Darrell on May 12, 2017 8:48 pm It’s just the right thing to do, man! My goodness, this has been such wealth of information. I first want to thank everyone for their contributions. I hope there are still some people out there, especially Marcus. I will briefly explain and ask some questions ,if you all don’t mind. I am starting over. Previously my career has been in chemistry and beauty but a while back I did work as a bird dog for a friend. It was fun and I enjoyed it. Recently, I overcame a huge health battle and hit a big birthday all at the same time. It made me think. I’m not moving fast enough. I’m not providing the life I should/could for my children and I. About 15 years ago, I was invited to view a mobile home in Ontario, Ca. It was enormous and simply gorgeous. As a teen a good friend of mines lived in one in Mentone, right outside where I grew up in Redlands,Ca. Point being, I REALLY like them and would like to purchase one. I can also see it as possibly being a path to start investing. I would like to find distressed FSBO properties in a low cost area(Los Angeles Mobile Parks are gouging their poor residents) and purchase and either flip or hold as an income property. But I’m getting way ahead of myself. I just wanted to give you an idea of where my head is at for this. I would like to start as a wholesaler in mobile homes. I can see how this concept can be applied. So my questions are as follows…It seems that the legal ramifications come if you are doing this frequently or in bulks. For example, If you have a deal for like 5 homes at one time, or if you are doing 5-10 deals a month. Does this sound about right? (what makes this different than if my neighbor is selling their house, I tell them my aunt in another city is moving and would buy the house, I just act as the go between. This is a one time deal and they gave me a bit of money for my time and travel?) I am truly fresh out the gate so I would only want to do at most 2-3 deals a month. That would be insane right now, lol. How do you receive payment? I tried working this out a million different ways but the best I could work out was as follows…I make an EMD with seller(contract), contact buyer from list, sell(contract) new buyer(collect payment to me as seller)close/transfer?,cash(remove my payment), contact, pay and close with original seller, collect my EDM back. Does this sound right? Also do you use the title company on the property, a third party, an attorney, or broker for holding EDM, contracts, closing? I am starting very small so I’m looking for a cost efficient solution. Have any of you worked with mobile homes in California, either flipping, rehabbing selling, anything? I am sorry for asking so many questions but I am anxious to get started but I can’t afford to make any more foolish decisions. I have done a lot of reading through the forums, taken notes, downloaded forms/contracts, made mock calls, I’ll be starting my website and social tomorrow, just flipping around names. I’ve even dry run through the ads and found homes that would be great deals. I calculated ARV, got reports for around those areas. Made repair assessments based on Lowes and Home depot(what I could guess). I then found a realtor in that area that I want to talk to. But I feel like I’m back in high school, trying to call a crush. Every time I pick up the phone, just to tell him who I am, what I want to do, and if he would like to meet to see my assessments and discuss further opportunities, I choke. Like literally, I get knots in my throat and my heart starts pounding. How do I get over the first hump? Thank you all for helping. If rented Cash for Keys provision will need to be instituted Active social media platforms (such as a Facebook page and a LinkedIn profile) Na Conran on June 19, 2016 9:19 pm Sign up below to download the eBook for FREE today! Thanks again in advance! Find out how to get that lien released. What the Heck is "IRS Form 1099-S" and Why Should I Care About It? June 2, 2016 Brandon Turner on February 19, 2013 7:48 pm Related topics: home buyinglandlordreal estate investingrentals Distressed Real Estate Boot Camp The Latest News No Risk Guarantee August 26, 2016 at 3:49 pm Let’s look at an example of a typical wholesale real estate transaction with one of our most common types of Sellers… Carrington Mortgage Services, LLC (21) Wholesale Mortgage Account Executive I hope I can make a difference in some of your lives as well. Site Usage Disclaimers Subscribe today and get If it really is a good deal, chances are you’ll be able to sell it much sooner… but rather than having to go back and forth signing extensions, signing one agreement with a term of 180 days is a cleaner way to do it (assuming they’ll agree to that amount of time in the first place). Beginner?s Guide On Real Estate Wholesale Contract for the Web Amazon Business 110: The Blueprint to Massive Success – Peter Voogd The Best Ways To Find Renters For Your Property June 14, 2016 at 4:19 pm I don’t say this stuff to discourage you — only to dispel any belief that this wholesaling game is “easy” and “quick.” It’s a job, a business. It’s work. Upload Your Resume Sign In MOST POPULAR FREE 14-DAY TRIAL MARKETING chevron_right Promoted by