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Author Topic: Wholesaling Occupied Properties  (Read 11584 times)

Offline kjb1891

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Wholesaling Occupied Properties
« on: January 05, 2006, 11:21:03 am »
How do you go about showing an investor buyer a property that is occupied by the owner at the time?

Offline fireman18

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    • We Buy Chicagoland Houses.com
Re:Wholesaling Occupied Properties
« Reply #1 on: January 05, 2006, 04:16:04 pm »
Very good question. I am still confused on that issue too.
I wonder about a seller getting mad when they found out I bought their home for X and I'm reselling it for x+y . I can see them not being very cooperative.

Larry
Larry
Southwest Property Solutions, LLC
http://www.WeBuyChicagolandHouses.com
Currently BUYING Property in and around Joliet, Illinois

Offline sort_21

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Re:Wholesaling Occupied Properties
« Reply #2 on: January 05, 2006, 06:01:25 pm »
Hello fireman, I'm interested in wholesale as well just a little confused about certain contracts does it matter which one to use? I'm in Plainfield let me know.
« Last Edit: January 06, 2006, 06:40:26 am by kdhastedt »

Swirlaze

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Re:Wholesaling Occupied Properties
« Reply #3 on: January 05, 2006, 06:27:15 pm »
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« Last Edit: September 12, 2007, 05:33:09 pm by Swirlaze »

Offline kjb1891

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Re:Wholesaling Occupied Properties
« Reply #4 on: January 05, 2006, 07:10:37 pm »
Yeah, I'm not too worried about the owner actually knowing I'm doing an assignment.  I've done wholesale deals before, but only on properties that were vacant. I would just ask the owner for a spare key to show other investor/partners. They don't have any objection when the house is empty, but I figured that if the owner was still living there, and had possesions in the property they probablly wouldn't be willing to lend a spare key to someone who is almost a complete stranger. The only other thing I could think of was to show the property to any buyers I want to assign to with the owner present.  But I wanted to avoid that if at all possible, especially if I may have to show it to multiple people.

Swirlaze

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Re:Wholesaling Occupied Properties
« Reply #5 on: January 05, 2006, 07:21:16 pm »
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« Last Edit: September 12, 2007, 05:33:30 pm by Swirlaze »

Swirlaze

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Re:Wholesaling Occupied Properties
« Reply #6 on: January 05, 2006, 07:23:16 pm »
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« Last Edit: September 12, 2007, 07:59:10 pm by Swirlaze »

Offline whitewater investments

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Re:Wholesaling Occupied Properties
« Reply #7 on: January 05, 2006, 08:30:28 pm »
it should be in your contract subject to inspection ....then when you show up with your buyer to look at it let them know that you will be showing up to inspect it ...if you have mutliple people coming threw their contractors

Offline polishdave

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Re:Wholesaling Occupied Properties
« Reply #8 on: January 05, 2006, 08:35:54 pm »
   Just treat the investor that you are wholesaling to as your partner.  Tell the homeowner that you and your partner both need to view the property.

Swirlaze

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Re:Wholesaling Occupied Properties
« Reply #9 on: January 05, 2006, 08:38:10 pm »
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« Last Edit: September 12, 2007, 07:59:18 pm by Swirlaze »

Offline kjb1891

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Re:Wholesaling Occupied Properties
« Reply #10 on: January 06, 2006, 09:59:44 am »
I don't think many owners would have any problem letting you show the property to your "investor/partner" as long as they are present, but when you might have to show the property to multiple people at different times the owner may be suspicious. Also, a buyer that you show it  to may start asking you questions like "What's your asking price?" right in front of the owner. That wouldn't look too good.

Here's a couple articles by Steve Cook, and Scott Rister that explain what they do in these situtaions.

http://www.reiclub.com/articles/wholesale-buyers-home
http://www.reiclub.com/articles/wholesaling-buyer

Despite what they say, I still can't imagine many owners giving you a spare key to show the property to "partners" when they still live there, and have possesions in the house. They would have to be HIGHLY motivated.

Offline NDfan

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Re:Wholesaling Occupied Properties
« Reply #11 on: January 06, 2006, 07:39:49 pm »
I'm a little confused...I was under the impression that "flipping" a property referred to buying  your target property (conventionally, creatively, whatever), usually a property to rehab, then once the place is vastly improved, putting it back on the market for a price that would yield a nice profit.  The Reed article seems to only mention almost same day buy and sell tactics.  So is the example above not recommended or am I way off here?

Offline BoboTheKing

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Re:Wholesaling Occupied Properties
« Reply #12 on: January 07, 2006, 07:21:18 am »
Personally, you can get good solid advice here on the forums. I would ignore anything John Reed has to say.
"Whether you think you can, or whether you think you can't, you're right."...Henry Ford

Swirlaze

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Re:Wholesaling Occupied Properties
« Reply #13 on: January 07, 2006, 08:40:17 am »
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« Last Edit: September 12, 2007, 05:33:57 pm by Swirlaze »

Swirlaze

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Re:Wholesaling Occupied Properties
« Reply #14 on: January 07, 2006, 08:46:06 am »
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« Last Edit: September 12, 2007, 05:34:30 pm by Swirlaze »

 




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