Newbie investor

Hello everyone,
i am new to this forum and have a question that I hope someone can help me with. I am starting with wholesaling as a strategy. I conTACTED A REAL ESTATE AGENT in regards to a property in my neighborhood which was selling for $69,900.00 … It seemed like a good deal as the properties in that area were selling for 79,000 - $80,000 in the last 3 mos after I did some research. unfortunately the property is under contract as of 10-26-10 per the realtor and should close at the end of this month… The realtor however wants to work with me and asked me the following via email:

can you please send me a little more information on your requirements such as:

Area: boundaries would be great

Price: min./max.

Will you be financing? If so, have you been prequalified. How much are you prequalified for? VA? FHA?

How soon are you looking to buy?

Very important: Are you working with another realtor?

All these questions will help me better serve you. Hope to hear from you soon

Now mind you I am a beginner at this business and have not been pre-qualified … all I want to
do is wholesale or assign a contract to another investor or buyer. How should I respond to this agent? I do not want to say the wrong thing to have her lose interest in what I have to offer?

I basically know what type properties I want and in what area however I do not know how to
respond to her question regarding the financing and pre-approval.and i am not working with no other realtor. I would appreciate it if someone can give me some suggestions or tips… Thanks!

There is no money in this property. It is selling for retail prices. You want a deep discount.

ill put in my 2cents, im not sure how u would go about wholeasling a property listed with a realtor. i dont know how the assingment of contract would work. find out. usually sellers are trying to get the most for their property, which is why they list it with a realtor. so i dont see how any property you want to wholesale would be listed. though i could be wrong, ive never wholesaled.

2nd thing, you contacted the realtor. my guess is the realtor thinks your acting as a buyer . therefore he’s asking you those questions. essentially the realtor is qualifying you as a buyer, (do you have a preapproval, fha, va). and realtors dont want you working with other realtors because if you have a preapproval and your looking for a property that means your ready to buy. you buy through them they get paid.

hope that helps…seems to be what your asking

If you don’t feel comfortable speaking openly to the real estate agent, then look for another one. One of the most important things I always state in real estate is that investors need to associate themselves only with real estate agents who are knowledgeable, open minded and know how to work the possibilities, without breaking the law.
Talk to the agent about your goals and intentions, and if the agent cannot understand and work with you, find another one. If you attend local real estate investors clubs, you will quickly spot the experienced agents, who are assertive and ready to deal. Trust me, what you want to do can be done. You wouldn’t want it any other way :biggrin

First off, this property does not look like one that has a feasible amount of room for a typical wholesale transaction. Ideally, you want to deal with homeowners more so than realtors. For a wholesale, you can find tons of motivated sellers whom will allow you to submit a contract for a deep discount, making it easier to find the end buyer.

In this situation I’d suggest replying to let the realtor know that you are an investor, not a retail buyer. Let him/her know that you are looking to buy properties below market and can close in 60 days or less. See if he/she may be interested in working with you to refer business.