How do you go about showing an investor buyer a property that is occupied by the owner at the time?
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.
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.
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.
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
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.
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.
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.
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?
Personally, you can get good solid advice here on the forums. I would ignore anything John Reed has to say.
Thanks. I’ve certainly made it quite clear throughout this site I AM a newbie. I guess I need to study about REI more and put down all my physics degree crap I’m slogged with every day.
Swirlaze, your comment about people here giving advice only to stroke their ego’s is not only insulting to them, but I personally thing it borders on bitterness on your part. I am a newer investor, and the help and advice provided here is basically priceless in my opinion. Maybe you should read a little closer to the advice, instead of thinking it is only given for them to feel superior. They do it to HELP people, and do not ask for anything in return. I guarantee, the day I become successful, I will do the same unselfish thing that the other experienced posters do, which is to try to help others.
There are some excellent posts made by the experienced investors, and while I don’t agree with every one of them, I certainly am appreciative of all the time they take to help…WITHOUT asking for anything in return. You should change your attitude from negative to positive, that will help more than anything you could possibly read. And the reason I know about attitudes is because I looked in the mirror and found the reason I never succeeded at anything. I am on my way now.
As for John Reed…his credibility is very low. How can he give an unbiased opinion of his competition? The answer…he CAN’T. It’s like coke analyzing and commenting on pepsi. He sells cbooks and courses, so he will put down other books and course in a lame attempt to increases his own business.
Best of luck to you
P.S. The best post ever made in here was the one about excuses by Ted Jr. He is one of the many great people in here who help others. There are too many to name them all, but I am very appreciative of every single person in here who offers to help others.
So what are these very few books you have managed to weed out that are real?
Very good post Bob. I’m not really sure why Swirlaze is making such negative comments about this forum. If you really feel that way about this forum why would you be posting on it? Oh well. I’m not a rookie, but I’m not an expert. I just finished my first two deals in the last six months. One rehab, and one wholesale deal. The wholesale was with a vacant property, but I was anticipating possible future deals with occupied properties. I wanted to see other people’s opinions and experiences about wholesaling occupieds. Please, no “ego stroking”.
NDFan: If you want to learn a good quality RE education I suggest looking up RE books on Amazon.com. Check out the reviews and comments for each book, and you’ll find the best ones. After some good quality books, you can move on to courses. You can buy them right here at REIClub. I suggest looking at their reviews here:
PS - If you look up John Reed’s reviews on the above website you’ll see that he has a 3 out of 5 star rating from 85 reviews. Not that good!