All Forum Posts by: Riley Hinshaw

@Account Closed zillow has a search filter for pre foreclosures, i use it to find all of them in my area

hey BP i was curious if anyone knew how i would go about wholesaling properties i find in the pre foreclosure listings on zillow. Is it like putting any other home under contract ? 

okay BP, i have another question i can really use help with. So i came across a deal on zillow when i was searching the "For Sale By Owner" listings. It is listed for $530k and after contacting the homeowner he told me he will take $520k minimum. In the pictures you can tell its in great shape, the kitchen looks recently upgraded and it appears there is probably about $20k in rehab needed minimum however ill wait for a contractor to assure that. I checked a lot of comps and the Arv of the home is about $650k. I know i have cash buyers who will be interested in buying this property, my question is, How do i go about doing that ? should i put it under contract ? or do a double close? How should i go about allowing buyers to view the property without the homeowner finding out im making $10k off him? What should i do!? what should i say to the homeowner ?

please help me out BP,

thanks!

what if i put an offer on a property,could i then resale it within say 45 days for a profit if its accepted? Or is that still considered assigning it ?

Im a 19 year old wholesaler looking to get into Wholesaling REOs. My question is, where do i start and am i even capable of doing this. How does the process work? Whats the first thing i do? Should i contact an REO broker? How much money do i need to wholesale an REO (assuming i have to make some sort of EMD)? how much capital do i need ? please help me out, i can really use some step by step advice!

thanks BP!

-Riley

 thanks a lot for the advice, do you know how i go about filling out the CONFIDENTIALITY and NON CIRCUMVENT AGREEMENT since its via email? i have a touchscreen laptop if that helps . 

sorry just want to add, the agent told me to sign for me and my buyer. so i assume he wont have to sign, but will i still be able to make money off this deal ? and what should i look out for. also what should i use to sign the agreement and send it back to him? thanks

okay ill try to make this as brief and to the point as possible. Ive set up  what seems to be the most perfect deal ever! I was contacted by someone (an agent) who was wondering if i knew anyone who would be interested in buying a 181 unit building for $6.8M but said $6.6M could close the deal. the numbers on the deal and on rental income are fantastic. I only know one person i knew for sure would buy a deal of this kind. The man himself, Grant Cardone, im sure most of you know who that is, me and him have talked before as well as message each other, he is my biggest role model and says i inspire him since im in real estate investing at such a young age, he always is quick to reply to any message. Being a master in real estate investing, i sent him the deal and he said the deal looks great and would be interested if the  trailing 12 numbers matched and it really is as good of a deal as it seems, so all he requested from me is to send him the address and name of building. I marketed the deal for $6.9M which would put $100k in my pocket. The problem is, in able to get grant cardone this information, the agent requested that both me and grant fill out a confidentiality and non circumvent agreement and send it back to him . My question is, will i be able to even get any money off this deal since im not licensed as an agent, im just a wholesaler, also will this deal fall through and will i be avoided if we both fill out the agreement? should only i fill out the agreement since grant only needs me to send him the name of the building and address? what are things i should look out for ? i would really appreciate any advice!! this deal would mean the world to me! let me know what i should do!

thanks a lot!

Riley 

thank you very much i appreciate all the great advice, and if anyone ever wants to partner up on a flip in CA let me know, id love to do it

thats what i was thinking, use it for repairs etc and get hard money for the actual property, it would be a a property with a decent spread, so say purchase price of 250k, rehab of 25k and arv of about $330k. also how hard is it going to be to get a hard money lender when im only 19? i figured a good way to do it is to have a partner on the deal, who will take care of getting the hard money, while i use the 50k for closing and repairs and then split it 50/50, is that a reasonable thing to do or would one of us be getting cheated ?

thanks a lot