All Forum Posts by: Duane Kidman

Some believe that you are representing the seller when you wholesale a property, which would be illegal without a RE Broker. Wholesalers' assign their contractual interest (assignment) or purchase and sell within one to two days (double close), neither are illegal in Texas.

Richard Kilgore Attorney 817. 310. 0987.

Cheryl, I just finished a seminar. The biggest take away, "Get out of your own way." You say you need help. Let's start with, "What have you done besides educate yourself."

Maggie,

You can create a LLC from any State. I've even know of Investors that register LLC's in Alaska, as I am told you need to be present or hire a representative to file a suit in Alaska, so they believe this provides them additional suit proof protection.

I assume that you wish to sell or assign the property that has legal restrictions in doing so.  This is a great way to complete your flip transaction.

Vennesa,

If I were in your position, I would do the following:

1) Have a couple of Realtors provide a Comparison (comp). This is a service that does not require you to commit to a listing, then you will know the as-is value. Then ask them if any similar houses in your area have recently been completely updated, what was their address, and what did they sell for (note the square footage); this is your ARV (after repair value).

2) Get (3) General Contractors (GC) to evaluate repairs.  Have them determine if truly a teardown is warranted, or estimate repairs to bring to rental condition and/or complete rehab status.  The list of repairs may vary.  So have them itemize their quote.  Then make a complete list of repairs from the 3 quotes.  Go back and have each GC complete their quote for missing items so that you can compare apples-to-apples.

3) If GC believes they can save the house, then consider your plan of action: List, FSBO (for sale by owner) as-is, or repair and sell.

If you need help with any of the above, feel free to reach out to me.  I live in the DFW area and can  guide you through the process.

Good luck!

Check out Investor Fuze, it will work with Podio

I am a Texas licensed Agent, so you will need to check the laws and regulations of your State.

If you become an Agent, and before you sign-up with a Broker, I recommend that you disclose, in writing, that you are an active investor in wholesaling and rehabbing.  

You do not need to share your Wholesale fees or Rehabbing profits with your Broker.  The only commission your Broker is entitled is from the sale through the Brokerage.  Hence any listing that post through your Broker, s/he is entitled to commission split.  

Further, as a Realtor, you pay for your MLS access. So use of the MLS to perform comps and establish ARV does not entitle your Broker to your investor activities; only listings.

I hope this helps.

On the flip side, I'd say YES!!!  The conversation could go something like this...

Hi Miss Agent, I'm a Wholesaler and was wondering if we could figure out a way to work together.  I do a lot of Marketing, but don't always get a contract on every opportunity.  What if I were to refer those interested in selling their homes, but the numbers don't work for Wholesaling.  Would increasing your number of listings be of interest to you.

Offers can be less than the current mortgage payoff, otherwise known as a Short Sale.

What equation are you using?  What is your objective: wholesale, rehab, rent... ?

Depending on what your objective, your calculation will be different.

@Shelly Scruggs There are several ways to turn a Wholesale listing:

Craigslist

BP Posts

REI Groups or Boards

Bandit Signs

Through other Wholesalers

Networking

Realtors

or even attend auctions (tax and foreclosure) and see who it buying up houses, approach them, find out the types of properties they are interested, get their card, email them a report when you are ready to sell.

These are just a few ways to wholesale and build your list.  Good luck.