All Forum Posts by: Chris Piper

@Mahmoud Adam Just look for the "We buy houses" signs in your area, and start calling them. Get info on how long they've been in business, etc. It might be more of a trial and error deal. Also, you could go to an REIA meeting and talk to other members, and ask for a referral of a wholesaler. They might not give them up if their good, but can't hurt to try. You could also post an ad on CL stating that you are an investor looking to buy houses and should get responses that way.

@Lucia Mendoza Have you checked public records at your local county/city building? You can probably access your local assesor's office online and get the info you need for free. If not, check out "Been Verified." It should get you the info you need, but it isn't free. Aside from that, you could mail them a yellow post card or letter and see if they are interested in selling.

Welcome to BP @Benito Barrios. There is a ton of useful information from members on here, plus the articles and podcasts by BP. Also, you could consider googling "Jerry Norton Wholesaler's Bible" and scroll down to the result titled "The Wholesaler's Bible - Flipping Mastery." On his site, enter your email addy and you will get the ebook for free. You might also want to consider "The Simple Man's Guide to Real Estate." There is a  $90 one time charge. They teach you 22 different real estate investing methods including wholesaling, and you get free mentoring for life. It's operated by a non-profit company. Hope that helps.

@Kevin Phu, if you are using the assignment contract I uploaded to BP, then see the following below. If not, then just remember YOU are the "Assignor" and the cash buyer is the "Assignee." If you're making a template to fill out ahead of time for future deals, then leave the Assignee spot blank, and fill it in when you have a buyer.

This agreement is made between

_______YOUR NAME HERE________________ (ASSIGNOR) and

___CASH BUYER'S NAME HERE____________________ (ASSIGNEE) regarding purchase of the above referenced

SUBJECT PROPERTY.

Whereas _________CASH BUYER'S NAME HERE_____________ (BUYER) has entered into a Purchase and Sales

Agreement with _________YOUR NAME HERE___________________ (SELLER) for the purchase of SUBJECT

PROPERTY, and whereas BUYER wishes to assign its rights, interests and obligations

@Jacob Cooper go to the tools section of this site, and find the files section. There under contracts, you'll find the purchase agreement and assignment contract I uploaded.

@Bradley Bladon The value of a realtor is their connections, experience, and the fact that if you make an offer on a property listed in the MLS, you need them to do so. You can't make offers on an MLS listed property without an agent. Plus, they might come across deals that haven't hit the MLS yet, so you get first crack at it. And then when it hits the MLS, it'll be sold immediately with you as the buyer. Agents have to work their butts off, for a lousy 3% commission, and they have to pay for almost everything involving them being an agent out of their own pocket.

@Tiese C. You can definitely wholesale an REO property. I would suggest you check the comps, repair costs, etc. and decide if the numbers work for you. Since you can't assign an REO, I would get transactional funding and do a double close. Transactional funding is where a company agrees to lend you the money to close on the deal yourself, and then you do another close the same day with a cash buyer. This gets around not being able to assign it. The funding might run you up to $2,500, so find some companies by googling it, and see what they charge and factor that into your numbers. Also, give the lender at least 2 weeks notice so the funding is available to you in time to close on time.

@Isael Galarza Wholesaling is the best way to start out. You can learn a ton from other people on this site. There are a lot of posts on how to wholesale. Here are the answers to your questions:

Should I find cash buyers first before I make a deal or put the property under contract and then find a cash buyer?

Well, it's best to know you have people to sell to once you get a deal under contract, but it can work either way. I would say post a ghost ad on Craigslist. Grab pics of a house, post it on Craigslist super cheap. When cash buyers call you, tell them it's sold, but you get new properties all the time.

How long from when you actually sign the property under contract do you have to close on it?

30 days typically

Is there any money due up front when getting the property under contract?

That is decided between you and the seller. It can be $0-$2,000 or more. I usually do it with $20 as earnest money. Some people will accept that, and some won't. No biggie since there are plenty of good deals out there.

Am I able to get out of the contract if the buyer I have lined up backs out of the deal?

Yes, as long as you include an "escape" clause in your purchase agreement. Don't make a habit out of backing out, or you will lose all credibility. You can usually use the "subject to partner's inspection" clause. Usually 15 days or so will do. 

Or what if I never find a buyer to purchase the property?

Answered above, but if you can't find a cash buyer in the first week or so, start calling other wholesalers in your area(the "We buy houses") sign guys. See if they have a buyer for you, and split the profit with them.

@Peter Grote Unfortunately, @John Thedford is right foir the most part. 90% of all wholesalers are garbage with no accountability. I myself am a wholesaler in Indiana. The difference is I have strong comps I get from the MLS, I give accurate repair figures, and I don't gouge my cash buyers like some guys do.

If you want to find wholesalers, just look around town for the "We buy houses" signs and call them. They are all wholesalers.

Anyone that charges that much is garbage. All the big shots charge $25,000-$50,000+, and it's such a waste of money. Armando Montilongo, the Flipping Vegas guy, etc. You can find everything you need on this site, or you can look for the "Wholesaler's Bible" by Jerry Norton. I have it, and got it for free, but can't remember how I got it or where. Some of the people whose info I thought was actually good: Preston Ely, Cody Sperber, Joe McCall, Jerry Norton, Kent Clothier, etc.

I would look through this website and get all the info you can, and if you want to, buy some info from anyone who has a good reputation in real estate. Don't do any boot camps or seminars, or whatever. They get you there and you pay a couple grand for that, then they get you to drop $30K or $40K for their REAL program, which probably won't give you the info you need anyway.