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I am attempting to sell my home and was advertising thru CraigsList and received an email from a group of Wholesale buyers named SellersAide. has anyone had experience with this company or have more info on what to expect from a real estate wholesaler? Sounds fishy and would love to hear from others.

the only wholesaler in real estate is the builder of a sub division; all the
rest are simply discounters of real estate.

Expect nothing; they buy from the banks and auctions and
add 15% and FLIP the houses. VERY risky business on their
part cause Anyone can get a better deal by visiting a buyer’s agent
or the REO officer of a bank

You’ll probably have to buy it in your own name, then quit claim it to the LLC, as the LLC will not have any credit in its name. Or, try to buy with the LLC, using yourself to personally guarantee the loan (to build credit).

Make sure you find a good Realtor and lender to build your team – as they’re the professionals and will be able to help you to buy right and buy correctly.

Best of luck, you should do fine. This is the best investing plan I’ve seen here on Answers. Well thought out and definitely possible.

I am an active real estate agent. I have bought 2 homes that were my primary residence in the last 7 years. Each time I represented myself as the buyer’s real estate agent. Each time I deducted my commission from the price of the home because that is how I wanted to get paid. But I had the option to get paid the normal 3% as the buyer’s agent and have that money go through my broker and their commission split to be taken out. So in order to avoid all that, most brokers allow their agents to have at least 1 personal transaction in order to benefit from it. Maybe things are different in NY – I am a TX agent. I say get your license but don’t be a broker (more expense and liability) just be an agent. Find a broker that will just charge a minimal desk fee ($250) per month or a certain amount per transaction ($200) and they also will pay your E&O insurance. As long as you keep your license active, this will be a great asset to have in the future as you and your family or friends buy homes. It will save you money in buying and selling. Just make sure that everyone involved in the transaction knows you are a licensed agent and representing yourself.
Good luck.

Even the most undesirable areas in NYC are going to be prime targets for flip transactions. NYC is an expensive real estate market to cut your teeth.

Your best bet are smaller college towns where the real estate market is more affordable and there are a lot of tenants who can rent if the market tanks before you can sell for a profit.

Most investors who live in large cities prefer to invest in these smaller towns. However, they do not have the stomach to deal with tenants. They want turn-key investment properties (in other words, they do not want to invest a lot of time or money to fix up bad homes) and great management companies. If you are willing to do the dirty work to renovate the properties, it may be worth $5K to $10K beyond the cost of the repairs. If the home is $500,000 this premium is only 1 or 2 % of the price to an investor who doesn’t want to get dirty. If the home is $100,000 this is 5 to 10% of the price, which is a nice return.

My advice: find a nice college town with a pretty vibrant real estate market. Buy an older home, modernize, renovate, fill up with paying tenants, and sell for 25% to 50% more than you paid. Net after repair costs should be 10 to 20%.

Stay away from NYC unless you have a lot of $$$ to lose!

I need a recomendation for a good DVD.

July 24, 2008

To become an investor takes a lot of knowlege. There are a lot of materials and great books on how to invest in real estate.

The first place that I would go is your local REICA website.

Here is an example: http://finance.groups.yahoo.com/group/REICA/

There are different chapters in every city. You can buy an annual membership and attend the meetings. This will expose you to tons of professionals in your area.

The second thing is to meet and get a mentor that has been in the business for at least 10 – 20 years. I personally have 2 mentors that I talk to about deals that I may not have done before. My thoughts are that 3 heads are better than one.

If you can’t find a mentor then hire a consultant. I personally do consulting to people wanting to get into the industry.

Good Luck and Let me know if I can help in the future.

Thank You,
LeRoy Nellis II
CEO / Nellis Investments, LLC

http://NellisInvestments.com

http://LeRoyNellis.com

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Expert: Patrick Munro
Contact: www.northstarnavigator.com
Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace.
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