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It is not as long as you disclose that you are buying this property for the purposes of resale that might make a profit. I know several investors with licenses that include a written disclosure of this as part of the TREC contract.

@@nicolasmariscal8 Yes

See who is spending money on ads for sell my home fast or other similar keywords. Then call those and the ones on page one organic as well.. That is the quickest and easiest way to find the strongest cash buyers. You can also find cash buyers in the investor Facebook groups and REIAs around Texas.

Are you looking to buy them out or be bought out?

@@ericaparker Sorry. Be bought out.

@@steveo601 Does the person (or people) that wants to buy the property plan to get a loan or are they asking you to finance your portion? What state is the property located?

@@ericaparker In Scottsdale AZ. It’ll be passed to the 4 of us, 25 percent each, in his will, prob not in a trust. Will prob be worth 1.5m with a 400k mortgage. At least one sibling won’t have the cash. I’m in IN. Thank you for getting back to me!

@@steveo601 While Arizona is a title/escrow state, you will likely want to get a real estate attorney to draft any promissory note and deed of trust needed for the portion that your seller financing. There are some title companies that are backed by a law firm. I would call one of those to do both the title policy and the drafting of the documents if you want to avoid Realtor commissions. If it is $400K left in the loan and worth $1.5M, the remaining siblings can qualify together for a loan to buy you out of your portion. The total refinanced loan would be around $675K and they would own the remaining equity in equal parts. You would have to agree on the value of the property and the lender’s appraisal would need to support the numbers as well.

@thedreamacademycoaching, it was absolutely my pleasure to interview you. You are a true light and a testament to following your dreams and living your purpose. Anyone that works with you will be immeasurably better for it. I would love to have you back on my podcast in the future to discuss particular topics more in depth. ❤

Thanks so much!

Congratulations! Where are you located?

@@ericaparker I am loacted in Dallas, Texas. I've joined a broker and their mentee program. But i havent let em know that im going to do wholesaling. What are your thoughts or advices as i move forward as a realtor and I just want to wholesale strictly Thanks so much.

@@ThuongTran-zz9hp The broker’s E&O insurance may not cover the ability to wholesale, or they may require very strict parameters to wholesale in. You can get fired from the brokerage if you don’t disclose. They also may require that you pay for and carry additional E&O insurance coverage. Better safe than sorry. I would ask around the office to see if anyone else does serious investing and may know the answer.

Trevan, I completely understand that. If you aren’t building for resale, but creature comforts that you like, then go for whatever makes you happy! 🎉 I’m not sure what Middle Age is but I don’t intend to live in my house for the rest of my life. Any upgrades I make are with an eye on resale as I view all real estate as an investment and wealth builder for me.

There are ways to buy the list (I like Real Estate IQ) or you can find it online. I will do a quick video soon that shows how to personally look them up for REI.

Glad you found this helpful!

I would say it is only worth it if you know of a cash buyer in the area. Look up “sell my house fast in Abilene, TX” and call the people that are advertising there. See if you can reverse wholesale to them.

Yes. As of April 1, 2024, this is still the case and the information is still accurate.

@@ericaparker Thank you.

Glad it was helpful!

Glad you enjoyed!

I know I touch on the process in this video. Are you wanting a more in depth description of the process?

@@ericaparker Yaa that would be more awesome, By the way I love your thumbnail

Thank you for the response. I am not currently doing mentoring calls.

Laurie, to each their own. I like having my own space and vanity in our bathroom. I have a lot of stuff and so does my husband. And I absolutely require a separate water closet for the toilet. That said, I have never used the jetted tub in my master bathroom and we have discussed taking it out and putting in a bigger shower. Then replacing the shower with a freestanding tub. I know you don't like the large master bath, however, you should note if the other homes in your area have them. You can expect a more difficult resale and likely less of a sale price, if all of your neighbors have the big bathrooms.

