Staying Out Of Trouble While Wholesaling with Jeff Watson44:46 First let’s begin with what a motivated seller is. This is an individual who NEEDS to sell a property normally very quickly. There is usually some sort of distress going on in their lives. There is a huge disparity between want to sell and need to sell. Knowing which category your seller falls into is the first step in identifying how to handle the situation. CATEGORIES menu Lance Edwards Make Sure Your Contingencies are Clear.  This should go without saying, but depending on the specifics of the particular deal, it is important to properly set the expectations early for all the parties involved.   I typically advise clients who wholesale properties to have a good understanding of what their potential end buyers want in a deal in terms of location, spread, contract language, due diligence items, etc.  I also encourage individuals wanting to pursue wholesaling to develop relationships with rehabbers as early as possible, preferably before getting a property under contract, so that they have a good idea of whether they will be able to successfully complete the assignment as intended.    It is highly recommended to have your team of professionals such as realtors, contractors, appraisers, etc. in place to provide accurate feedback as you analyze the merits of your deal.  Finally, have an attorney’s fees clause in your agreements so if you have to pursue legal action to enforce the agreement or your contingency clause, you preserve the right to seek your attorney’s fees. Looking to fund your next fix and flip project? Sponsored - 2 days ago - Save Job What happens if I take the contract to title company and they find liens and such on the property, and now it’s not a good deal? Do I lose my earnest money? Or is that assumed a seller’s issue? Do they pay to settle those? Or do we have to renegotiate? Precise, to the point, if you wholesale real estate or want to know more about wholesaling this is the book for you. Worth every penny to read, study, use as a reference. Jeff, real estate specialist, Waco, Texas Phil, your honesty knows no bound. I respect you for that. Thank you so much for the post. It is eye opening how many ways there are to make money in real estate. I became a member after listening to two of your podcast programs. I wanted to thank you and everyone who are making biggerpockets.com such a great value for the newbie and the seasoned investors. s 1. Become A Buyer’s Agent Explore limited-time discounted eBooks. Learn more. 42 offers from $18.28 Raven Humphrey Creating a personal action plan! In real estate, brokering a deal is an extremely valuable skill. It’s more valuable than the work of fixing up the house, originating the loan or closing the transaction. Putting a buyer and a seller together in a real estate transaction is the most lucrative part of the deal. If you don’t believe me, just look at any closing statement and see who gets the biggest check. Motivated sellers rarely understand this fact. Instead, what they see is some person having them sign a contract and then a few weeks later, collecting thousands of dollars without lifting a finger. They don’t realize that the person who can locate a buyer willing to pay more for the property than what it is under contract for is an extremely profitable real estate skill. 1.) The MLS A cash buyer is a buyer who can pay cash for a house. Duh. However, it doesn’t necessarily mean it needs to be their cash; oftentimes a cash buyer can use private money or hard money to put the deal together. The point is: The cash buyer doesn’t need to go through a lengthy loan process that might be declined. They can purchase the property from you, guaranteed. Send a free sample Register For Our Next Free Workshop Now Subscribe 2d ago2d ago IE you can not say you will find a buyer (ever). You ARE the buyer, but the contract is assignable. Marek Stachura October 31, 2017 at 3:00 am Deliver to your Kindle or other device Work with Matt to build your portfolio. Real estate investing requires money, but doesn’t specify who’s money.  