OfflineOk. Hypothetically speaking, let say you found you realtor team. If they found you a great bank owned deal on an REO, & you locked it up under contract, how would you find buyers IF you had none? Throw out bandit signs around where the property is, intersections, etc.? Craigslist? And, how could you do it without the realtor finding out you're advertising it (legally) ? How would you let the buyer in to check out the house? Introduce the buyer as an inspector and explain it to him before you go inside or ?
And, once you find buyers, how would you explain the deal, the fact that it's through a realtor, the realtor commission? Or, would you not tell the potential buyer the source? You wouldn't have to, esp. if you use transaction funding, am I correct?
Spark interest in your cash buyers to get them to buy your mls deal? Do you not tell them it's through a realtor?
I do not try to hide any information from my buyers or my realtor. I'm looking to build long term relationships of mutual trust. As soon as a buyer looks up the property, he will find out it was listed. The right realtor shouldn't have an issue with you wholesaling, but is not going to waste time with you if you don't have buyers or the means to purchase the property on your own. True, a lot of wholesale buyers frown upon you bringing them a listed property, but if the deal is good enough, they get over it. You know it's all about having your buyers list first. You lock up a property with buyers in mind. I sure wouldn't want to be paying for transactional funding hoping to find a buyer - yikes! That could be an expensive gamble. Remember, we are investors, not speculators.
Do you have a deal in motion?
Gena
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tell them everything upfront your intentions(realtor)
If they have to ask;
"you didn't tell me...."
"or so you're not the primary buyer???..."
"why are you advertising a property you're buying???..."
you will have burned a bridge. And trust me, realtors talk and once your name is mentioned as a fraud and having no money, you'll generally be ignored.
...to have a REA find a REO for you, but to lock it up you'll need POF, & some banks mare now not accepting letters, they want to see statements from your accounts. If you have access to the money you could lock it up & try to find a buyer, but remember you usually only have 10 days for inspection, which doesn't give you much time to find a buyer.That would be your only escape clause, less financing the property. As for getting in, the REAs we use
give us the lock box codes for the bank owned properties, this way you could show prospective buyers or contractors.
You would have to double close since banks won't allow an assignment of contract. To use transactional funding, you need to have the buyer already lined up. You could use either private or hard money lenders.
A lot has changed, since I started asking newbie questions.... I forgot I has this post!
Ok dg family, I have an MLS property under contract in Lexington, KY. ~ We're wholesaling at the moment. A couple buyers have said they don't like the "steep driveway", and the fact it doesn't have a garage. That's ok, bc they are Buy/Flip guys. The only thing I haven't done is posted to CL yet. Since it's under contract, can I post a pic we took of the front porch and maybe an interior pic, and put those pics on CL since we have it under contract? It's a newer, ranch style home is a good location. It's one of the few homes in the subdivision wit these issues, but it would bring in $860 a month.
Here are a few basic details:
Beds: 3
Baths: 2
Built: 2002
Repairs: $5,000 (Rental Grade Cosmetics)
Rent: $860 /mo.
ARV: $105,000
Asking: $83,000
If we had access to private funds, we'ld buy, fix, rent it out, refi... the sky is the limit. What are your thoughts? Thanks in advance.