All Forum Posts by: Paul Ohlson

Hi te6191,

Did you ever get an answer to this, or find a resource? I'm in the same boat and am looking for a step by step as well. If you have found something and can share it that would be greatly appreciated. On the flipside, if I find something I'll share it with you if you still need it.

I'm new, so don't know if this is a good partnership deal to form or not. Can you help?

I have spoken with a RE agent about being my preferred agent. Here is what she's offering and she wants it under contract. . .

"I can not provide you the MLS information without representing you as a buyer. I’ve been told that many agents have been approached by investors. I still have a few unanswered questions but my proposed resolution in working together is as follows:
I am able to be the investor’s agent, in order to locate the foreclosed properties for you on the MLS and give you the comparable properties. This can be accomplished as long as we have a signed contract to work together (between the investor and I) and Baird & Warner will handle the negotiations. I will get paid from the commission earned as the buyers’ agent. Also, since you are bringing me the investors (buyers) and the amount of the commission is unknown, I proposed giving you 30% of my commission. Therefore, you will get paid by the investor for finding him/her the property and I will give you 30% of my commission."

Does this sound like a good partnership deal to have with a RE agent? Would an investor go for this if I brought a deal to them?

Thanks Brian,

I really appreciate your response. You guys are all encouraging me so much because I feel like I have a place I can go now to get DETAILED answers on how to proceed with action in this business, as opposed to the previous forum I was part of where people gave only vague answers.

BP really is a great community!

Peter,

Thank you, thank you, thank you for your advice!

I'll say that one of the sellers is very motivated. They are two brothers, one here and one in Cali. The home was their moms and they bought it from her before she passed away. The brother in Cali just wants to sell the house. The brother here is a contractor who says at one point he wanted to tear the house down and put three townhomes on the plot, but because of his brother, his age, the economy (and probably zoning regs) he changed his mind and has decided to sell. Who knows what drama that situation could bring. I don't expect him to go for a 50K offer, but I don't care. I just want to get the practice of making ridiculous offers so I get over the fear of it. And, hey, if he accepts - even better!

Thanks again Peter and Jon.

Hey, I just realized the three of us make Jon, Peter, and Paul. How biblical :)

Thanks Jon,

This is exactly what I need - someone to tell me if I'm being ridiculous or not so I don't make a fool of myself :)

So, it looks like with wholesaling I should only have a small expectation on profit (maybe 2-5K)?

Does this deal appear to have any potential at all for an investor if I build in a much more realistic take for myself (like 2-5K)?

Should I offer the seller less than 60K, considering the amount of repair work needed?

Example: A house fsbo on 2/3 acre, needing app. 50K in repairs to make it live-able. Comps are selling for 180K. Seller owes 35K on mortgage. Good schools. Low crime neighborhood. Great rental location. Can I offer the seller 60K and wholesale it at 90K?

First, is this how I would structure a wholesale deal?

Second, as an investor would any of you buy this at 90K?

Third, can I wholesale if the seller still has a mortgage left on the property, or does a mortgage automatically require a different deal structure other than wholesale?

Thanks in advance for your replies :D

Thanks for the support everyone! I already feel more welcome here after two days than I do on the Trump U community after 4 weeks! And the wealth of information here is amazing! I love that people are asking REI questions and getting REAL answers :)

Thanks Tim!

Do you have a RE attorney in the Chicagoland area you can refer me to who understands non-traditional RE transactions?

I'm a newbie from the northwest suburbs of Chicago. Name's Paul Ohlson. I took a Trump University class recently (anybody else?) that's got me all pumped up about getting involved in RE investing. To be honest, I'm still in a stage where I feel like I need someone, like a RE attorney, to tell me this is all legal and legit, even though I've seen a couple of communities like this where people are talking about their successes. It all seems viable so far, so I'm moving forward with trying to build my circle of professionals (attorney, agent, title company, etc. . .). I'll probably ask lots of dumb questions so I thank you all in advance for helping :D