There are many ways to pay for investments and the list is only limited by your imagination and creativity. Brandon Turner on January 8, 2013 9:40 am Taxes July 22, 2016 at 4:26 pm As a wholesaler, you must take the title to the home or sell your interest in the home. You cannot bring a buyer and seller together and take a commission or any other type of fee. This would be considered brokering a real estate deal and you must have a license to do this. It is against the law to practice real estate without a license. It is also illegal in most states for a real estate agent to pay a referral fee to someone who does not have a license. You can send a lead to a real estate agent who then lists and sells the house, but you cannot be paid a percentage of the sale on that lead. There are some possibilities for being paid on a per lead basis. Great points Real Estate 101: How Investing In Commercial Real Estate Works Everything You Need To Know About Getting Your County’s “Delinquent Tax List” October 9, 2014 Real Estate Current Issue Investment Property: 5121 Behms Ct Port Richey, FL 34668 I was hard pressed to find something you did not mention, but I thought of the field services industry. A friend of mine used to do that, where you go inspect properties either post construction, pre/post insurance claim, or pre/foreclosure for banks and insurance companies. It’s an independent contractor type job and a great side gig for someone with a car, a camera, and a computer. The industry even has it’s own association: http://www.sofi.us (I have no affiliation.) Hats Dave Krauss had a successful Airbnb rental business until one weekend in... Cash Flow Guys | Real Estate Investing & Cashflow Ideas - Inspired by Robert Kiyosaki / Rich Dad Poor Dad Samuel Estrella In France, you could find a real estate method of investissement called viager. The buyer pay a monthly payment until the seller dies. The Dreamer As a young boy growing up on a 59 acre farm 50 minutes south of Chicago, I would... Comment * First off thanks for reading and getting started. Inbox me and I will be able to provide you with both. I am a licensed Realtor in AZ so I have to use the dept of real estate contract when doing deals at home, however when I’m doing a deal away I have a standard contract that I use which was reviewed by my attorney and a standard assignment agreement. I still highly suggest they are review by an attorney in TX but laws are different from state to state. MON-FRI 10am to 5pm Perhaps the best way to find the ARV of a potential deal is to ask a local real estate agent. They have access to a tremendous amount of data of recently sold homes and can help you quite a bit until you get the hang of it. However, many agents will not want to do this work for you for free, so you’ll need to find a way to make it worth it for them. (Not that it’s a lot of work, but it does require a few minutes of their time.)  Programs All this to say, it can probably be done – but not without its challenges (and I have no real input on the international thing… because that’s not something I’ve ever dealt with). Sorry I can’t be of more help here! Best of luck to you. The truth about wholesaling is this: Whether or not wholesaling is illegal in your state, it definitely flirts with a line. By now you have spent hours searching for properties that are below market value that you can wholesale to your end buyer investors. Finally you come across a property for sale at a steep discount to market value and you decide to contact the seller to learn more about the property and their reasoning behind selling. John Fedro on December 11, 2012 10:52 am “This chapter does not apply to: Let me know if you need clarity, I can help you out. Gathering information about the seller (their motivation, current debt, bottom-line price) Unfortunately this is not the bible of wholesaling. Lots of generalities and very little, or any, specifics. Example: When Than writes about mailing lists to use in your direct mail campaigns he never tells us where to secure these lists. And so it goes throughout the book. For $18 is a skip. Where do I get a refund? Annie on May 15, 2013 2:00 am Publisher: Smart Lazy Investor; 1 edition (March 23, 2013) Thanks, I have contacted a local Real Estate Attorney in my country who practices here and in the US, via a relative, to find out if he’d be willing to mentor me into this field. I am awaiting his response. New investors always ask me how wholesaling fits into the overall investing model or the overall strategy, and I always answer with: I do enjoy your comments Fred! Very entertaining. Brett This serial entrepreneur and business development coach is also a father, leader, mentor, real estate investor and saved by grace! Bryce has a rags to riches testimony he so freely shares with us here in this episode. His true passion of outreach and service to others is inspiring. Bryce is not actively selling houses in the traditional sense o ...… With that, let’s get to the Ultimate Guide to Wholesaling. All Courses If You Would Like To Be Matt Martin on January 27, 2016 6:47 pm The Problem With A Cash Business Anyone know where I can find a Commercial purchase contract please? I’ve searched everywhere wholesale real estate transaction|wholesale real estate joint venture wholesale real estate transaction|wholesale real estate flyers wholesale real estate transaction|wholesale real estate 2015
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