Today’s REI Classroom Lesson
Justin Wilmot goes over the importance of marketing what you have interest in, including deals that you have under contract.
REI Classroom Summary
Send your cash buyers the deals that you have a part in and make sure to not overcomplicate.
Listen to this REI Classroom Lesson
Real Estate Investing Classroom Show Transcripts:
Mike: Welcome back to the FlipNerd.com REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. Now, let’s meet today’s expert host.
Justin: Hey guys. Justin Wilmot here, the 10 Hour Wholesaler, and today I will be your classroom teacher for the REI Classroom, and we will be talking about marketing contracts versus marketing properties.
Mike: This REI Classroom real estate lesson is sponsored by uglyopportunities.com.
Justin: All right guys, Justin here. So today I want to talk you about something very timely, a very hot topic right now, and that is in regards to wholesalers marketing contracts versus marketing properties and where the lines can be blurred.
So one thing that is extremely important to remember here is that we should always have some sort of interest in our properties. Always. The reason that this is a hot topic right now is that there are too many people blurring the lines, whether it’s just sort of pimping out other people’s properties without having any sort of contract in place, a contract that we can actually own interest in something and sell and market that interest.
And that gets really blurred sometimes with particular people, especially new people who are not educated in the space enough. So it’s really important, kind of a public service announcement to remind people that it is important to make sure you always have some sort of equitable interest into any particular property.
And then when we are marketing that property, we really should be marketing our interest and what is available. And what’s available is your purchasing rights for a set price. And that’s what we’re marketing, the property becomes secondary once you have an interested party. At that point, the address should be disclosed.
So disclaimer here, I’m not an attorney. I don’t know what state you’re in, so make sure you get your own legal advice on this topic. But very important to make sure you continue to always have interest and market your interest in that property and stop pimping out other people’s deals.
For example, pimping out somebody else’s deal would be if another wholesaler has a property and you’re simply just forwarding over to a buyer and expecting to just get paid for doing so for a fee. You should have something, some contract that you’re in a purchasing scenario where you control those rights and now you’re selling that contract.
Really simple to do, don’t overcomplicate it. And it is extremely simple, no matter what state you’re in, to stay congruent by just working with the number one real estate attorney in your market that’s already wholesaler savvy, something that we can talk about in detail in the future together.
So if you have any other questions about any of that stuff, again I’m Justin Wilmot, the 10 Hour Wholesaler.
Mike: HomeVestors, the We Buy Ugly Houses folks is a franchised system of hundreds of real estate investors that have purchased over 65,000 houses. If you’d like to learn more about the most powerful real estate investing system in existence, whether you’re a pro looking to take your business to the next level or whether you have no experience at all but a burning passion to be successful at real estate investing, please visit FlipNerd.com/ugly to learn more.
Please note, the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers, or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
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