Wholesaler versus Real Estate Agent
Hi, I'm new to real estate investment and am planning to invest in SFH or owner-occupied Residential MFH in metro Charlotte. As a "newbie," should I make my first purchase through a real estate agent? I've owned homes in the past so I've worked with real estate agents before. However, I've never worked with wholesalers, and I'm not even sure that I qualify to work with them (for example, I'll be taking out a loan for the purchase rather than paying cash).
Thank you!
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
What sort of loan are you getting? Conventional lenders don't handle wholesaler deals well. Not impossible, but you may have to put more of your own cash into the deal than with a MLS deal becuase the wholesaler's fees will generally have to be paid with cash.
Wholesalers don't like dealing with conventional lenders, either. They're slow where wholesalers typically need quick closings.
OTOH, if you're getting a hard money loan it should be OK.