Complete Wholesaling Course (only 2 lines long)

[SpaceAce]

Eric,
How do you find your buyers? Especially since your a R.E. agent?
Doesn't that conflict with your brokers biz?

[Brandon Lambert]

I love wholesaling properties because I buy it burned and I sell it burned.  If I can make 5K or more on a wholesale, I will NEVER rehab it.  I am basically lazy when it comes to manual labor so if I can make a substantial hit without swinging a hammer or managing somebody doing the swinging, I will.

[REFLA]

How long have you been wholesaling RE? Where do you live/work?
Just curious, as I am a newbie at this.

[Brandon Lambert]

I have been wholesaling for four and a half years in Ft Worth, TX.

[REFLA]

That's great! How long did it take you to get started? I've been investing in rentals for quite awhile, and am getting ready to sell. I like the idea of the "un"-rehab properties when you wholesale. I've just started working with a broker who's doing short sales, so we'll see how it goes. I also could use the cash flow, as things are tight at the moment.

[Brandon Lambert]

It took me 6 months to get my first deals, but that was because I was looking in tradition places--newspaper, realtor, etc, etc.  When I discovered probate, however, things started picking up.  You can also find deals with guardians.  I have also gotten some deals off of sending letters to vacants and running an ad in the American Classifieds.  I like running ads there becuase there is less competition running ads there versus the regular paper.

[ericmedem]

Eric,
How do you find your buyers? Especially since your a R.E. agent?
Doesn't that conflict with your brokers biz?

It actually works out perfectly, prior to investing myself about 70% of my business was investment properties of one kind or another.  Then I got sick of making others rich, so I moved onto buying myself.  I do wholesale to some of my old clients, and some to new clients.  My old clients are happy because I can find them deals better than they would have found with any other realtor, plus I can carry financing for them until they finish with the rehab.

Eric Medemar

[ericmedem]

How long have you been wholesaling RE? Where do you live/work?
Just curious, as I am a newbie at this.

I live in grand rapids, MI and have been selling real estate for the past 6 years, selling primarily investment properties for the past 4, investing in real estate for 4 years, and doing flips with clients for the past 4 years doing flips myself for the past 2 years and wholesaling around the same.

Eric Medemar

[Angel2rise]

I wanted to know how it would work to get help from realtors in locating property to wholesale? I want to know a typical scenario in how the realtor would get paid? I would get the Assignment fee upon assigning the contract to a rehabber, but curious to know how the realtor would get paid?
Please assist.

[Brandon Lambert]

The realtor should get paid their standard 6% commission from the seller. (3% if they are splitting it between buyer's agent and seller's agent)

[ericmedem]

keep in mind you can also ask realtors if they have buyers that are looking for investments properties.  Offer the realtor a commission if they send you a buyer that you end up wholesaling a house to.

Eric Medemar

[ericmedem]

The realtor should get paid their standard 6% commission from the seller. (3% if they are splitting it between buyer's agent and seller's agent)

Even though I could take commission on my deals often times I will let the selling agent keep all of the commission if they bring a good deal to me, that seems to keep them motivated to bring me the great deals

[ericmedem]

I hope everyone has a prosperous 2007, and happy wholesaling

[ericmedem]

For a great way to find buyers check out my buyers post. If you can find buyers you have half of the wholesale game done

Eric Medemar

[xelkwonx]

Well this would only be true if the realtor represents you as an agent. If they just help you locate the property, as in provide you with a list of houses from the MLS then there's no agreement that says they will get compensated for their work. At least that's how it worked when I was a sales agent. Note most realtors (if they're smart) wouldn't just offer free help, so you mayhave to pay some fee, unless you have a contact that you can work with and work out some type of fee agreement or compensation.