You’ll have plenty of questions to ask after you’re in the middle of the transaction, and it’s never too early to ask them. Why do some investors find it so necessary to hmm & haw around rather than just being honest. Set yourself up for success by adopting the right mentality and rejecting these all-too-common myths. Lastly, it’s tough to write or type or fill in a worksheet while you’re trying to ask questions. How one investor got their spouse into real estate investing in the wake of job loss and what they learned on their journey. Then, I ask about their situation and why it is they want to sell. That only leaves 8 Grand for me, damn. Who cares if they don’t accept make the offer? Marcus, for mail campaigns, can you elaborate on where you buy your lists, what date filters you use, and how many letters must be sent to generate workable results. The first question is the most important one of all, for the simple reason that the whole plan falls through if they answer no. They might ask you a variety of questions related to the field to test your knowledge. This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Charles, being transparent is always the best practice. We appreciate it and look forward to bringing you back and diving into even more advanced stuff next time! I have been doing a lot of research from youtube videos to reading lots of blogs and checking out websites referenced in articles just to see what they look like. To remove any questions about my legitimacy, I will just say this: I’ve been where you are, and I remember the pressure I put on myself to get started. So for question #4, I’m still a bit confused. We asked real estate agents to list the most pressing questions you should ask the owners of the home you're buying while you have the chance. What team members and advisors are wise to have? Commercial Real Estate Dec 09, 2020 10 Questions to Ask Before Working with an Out-of-State Broker . 2.) What are best practices for having a new logo designed? You can’t just go up to anyone and ask about dropshipping, you need to find wholesalers who are willing to make that deal. I can’t even begin to explain how helpful you have been! According to research by the National Association of Realtors, there are huge benefits to working with a real estate agent, including higher sale prices. First, you maybe asking yourself — is Marcus legitimate enough to answer these questions? 4. Hope this helps. Wholesale real estate involves finding a great real estate deal and then selling it to another party interested in the deal. Expertise: 5 Articles Written. Read Story. If you have the license you can provide an additional option for the sellers. Expertise: Personal Development, Real Estate Wholesaling, Real Estate Investing Basics. 1. Alex great questions, The state approved purchase contract has a no assigns clause. Also man, I love your podcast, hopefully me and my family can be a guest at some point. You’ll have plenty of questions to ask after you’re in the middle of the transaction, and it’s never too early to ask them. I’ve heard that you can have a Real Estate Agent on your buyers list and make a deal with them to sell your contract– adding their Commission to your Finders Fee and then selling the contract to their cash buyers. Many people question this because they say you are brokering a deal without a license. This is great. He did that — and I’m being honest — his brother said, “Well, why not buy my property? ([email protected]). Whatever you need to do to become a bulldog, do it. I am not here to tell you how many deals I’ve done or anything like that because it’s not about me. Take care, I think her husband must have somehow got her in line. When you decide to apply for a real estate job, you will likely need to interview with your potential employer first. I felt like taking a shower afterwards to get the realtor funk off of me. What outdoor advertising techniques should be considered for marketing? Most basically, wholesaling requires an investor to land a deal for cheap and sell that deal for a quick profit. I had someone refer a newbie to me. I was still being harassed by this woman while in escrow asking why I hadnt deposited the 1K earnest deposit we had agreed on and why it was taking so long to close. Marcus has been featured in numerous podcast such as the Louisville Gal Podcast, The Best Deal Ever Podcast, The Flipping Junkie, and many others. Direct mail to absentee owners is working. When you research the possible questions they may ask and prepare your answers, you will likely feel more confident during your interview. These are the tough questions a real estate wholesaler/investor MUST ask in order to lock up more deals. Don’t talk about yourself or your system to do the deals…it provides no value to them. Thanks. I have many questions as I am just getting started, and am very new to real-estate. Raising capital for an early-stage startup is stressful. I just keep running the conversation through my head. AWSOME! A good attorney is essential, regardless if you are just starting, or are already established in the business. One of the most important final questions to ask a real estate agent is about the listing agreement. You are right Sam when it comes to direct mail you will get similar results to B2B sales with your results. On the first phone conversation, I usually start off with a bit of small talk about the house; # of beds/baths, area of town, parking, yard and an idea of the condition, whether they have made improvements, etc. Want more articles like this? Please, if you still do not have your questions answered, feel free to ask. Let’s start with questions that every prospective real estate investor should think about, no matter what kind of investment model they’re considering. Thank you, Anthony, thanks for reading sounds like your off and running on the right track. What questions do you ask sellers and buyers in wholesale real estate? Sign up for free. Try This!” When making your offer, be confident. Studies show that only 1% of those you market to respond, and only 1% of those may lead to a deal. It’s important to ask this question early on in the qualification process before getting too far with a buyer lead. Please use that as a starting point. I know when I first started my head was spinning and I didn’t know where to begin. How can I get to know my local real estate market better? A good attorney is essential, regardless if you are just starting, or are already established in the business. Many think they can find a foreclosed home for sale which they can buy for next to nothing, only to realize they’ll have to compete with other homebuyers and investors eyeing the same property. I’ve been wholesaling for a few years and I learned some things. When speaking with a seller, you need to do more listening than talking. Hi Randy, Soon his wife emails me the contract and it had been completely butchered and re written. From what I understand wholesaling IS legal as long as in the contract you add verbage that you can assign the contact to someone else is that correct? Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember. To be honest I never though this would be a issue as I never really see this issue pop up in BP Many newbies are looking for mentors, but they are not looking for deals. How will you communicate with me? Much like with your real estate agent, your attorney can not only help find deals, but also offer protection. So the the numbers are stacked against you regardless. He contributes content regularly to his, Hi Marcus, Read Story. 3) How reliable are those “sell fast” websites? I have done 3 deals with realtors off the MLS and they were very profitable. If you’ve made the choice to work with a wholesale supplier and sell products to your clients, you’re going in the right direction! Great question its semantics, this is why most say you are marketing the contract you have on the property and not the property. You are acting as the buyer and putting the property under contract to purchase. Teaching videos as well and everything is free, again thanks for reading, I’ve been wholesaling RE for about 4+ years now. Real Estate Wholesaling Nov 13, 2020 Opinion: I Don’t Trust Anyone Who Wholesales—Here’s Why. It’s important to ask this question early on in the qualification process before getting too far with a buyer lead. Also, I read your article for the wholesaling formula but I’m still not too sure how to calculate that. As a Realtor you can do the same campaigns as a non-licensed wholesaler. It should be noted on your contract the buyer’s name as ABC Wholesalers and/or Assignee. I also wonder why newbies believe they need a mentor, because they don’t. Join our FREE VIP list and we'll let you know when we have a property in your area! How to know that a deal is good or bad by comparing the MAO and the asking price. So is you have the property under contract for 100k and you want to make 10k, then you market the property as 110k NET to the Seller. We have found a mentor I market to both list and so far I would say that divorce is a little more profitable for me. This is done because your initial contract with the seller states the buyer pays all closing cost, so when you assign your contract then your end buyer assumes the responsibility of paying the closing fees. Hey there :)! Again, you want to find out about the house, but more importantly, you want to find out as much about the situation as possible. Remember, this is not legal advice so you should consult legal counsel yourself. “Enjoying the Journey”. As I stated in response to Randy it also gives you another strategy to close the deal where you can list the property and still gain a commission versus not gaining anything and it becoming a dead lead. I handed over the purchase contract for his signature and he then informs me the house actually belongs to his wife who is a realtor but works at the local hospital as a nurse. I own my own social media business and doing this to build some capital. “Find me a money making deal & then we will talk!” Thank you for finally providing a direct, no bullshit answer. You have to have a provision in your contract where you have an inspection period. Obviously there are many more than just 10 questions you should ask before you purchase commercial real estate. What are my state’s foreclosure processes? Mike. How much money do wholesalers make? I’m glad I read your comment because I was actually considering becoming an agent. Guess who Made 10 Frikin Grand today? I hate to be a Bother, but I am still I need of the contracts. I have contacted a couple of listing websites to get a quote on yellow postcards and such. Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Congrats to Patrice, who is making 2 Grand for finding it. Try to establish that you are not the final decision maker and your business partner does the finances if they really ask (even though you might not have a business partner, it’s necessary to build trust between you and the seller). That’s why it’s important to provide informative answers to their most basic, yet crucial questions. T. When they say get licensed are they referring to a real estate license? And then make sure you are taking notes. And again just like when you're asking what are you looking for in a real estate agent when you ask this question Do you have any questions for me? 5 Surprising Questions You'd Never Think to Ask a Real Estate Agent, but Really Should . He specializes in wholesaling, wholetailing, creative financing, and scaling a business from a one-man band to an amazing full team running 100s of deals per year. Thanks. There is no required college degree or bar exam for real estate agents, and as a result, many of them learn on the job. You have to focus on what problem you will help them solve. Let’s chat. Is it a purchase agreement that you can get from being a realtor in the state you live or do you have a specific contract that you use? When should transactional and hard money lenders be used? I learned to follow up on old leads from watching ur video on the meth house, I always move on when my price is rejected and never look back, big mistake. Questions to Ask Your Real Estate Closing Attorney . Take your time at this stage and be sure to ask the right questions. Contrary to popular beliefs, in present times, one can easily enter the housing market with small investments. Or if anyone else has insight on my question…. I like the idea of using the “sell my house fast” google results to find someone to help with the beginning deals. Dealing with the laws and restrictions and all the BS is not a good way to enjoy your life. You have to get out there and beat the pavement. Becky, OK, now this is a science, and it varies from market to market. Do I need a real estate license to buy and sell these properties? How to Choose a Real Estate Agent: Important Questions to Ask 1. It only took 3 weeks & I never did deposit the funds. Enjoying the Journey. Real Estate; Health & Fitness; Education; Breaking News. I did, only because I sent a cheap ass 37 Cent post card to this seller saying I wanted to buy his house. Denise, thanks for your input regarding the license. Having said that, here are 45 important questions to ask and get answered before rushing ahead with wholesaling real estate: This may sound like a lot, but all of these answers, and more can be found in one convenient resource, along with much more information to help aspiring real estate investors get on the fast track to wholesaling success. Industry quickly you avoid the bad apples in your contract where you have have! Seeking answers from a trusted team of professionals, will put your mind at ease a motivated looks... 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