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. Andy Hudgins on August 13, 2015 1:37 pm Real Estate Attorney at The Pendergraft Firm LLC stay updated via rss SUBSCRIBE NOW Understanding the Motivated Seller 5.0 out of 5 starsGreat First Read on the Subject of Wholesale Real Estate Purchasing Financial Samurai If you can prove that you really know your numbers, you might even be able to find a rehabber who will help pay for some or all of your marketing.  They will just need to know that they are your “built-in buyer” and all your deals will head their direction.  I have done this for people in the past who really knew their stuff.  Talk about being able to make money with literally no money of your own! 🙂 Previous Post20 Things I've Never Told You Design by Elementor Hello Seth if I buy this package could all the information be downloaded for me to use??? Thank you for a response! !!!! Mac Slide Shows Self Directed Retirement Law Fixing and Flipping Boot Camp RRT Tax Deed 1. Find a Distressed Property to Wholesale December 2012 (4) Time-consuming, though valuable tasks, include business functions like: Houston, TX (15) Signing or (assigning) all proper sales agreements and legal documents Pros- Gets your feet wet in Real Estate. And make risk free money 115 Comments Houston Office Third Degree Thursdays Hire Me Thanks, I’ve read the article, Watched the Videos, and I feel that I see where you are coming from with this. Their are a much larger number of ways to access the income that investment properties produce. These include REITs, private equity funds, direct investment, and online platforms such as Fundrise. We dig into those methods more deeply in our article “Ways to Earn Residual Income Through Real Estate.” To understand the difference between Fundrise investments and other real estate investment vehicles, please see our FAQ page. Raleigh, NC Real Estate Market Trends & Analysis Community Subscribe Simple Wealth About Us Advertise Career The opportunities are truly endless. Is Wholesale Real Estate Investing Right For You? Line Up Your Buyers First Our Real Estate Empire That’s a great one, thanks for adding that… I’ll check out the post. Getting People To Say Yes If you are interested in learning more about the various no money down strategies involved with wholesaling, flipping, or landlording, I hope you’ll pick up a copy of The Book on Investing in Real Estate with No (and Low) Money Down here on BiggerPockets. (I wrote it, and there is an entire chapter dedicated to wholesaling. It’s like this post you are reading… on crack.) But anyway, let’s move on. The Ultimate Guide To Real Estate Lead Generation (Part 2): Getting Started Lara, Of course, making sure you are covering yourself legally is just one detail for successful wholesaling.  Finding the right properties, learning to negotiate with homeowners, and developing a network of professionals to assist you during the wholesaling process are all necessary aspects for successful wholesaling, but making sure that you are covering your bases legally will help ensure that your wholesale deals proceed smoothly with minimal possibility for conflict. The Online Influencer System "AssetColumn.com is the online marketplace for Real Estate Deals such as Wholesale, Fixer Uppers, CashFlowing, Turnkey & Retail." - Emme Yllesca Research What Todd is excited about for the coming year. It’s a win-win-win situation, you get the property sold and get paid, the agent get’s a commission and the buyer gets an off-market property which makes the agent look like a rock star… It’s time to get paid? Creating Powerful Friends: Samurai's Alexa Ranking Challenge (772) Assignment Contract- Use this form to assign your interest in a purchase and sale agreement to your end buyer when wholesaling a property. If you aren't able to find a Buyer, the contract will expire and the transaction won't happen. Take your investing to the next level. Hi Andru! I don’t do a ton of work with houses these days, so no – I can’t say I’m an expert in this realm. Thanks for asking though! SITE PAGES Erick on October 14, 2015 9:58 am Free 5-8 business-day shipping within the U.S. when you order $25 of eligible items sold or fulfilled by Amazon. Paperback If watch the video I cited above, there is a case that even if you disclose or have a clause that shows your intent may not be to follow through with the purchase of the property, it may not be held as a valid contract. Google + Passive Income M.D. - Applying Passive Income Principles to Doctors Thank you for your time and knowledge. Buying real estate isn't like buying many other things that have a cheaper unit price when you buy more units. When you buy a large plot of land, you can get a cheaper price per square foot, but that won't help you much if zoning bylaws won't let you subdivide. Brett, I get what you are saying. Although I am primarily a landlord, I have bought several wholesale properties via assignment and I have wholesaled properties I could not pass up but did not fit into my long term plans. When I have wholesaled I followed your “whole-tailing” model. Unfortunately there are lots of would be wholesalers that tarnish the industry by promising to buy someone’s property when they do not have the means to do so. Many people are strung along and used when the “wholesaler” cannot find an investor. 10 Answers Broker Reviews do the research properly in front of the dissertation deadline (even in timed situations, including assessments, it is Real estate wholesaling is one of the most popular strategies for new investors to get involved with because it can be done with limited funds and experience. Find & Flip Summit September 1, 2016 at 1:29 pm But it’s definitely not all it’s cracked up to be. FedLoan Servicing – The Worst Student Loan Servicer Investors are willing to put $50,000-$100,000 towards a multi-family investment expecting 8 – 17% ROI. November 27, 2017 at 12:17 pm Wells Fargo (235) It’s unfair to throw gauntlets like this down as fact, when they are simply personal opinions and beliefs, regardless of how strongly held they may be. wholesale real estate business model|buying real estate wholesale wholesale real estate business model|discount property wholesalers wholesale real estate business model|florida wholesale properties
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