Why a Wholesaler SHOULD NEVER GET A REAL ESTATE LICENSE...

TL;DR

Structuring a subject-to deal for a distressed property with minimal down payment and potential for rent utilization.

Transcript

getting a real estate license as a wholesaler or if you're looking to get a wholesaling real estate and you go out and try to get a real estate license could be the biggest mistake you ever make in your wholesaling career I could tell you straight up getting a real estate license if you are outside of Illinois is the worst decision you could probab... Read More

Key Insights

• 🥺 Driving for dollars can lead to lucrative opportunities in distressed properties.
• 🤝 Creative financing deals require a clear purchase agreement and understanding of the existing mortgage.
• 🤝 Opting to sell the subject-to deal can generate immediate profits with minimal risk.

Questions & Answers

Q: How should I structure a subject-to deal for this distressed property?

Start with a simple purchase and sales agreement for around $95K, considering outstanding mortgage details from the seller.

Q: What do I include in the contract for a subject-to transaction?

Focus on the purchase amount, estimated repairs, rent potential, and terms for seller financing to complete the deal legally.

Q: Should I maintain ownership or sell the deal once acquired?

Consider selling the deal to another investor who can address repairs and rental management for a quick profit.

Q: How can I secure buyer payments while transferring financing terms?

Utilize an escrow service through a title company to ensure financial safety and agreement compliance for all parties concerned.

Summary & Key Takeaways

• Property: Vacant with minor cosmetic repairs in a college rental area.

• Financials: $93-96K owed, ARV $115-120K, rents at $450-500 per room.

• Strategy: First creative finance deal with seller open to hassle-free transfer.