Thank you!! I just made a similar comment! Why would I waste $10,000 on a souped up bathroom when I want to spend the least amount of time in there as possible.

@@trevanhatch8717 Right! haha..I think we all have a "favorite" room in the house where we spend most of our time and in this case, if the master bath is your sanctuary, then by all means, splurge. I think it's key to explore your priorities. I love closets and kitchens. Others may love garages and screened in porches.

You are going to have to make some calls to them, interview and ensure that they are legit, but my favorite place to find them is on Google. Look up phrases like "sell my home fast", "sell my home for cash", etc. Then contact the ones that are advertising. I believe I have another video on how I prefer to reverse wholesale, when I am wholesaling and how to ask the right questions regarding if they have the capacity to bring on wholesale deals and if they have specific requirements and buying criteria that they can tell you. If they have very general buying criteria like 70% ARV minus repairs, I would put them on a big list and move on to finding a group that is doing 3-4 flips/buy & holds per month at least. They have likely created synergies and can would with a tighter margin depending on the property they tell you to look for.

Glad I could help! Let me know if you have any other questions.

That is Awesome!! Thank you for the positive feedback. Let me know if you need any other questions answered or want to see another topic.

Pay for a better, thicker pad and leave the level 1 or 2 carpet. However, if you don’t like the aesthetic of the carpet options, you’ll get it for a better deal after closing with a general contractor. It’s super easy to rip it out and replace it within a day and they can get wholesale prices. My husband and I had Empire flooring come out to show us samples. We fell in love with a certain carpet and got all of its information and then sent it to our contractor. They were able to find the carpet and install it for $1000 less.

Sorry. I’m not sure on that. It is dependent on the size of your house and what part of the country you live in. You should reach out to a local contractor in your area to give you a quote for the same amount of linear feet that your builder has offered to do on the gutters. I recommend reaching out to a local realtor to see if they have a contractor or two they would recommend.

@HEC892 you would need to look over the contract to see if there was a way to terminate it. In addition, removing the panels will cause damage to the roof so a new roof or at least roof repair would be needed. If you love the home, then go for it. Just make sure you aren't paying for the panels if you have to take on the debt. A lot of times, if they have factored the value add of the panels into the purchase price then they should pay the lien off at Closing.

@@ericaparker thanks for the reply ! Went to see the house , a lot of work needs to be done on the home so we never put an offer in

I agree that people that don’t want a pool won’t look at homes with pools. But you are severely limiting your buyer pool if you have solar panels in Texas. You cannot expect to get a 1:1 return from installing solar panels. You’ll get at most 3-4% higher value than a home without. The rest of the return would have to come through years of not paying an electric bill. Lease is good and bad. You have relegated them to a contract that they cannot get out of and they will have no equity in the panels at the end. However, you will not be asking them to pay more in value for a solar lease. Finally, as to the a loan, if it is near the time of installation, you cannot expect to get your full investment back. It is a long term investment. Some people want to discuss compound interest of savings but that only compounds if you put your savings into another investment. Another item that I didn’t mention is hail and hurricanes are common to Houston. They damage roofs and solar panels. If you choose to get solar panels, you will want to ask if your wind and hail coverage for your hazard insurance covers damage to roof-mounted solar panels.

There are prettier granites than some of the low grades but definitely considered nicer than laminate. Quartz and Marble are obviously better, more expensive, and therefore, are more often seen in luxury homes.

Thank you. It’s always a pleasure to receive feedback to know people enjoy the content.

Definitely Brick. Stucco requires a lot of maintenance, especially in the more humid climates. If you decide to buy a stucco house, ensure they have added in all of the upgrades including the metal caps and drains. Every year you will need to make sure it is resealed.

@@ericaparker Thank you so much . Stucco elevation is just 2000$more so it was tempting to go with it.

