Wholesale vs rent to own property

[nsu1997]

You can also wholesale Rent to own property. The nice thing about wholesaling is you can pretty much wholesale ANYTHING as long as it's at a wholesale price  . If your just starting out I would say do a few simple, clean wholesale deals before you start doing anything more complicated.

 

*pet peeve* I commonly see people say wholesaling when they're referring to assigning. Not the same thing. Wholesale means at a wholesale price. When you assign a lease option (a cooperative assignment) it is usually not at a wholesale price as you stated...usually it's full retail. When you wholesale a house you're assigning it at a wholesale price, usually for all cash to an investor.

[tbodley74]

I feel the biggest challenge if I was to start "ASSIGNING" property is establishing a team of key players involved in the "assignment" deal. Just going out meeting some random anybody to be on my team may be easy but doesn't sound easy for a new invester stepping into the business. I mean I have to learn who to find and what to say to get these folks involved. That's my concern. If I didn't have to go through all that then the process would be a lot less trouble in my opinion.

You can also wholesale Rent to own property. The nice thing about wholesaling is you can pretty much wholesale ANYTHING as long as it's at a wholesale price  . If your just starting out I would say do a few simple, clean wholesale deals before you start doing anything more complicated.

 

*pet peeve* I commonly see people say wholesaling when they're referring to assigning. Not the same thing. Wholesale means at a wholesale price. When you assign a lease option (a cooperative assignment) it is usually not at a wholesale price as you stated...usually it's full retail. When you wholesale a house you're assigning it at a wholesale price, usually for all cash to an investor.

[justin0419]

You're right.  This isn't going to all fall into place for you.  Whatever you decide to do in REI, there will be some work involved.  If you think otherwise, the late night infomercials have had too much of an effect on you.
Now to be constructive...you can read on here and ask people what kinds of traits you should be looking for in people you'll be using.  People at your county courthouse will be familiar with the local attorneys who do the most RE closings.  There are also tons of questions on here from people about how to build a buyers list.  Some of your adventure will be trial and error.  I didn't magically stick with the first repairman I found in the phone book.  I got referrals and went thru a few people before I found who worked for me.  Now that I have all that figured out, there's much less uncertainty in my business. 

[nsu1997]

I feel the biggest challenge if I was to start "ASSIGNING" property is establishing a team of key players involved in the "assignment" deal. Just going out meeting some random anybody to be on my team may be easy but doesn't sound easy for a new invester stepping into the business. I mean I have to learn who to find and what to say to get these folks involved. That's my concern. If I didn't have to go through all that then the process would be a lot less trouble in my opinion.

What kind of "team" do you feel that you need before doing assignments of any kind? Aside from a REI-friendly closing agent I can't think of anyone else you need as far as a team is concerned.

[tbodley74]

Some of what I know are contractors, title companies, closing attorneys, real estate agents, etc. Those are the kinds of connections I am talking about. I have no clue how to pick these people at random, nor do I know what to say to get them on my team.

I feel the biggest challenge if I was to start "ASSIGNING" property is establishing a team of key players involved in the "assignment" deal. Just going out meeting some random anybody to be on my team may be easy but doesn't sound easy for a new invester stepping into the business. I mean I have to learn who to find and what to say to get these folks involved. That's my concern. If I didn't have to go through all that then the process would be a lot less trouble in my opinion.

What kind of "team" do you feel that you need before doing assignments of any kind? Aside from a REI-friendly closing agent I can't think of anyone else you need as far as a team is concerned.

[nsu1997]

To wholesale?

[tbodley74]

Yep.

To wholesale?

[nsu1997]

You don't need such a team to wholesale houses. What I'm really hearing you say is, "what can I do to make it feel like I'm wholesaling other than finding motivated sellers?" If you take the right action the next steps quickly reveal themselves.

[tbodley74]

You sure I don't need a team like them? I was told different by people who are wholesaling or as you put it assigning. They say you must have a team.

You don't need such a team to wholesale houses. What I'm really hearing you say is, "what can I do to make it feel like I'm wholesaling other than finding motivated sellers?" If you take the right action the next steps quickly reveal themselves.

[nsu1997]

You sure I don't need a team like them? I was told different by people who are wholesaling or as you put it assigning. They say you must have a team.

You don't need such a team to wholesale houses. What I'm really hearing you say is, "what can I do to make it feel like I'm wholesaling other than finding motivated sellers?" If you take the right action the next steps quickly reveal themselves.

Eventually down the line you'll want a team but the first thing you should be doing is doing deals. Why do you need a Realtor? Certainly not to get an idea of what a house is worth...lots of resources readily available to find comps. Why do you need a contractor? Just take your best guess based on what you see, you won't be closing on it so it's not really your call...the rehabbers will come up with their own estimate (they surely won't take yours as gospel), and besides five contractors would come up with five different estimates anyway.

Another hint: the planets will not just line up. Just do deals!

[tbodley74]

Alright then. I just don't want to come in looking like I don't know what I'm doing. I have to be sure now than sorry later.

You sure I don't need a team like them? I was told different by people who are wholesaling or as you put it assigning. They say you must have a team.

You don't need such a team to wholesale houses. What I'm really hearing you say is, "what can I do to make it feel like I'm wholesaling other than finding motivated sellers?" If you take the right action the next steps quickly reveal themselves.

Eventually down the line you'll want a team but the first thing you should be doing is doing deals. Why do you need a Realtor? Certainly not to get an idea of what a house is worth...lots of resources readily available to find comps. Why do you need a contractor? Just take your best guess based on what you see, you won't be closing on it so it's not really your call...the rehabbers will come up with their own estimate (they surely won't take yours as gospel), and besides five contractors would come up with five different estimates anyway.

Another hint: the planets will not just line up. Just do deals!