All Forum Posts by: Kim Handelman

@David Avetisyan@Michael Noto thanks for your advice. I will have to sit down with the seller and explain that at this point I need to assign and that I have a flipper ready to go and let the chips fall where they may. 

@Jamie Jacobs the @ name thing is: shift and @ sign at the same time and then keep holding them down and hit the ? key and a list of names will pop up.

As for wholesaling. I was in your position a year ago and I started wholesaling in December. I'm having problems with my first deal but hopefully signing contracts on Friday. Here's what I've learned.

You must have the type of life that is flexible. This means if you're at a bar with your friends on a friday night and your phone rings you run outside and take it. you will have a much better chance of moving a deal forward if you engage them from the beginning. I will pull to the side of the road to answer a call if I have to. You have to be accomodating. If they want to meet Saturday morning you're there. Remember, you are coordinating sellers that are in distress so they can be squirrelly and then coordinating with contractors and no offense to contractors but they are notoriously flaky. So what seems to be a straight forward process on paper. Locate a seller, put it under contract and find a buyer. Can take many many emails, meetings, false starts etc. People do it (listen to podcast 91 with Ben Grise) but it's not easy. It also depends on your market. Wholesaling works well in depressed markets where poeple don't have great luck on the MLS. I Iive in CT where the market is starting to climb again and deals are fewer and far between now. Good Luck!

@Jay Hinrichs@Wayne BrooksI went in thinking I was flipping and was totally honest. When my partner bailed it became a wholesale deal. It's a very good deal. I should make $15,000 and the flipper could make between 40K and 50K. I work now in my day job freelance for $75 an hour. I would have to work 200 hours to make that! I put maybe 10 hours into it in December and they disappeared and reappeared a month ago. Since then I've put another 10 hours into it. That's $750 an hour. Considering my day job wage that's INSANELY GOOD MONEY! Although the stress has aged me five years since I'm such a newbie - but I'm learning. 

@Michael Noto Thanks so much for this advice. There are 4 sisters bickering over what to do with this place - hence the time it's taken to get this to a point of signing a contract (they called last December). Guess I'll explain the situation to the one who seems to be the most active and hope for the best. Thanks,

@Michael Noto When I first saw the condo back in December, I went with a friend who is a flipper and we told them we were investors and we were going to flip it. Almost all correspondences since then have been via text with a few emails. In my offer email I laid out all the pricing for rehab and flip to justify the price. Then my friend backed out and I did not tell them that I was only a wholesaler. I have found another buyer who is waiting to see it when I get it under contract. Why do sellers balk at assigning? Why do they care as long as their place sells?

Hi all, I'm trying to get my first wholesale deal done - it's been a long process with the sellers disappearing for months on end. My attorney (first time I used him) insisted I put the "able to assign" in the contract even though I told him I'd rather not because it's legal in CT as long as it doesn't say you can't. Buyers attorney said take it out. This is where I screwed up. I said "Fine, we can take it out." knowing I still could assign under CT law. Now I'm thinking that's not the right way to do business. Ethically I don't want to do it without being up front about it. I'm a wholesaler! I have to assign it! How do I approach them with this subject without them freaking again?

Hey Everyone,

I am signing a contract for a wholesale deal this friday and am wondering how the assignment works. I have an assignment contract, but am wondering if the sellers will ever see my profit margin. At closing do they see the assignment paperwork? Is that a separate meeting than the closing? Is it simply between my attorney and the buyer's attorney? These are the little things that are never explained. Thanks so much, -k-

@@Aaron Ramm, Yes, I was pretty tied to my phone. I've heard it's better to answer so I made sure I was available as much as possible Funny, I did get one call, ONE and I picked up the phone at 9:30 at night while at a restaurant. That was last December. The crazy thing is I'm signing a contract with them tomorrow and it's an incredible deal! 

This is probably too late for your article but I thought I'd share anyway.

Getting my husband to come around to real estate was one of the most painful processes I've ever been through (and isn't completely over yet!) I have always wanted to get into REI and he's known that from the day we met. He has always been adamantly against it. Even when I reminded him that he bought his NYC apartment for $125K put $30K into and then we sold it for $500K just 6 years later he chalked it up to luck! I've worked on him over the 12+ years we've been married. I saw the 2008 crash as an opportunity to get in while he saw it as one more reason to stay away. Finally a year ago April I sat him down and told him this is what I want to do period. It's what will really make me happy. He has begrudgingly come around to tolerating it and as of this January I am officially in business - no money but in business. I am currently reading your book "No and Low Money blah blah blah" (sorry great book but LONG title) and fingers crossed am slated to sign contracts on my first wholesale deal Monday. I have a feeling seeing the money will help him be a little more enthusiastic. the moral to this post is DON'T GIVE UP! It took me 20 years to get the courage to act myself and another 13 to convince him. Now I'm going full throttle!

Hi All,

I have a wholesale deal that is soooo close!! They have accepted my offer but are being nit picky about my contract. I offered to put $200 down - in retrospect even though I had read that people put this much down I should have offered more but now they are asking for 5% which is $16,000! I certainly don't have that kind of money! Any ideas how I can gracefully get them to come down on that? Like to $2,000 which is what I have in the bank. I'm supposed to get back to them quickly so any ideas would be greatly appreciated!