Hey @Itsplmartin, I'm a wholesaler in the real estate game and I've got a proposition for you. Let's talk partnerships, alright? I'm willing to give you 50% of every deal we close. That's right, half the pie, no crumbs. lmk what you think :)

Yes. If they are buying, then make sure they are giving a legit offer. My wholesalers can close on a deal if they can’t get it assigned prior to Closing. They have done their homework and know they have a HML or PML that will help them close until they selling to someone else. If they assign the contract, they must also assign the buyer representation agreement or cash buyer signs a new one with me.

My investors also send me retail seller leads, if they can’t make a deal out of it. It’s a great relationship.

Definitely Texas frame themed.

This is the contract that all agents in Texas must use unless their seller gives them a different one.

@@BestLifeTexas ok that makes sense. So if I were to find a property to wholesale I make my offer and the seller wants to go through with my offer the realtor would then fill this out with the terms both parties agreed to and have both parties sign, then from there they send it to a title company or do I appoint a title company to them?

@@lootrite9539 I would recommend filling out the TREC form and sending it to them. If all you send is an email with a few terms, a real estate agent isn’t technically required to disclose that to their seller because it isn’t a complete offer. Filling out the TREC form with required addenda makes it a legitimate offer.

Realtors are a huge help to wholesalers. They can provide comps for ARV, contacts of certain contractors if you need more help in estimating costs, comps for renting as an exit strategy (note their comps can include off-market deals), or as said herein they can provide you assistant access to the MLS if they are too busy to run those comps. They can also help you calculate the holding costs more accurately. They should understand the housing market better, ADOM and inventory. These are all important when trying to calculate your numbers for the end buyer and your fee. I think an important question is how will you bring value to the Realtor so he will continue to provide this knowledge to you.

@@ericaparker Amazing, Thank you so much!

You are very welcome!

Yes, but you also need another contract that actually assigns it to the end buyer (ie an assignment of contract). That is not a form provided by TREC. I suggest paying for one provided in a course or having an attorney draft a template up for you to use on your future deals.

I’m not an expert on solar panels. I am an expert on real estate and the resale market. In Texas, only those people that specifically like solar panels will assign a 1:1 value to them or give even more value because it is a passive income received on the house. Most people in Texas either believe they are an eye soar or a depreciating asset due to wind and hail damage. Sure, you can get insurance to cover that occurrence but that is another expense not addressed herein. I’m aware of compound interest and savings. If someone were to invest their savings, I am all for it! As you see, I talk a lot about investing in real estate on this channel. However, investing your money elsewhere from the savings you get on your utility bill is not the point of this video. It is looking at solar panels based on the resale market and return on your investment that way, especially if you move before they have been paid down and you have been able to experience much of the savings.

I agree. Public transportation and traffic is probably the biggest downside to living in the Houston area. But there are quite a few other things that make it a great city to live in!

We are extremely car centric

Great question! The biggest item, especially in Texas is how to value solar panels as an upgrade when it has an existing loan on it. You are not technically saving money until the loan gets paid off in most cases. Also, the solar company has to be willing to allow the buyer to assume loan payments and to subordinate their superior lien to the new mortgage lender since all traditional mortgage lenders require first lien position. The amount you were saving on electric bills basically transfers to the loan payments. The paying off faster would only occur if someone chose to put more than their monthly payment toward the loan to pay down the principal faster. Very few people tend to pay more than what they are required to pay. In addition, in Texas, the value of a solar panel on a roof is not a 1 to 1 return when it is fully paid for and even less when has a loan on it. Therefore, when a person with little equity in a home then puts a solar panel loan on top of it and tries to sell it before it is paid off, they will likely be in a short sale situation. Many Texas cities also have hail or high wind storms that can damage solar panels and frequently doesn’t even allow them to reach the 10 year payoff period.

@@BestLifeTexas Depends on the contract. When I got solar the company provided a written production guarantee right in the contract. It tells exactly how much energy will be produced over the term, degradation factored in. This gives the appraisal person a written value of the rooftop solar system to better assign value.