Weebly Agent said it could cost up to 28k to fix the septic situation, and Missoula county is real progressive and strict. The house is in a river valley, but well away for flood zone, and the ground on this property is dry and hard. Would you touch something like this. The septic as is wi probably never pose a problem, except with the authorities. I am just investigating, and it’s fun. I am just curious what you have to say. I know you love this stuff. Someone who has the cash could probably still make a profit. There’s just some unknowns. I tried pasting a picture, but my iPhone wouldn’t let me on the reply. Amazon.com Corporate Credit Line In the end, the seller is going to get the money they were promised. The cash buyer is going to get a great deal. And you are going to be a little richer. Beer Shenanigans Zappos “It depends on whether or not you want cash now or cash later.” Capital: Low ($3-5k only) Find Cash Buyers Now Follow Us Across The Web! Now that you have all this info, it’s time to get your offerings packaged up for potential clients to view! Mastermind June 25, 2017 at 10:16 pm Now what would be fun is to go and link every single one with either a Bigger Pockets success story or an answer to a question in the forums. I’m sure they are all there! Josh? Looking for a winter project!? You’ve got time, I’m sure! 😉 Wholesaling real estate is another prime example of the best ways to make money in this industry. For one, it is the best way to make money from real estate with little capital to invest. It is similar to the fix and flip strategy, except the property is not renovated until the wholesaler finds a buyer. A real estate wholesaler contracts with a seller at a specific price, markets the home to potential buyers at a higher selling price. The objective is to sell the home in time before the contract with the original seller closes. The price discrepancy between the seller’s contract and the buyer’s contract makes up the wholesaler’s profit.  Deshawn Jennings on March 16, 2015 5:45 pm Property Wholesaler/Acquisitions/RemodellingTeam Hey Brian, How likely are you to recommend this product to a friend or colleague? Thanks for the great article. I am looking to expand my REI business and want to know more about wholesales. How Walabot Can Assist With DIY Home Projects I totally disagree with this article. Assigning a contract is a great way for a rehabber or developer to gain extra income while waiting on the larger projects and payouts to be completed. It requires virtually no money down which allows for newer investors or those strapped for cash to gain income. With any real estate transaction your reputation is on the line, so you better prequalify anyone you do business with, especially in this scenario. There is so much more I could say about this subject, but I will spare everyone the rant. MESSAGES While it can be difficult to get a single-family home to show cashflow when bought for “retail” price (the example used in this article assumes that the property was bought at a substantial discount), it is possible when using an effective marketing approach. Marcus Maloney on September 4, 2016 8:36 am Even though this is all disclosed, this all happens simultaneously without the buyer or the seller really knowing anything about the details of the transaction, that’s why we do the double close method. But I do have to warn you, it’s much more expensive to complete this type of transaction because you’re paying two sets of closing costs. Only do the double close if you’re making a big enough spread to justify the extra cost, or if you truly care that the buyer or the seller is going to see what you’re making. Accessibility for screenreader LETS SEND YOU A CODE. Section 1031 of the IRS code allows real estate investors to sell investment properties in exchange for a “like-kind” property of equal or greater value. For example, you could sell your two family rental and co-invest in say, a shopping center or office building. Sure, this doesn’t sound that exciting until you learn that under a 1031 exchange, you won’t pay a dime in capital gains tax. Special Features Loss or Damage [to property prior to closing] Kyle F. 1. Find a seller Ask New Question I don’t want to harp on this too much, but there is a really weird mindset out there today that is so hyper “wannabe-savvy” that we forget that success takes a lot of hard work to accomplish. The information in this book was very easy to read, and offered a helpful summary of the mechanical workings involved in wholesaling. Where I wholesale, buyers don’t care what the wholesale fee, as long as the deal makes sense to them at the number on the contract. Like someone mentioned, you can find the historical price of houses/property either on the state or county website. Even Zillow & Redfin will give you a historical purchase price of most properties. Even when I JV on wholesale deals, I look that info up so that I’ll know if the offer price will make sense to my buyers. wholesale real estate risks|how to start a wholesale real estate business wholesale real estate risks|how to wholesale homes wholesale real estate risks|how to wholesale houses step by step
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