January 18, 2016 at 5:26 pm ETFs This is a great article that raises many great points one should consider when wholesale investing. Wholesale investing is obviously highly effective, it is more so just about how one goes about finding deals, that’s where it all starts. If you cannot purchase the property at a reasonable price, your profits will suffer. This article is great too because it touches base on assignments of contracts, which many individuals do not know about. Assignments are a fantastic way to make money as well, however, you need to be careful when doing so. Some states have different laws and things making assignments kind of a “grey area” if you will.. If you are looking to spend a small amount of money and get started investing in vacant land the best deals are to be found online one website in particular is Free Tools: Home Value Calculator Mortgage Calculator Have Chinese clients? Then this Mandarin-speaking robot could be just what you need Fantastic website; I wish I found it 10 years ago. The comments in this section were too long to read everything so I have a question: I am unemployed for 2 years and used to work in the IT industry for 20 years. Suffice it to say that my resume is all computer related. I want to get a job like you mentioned to learn an aspect of REI but do you know of any job I can get without any experience at all in real estate and no certs? WOW – William Bronchick’s Five Book Bundle for Just $17.00! 90.) Carry a Second – While more popular in the past, this method is still a viable option to help close a deal. You can sell a property but be willing to carry a “second mortgage” at a higher interest rate. For example, the buyer puts 20% down, the bank funds 70%, and you fund the remaining 10% with a second mortgage on the property. Our tentative goal is to close this transaction by <<30 days later>>. This means you will need to submit your funds and all the required paperwork to <> by (or before) that time.“ It is a lot of work to find the deals. • Keep your availability calendar up-to-date. Dindar Nasim on March 3, 2015 7:21 pm Answered Jan 6 2017 · Author has 685 answers and 128.7k answer views Wholesaling real estate, in general, is legal. Wholesaling real estate involves finding a distressed property and then making an offer on it. The offer will be contingent on you selling it to another investor. Once the investor purchases the property, a wholesale deal will be complete. This signifies that the contract is binding as it is mutually beneficial for both properties. The earnest money is the collateral made in good faith and it demonstrates the willingness of both parties in completing the contract. The earnest money is not necessarily of high value because it will be forfeited once the wholesaler fails to find a buyer for the property upon the end of the agreed period. More Finance Insights CancelReport Starting out can be expensive with legal fees. In my experience, I paid over $1,800 in legal fees to generate contracts I use for lease options. Of course, most newbies starting out do not have that kind of money. I will go through the most important content that need to be added in your purchase contract. I recently wrote a similar article regarding this topic on Bigger Pockets where I am a regular contributor regarding wholesaling. I want to go deeper in depth in this article and discuss the most critical things to have in your real estate contract. Log In Here If you ever come across an individual who just doesn't get it – I found this video from Michael Jake on how the process works (and I thought it was an awesome, easy-to-understand explanation): Thank you for the awesome article Mr. Marcus…. I’m just starting in this wholesale/investing business. I see a listing for a nice house under market value on an mls its a REO. Who should I get in contact with about getting the house under contract for to resale?…… I see different listing agents for the same property but is that the person I contact to begin the process? I found out what the owner’s name was but by it being an REO its more than likely the lender of the property but us that the person look for?…. I know I have a lot of questions but can you help me please, thank you sir! …anyone you can think of that will help boost your real estate network <img src="http://thunk.co/img/tenant-move-in-move-out-checklist-checklist-rental-6ce3c548.jpg"> In Stock. Houston, TX (15) Sales of Businesses In Texas HEADQUARTERS: 430 NORTH MICHIGAN AVE. CHICAGO, IL 60611 Great article. Im still learning this business, before I reach out to anyone for my first deal, I’m still kind of stuck on the real estate agent portion of it. I understand why you need one on your team, however it seems as though some don’t like the idea of working w/ wholesalers as you mentioned above and also speaking w/ some agents Ive learned that. So my question is how do you approach an agent so that it makes sense as to why they should be on your team? Also when you’re trying to determine how much you can sell the property for you need a list of comps for that property, how do I ask a real estate agent for the comps for property I found, but not through them? Would they be willing to help me? Do I need to offer money for their assistance w/ property I find myself? November 27, 2017 at 12:17 pm Training Video Flyer Boxes & Stands Knowledge required: Low-medium (one excel sheet is all you need with some rules of thumb. Look at the flipping calculator on bigger pockets. Top 10 Real Estate Markets In 2016 Learn to Invest in Real Estate: Buy & Hold, Fix & Flip, Wholesaling, Owner Finance, Multi-Family Related: How To Find Off-Market Real Estate Properties The Wholesalers Blog Amanda says: Sign up for free to get more Now you are probably thinking – “so how does a wholesale investor make money?” When the wholesaler assigns his or her contract over to the end buyer, they are given an assignment fee (similar to a finder’s fee), which is usually a small percentage of the property’s value. Free 5-8 business-day shipping within the U.S. when you order $25 of eligible items sold or fulfilled by Amazon. Promoted by LendingHome 2. Equity Capture Submit Property So, how does that sound, down at the barber shop? See search results for this author How to get a contract on a house to wholesale Cutting Encroaching Limbs from a Neighbor’s Tree The Real Estate Rehab Investing Bible: A Proven-Profit System for Finding, Funding, Fixing, and Flipping Houses.Without Lifting a Paintbrush Renee says: • Show the ‘Home for Rent’ sign upon a short sale approval. Twitter March 27, 2015 at 8:12 pm I’m sorry but you have to realize that’s his opinion, don’t give up on your goal based off one person’s opinion. For every negative article I’ve read on wholesaling its 1000 more positive ones. I’m a newbie also and reading this did kind of scare me but he’s basing this off one bad experience. If that’s the case, I’ve seen plenty of houses that I knew a seller should have got way more for but the investor made 10x more. Isn’t that the business. Yeah you rehabbed it and made it look real nice but half the appliances and the materials they used are either used or dirt cheap sometimes(not saying every investor does this). Do investors feel bad about that? NO!!!! He said he’s done deals where he was the end buyer on wholesale deals. So he can’t think its that bad right, because he participates in the game himself. 2. I think what you would basically be doing is an option contract. After a certain amount of time you have the option of buying the house from him. It would still be risky doing all that work because if he backed out you would have to sue him. Notebooks I don’t – though I’m sure I will someday. Right now I deal mostly with the hands-on stuff (rentals,etc) 4.9 out of 5 stars 61 Stitcher This book was recommended to me. I like Thomas Lucier as a real estate author and he used his background in investing in real estate to write this book. You can tell he has substantial experience in this area. This is a good addition to anyone expanding their real estate knowledge. I am sure I will re-read this book and implement some of these strategies over the next twelve months. If you leave without getting your wholesale purchase agreement signed you run the risk of them changing their mind on price, selling the property to someone else or having a friend or relative talk them out of the deal. Once a seller signs the wholesale real estate contract they have mentally committed to deal and you run a much lower risk of them backing out.  2. List Homes For Sellers Thank you for your feedback. 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