.  If you sign the P & S agreement in most (probably all) states you cannot assign it.  One solution is to use your own funds, if they are available.  

O.K., I know a lot of wholesalers don't have that kind of money.  But I had to get it out there.  You can also use transactional funding if there is enough spread in the deal.

Don't get too discouraged though. I have also done some deals right off of the MLS.

Do your thing!.........Roland