I NEED HELP!!! i am trying to do my first wholesale deal no luck past 6 months , i was wondering is it possible to do one with a realtor? last time i tried they were asking for proof of funds and wanted to close with there agent, how do i do a deal with a realtor ?? or how do i find a seller i always drive around looking for houses!!! and send them a letter. PLEASE HELP!!!..i live in chicago. 
First of all where the proof of funds comes in is they want to know that they have a serious buyer and one thats not just jerking their chains around.It would be well advised to atleast give $500 of earnest money down(this will make you look a little more serious).They always have their standard(screwed up) contract that they use.Just scratch everything else out on the contract (except properyt location,price,and signature) then staple your pro-purchase agreement to it and have them get the owner to look it over and sign it.
As far as you using their title company(because they get a very,very small fee for using theirs),just tell them that youâll buy them a happy meal at mc donalds or something if you can use yours.
I too live in Chicago. I have been investing full time for years. While it is definitely harder to do an assignment of contract when a realtor is involved it isnât impossible.
If you have been struggling for 6+ months, I think your best bet is to surround yourself with active and helpful investors.
There are some great RE Clubs in Chicago. I am preferential to one of course.
A listing RE Clubs can be found on this site at: http://www.reiclub.com/real-estate-clubs.php
Of course I like the WCRT that meets in Oak Park.
Take care and good luck.
No, Realtors do not get anything for using a âpreferred title comapanyâ, they like to use one they are used to that gets the contract closed. They also will not take a âpro-purchaseâ contract stapled to the states legal contract. Also, it does not matter what title company the Realtor suggest you use, remember it is the buyers choice.
Now, after saying all that⌠I suggest you⌠a. either donât use âlistedâ properties,âŚb. Sit down with a Realtor and explain what you do and you would like them to âjoinâ your team, therefore, "I buy x number of properties every monthâŚetc then maybe the Realtor will have a better understanding of what âyou twoâ can accomplish together.
Just my two centsâŚ
Just a quick reply. You can ask them to âJoin your teamâ, or you can offer them a chance to âparticipate in your successâ.
Subtle difference but if you say that to yourself you canât help but to enjoy that success.
well thanks to the both of you, so do u guys think i should start to look around for good realtors and prescreen them , and let them know i will be using my own title agent? also will i be able to a simultaneous closing, what do you guys think??
Let me tell you something about using their reccommended title company"more than likely they want let a double closing happen!âor an assignment of contract.In my personal opinion of realtors is"they can pull the comps,let you know the situation of the owner needing to sell,and letting you know when the listing expires so you can get a decent deal and the owner does not have to pay the commission!â
I think your first step is to go to local REI Clubs and/or subgroups of those local clubs and see if there are any investor/realtor types there. After all, what better for a realtor than one that is also an investor, right?
ok cool, so then should i try a realtor or what do u guys think?
OK, last time I will say this. GO TO A LOCAL RE CLUB.
Most donât use realtors, but if you wanted to use one, go to a club and find one.
Either way, take action and do something. Might be the reason no deals in 6 months. Get out and make it happen!
lol thanx for the push!!! buy yea a club sounds good right now, but i live in the northside of chicago , were can i find one or how can i locate one again?
Just try punching in REI clubs in your area on your search engine