Wholesaling Occupied Properties

[kjb1891]

How do you go about showing an investor buyer a property that is occupied by the owner at the time?

[fireman18]

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.

Larry

[sort_21]

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.

[Swirlaze]

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[kjb1891]

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.

[Swirlaze]

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[whitewater investments]

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

[polishdave]

   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.

[Swirlaze]

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[kjb1891]

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.

http://www.reiclub.com/articles/wholesale-buyers-home
http://www.reiclub.com/articles/wholesaling-buyer

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.

[NDfan]

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?

[BoboTheKing]

Personally, you can get good solid advice here on the forums. I would ignore anything John Reed has to say.

[Swirlaze]

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