Wholesaling, wholesale properties?

Question

Might be an odd question, but this is something I have come across multiple times in my real estate venture. Is it possible to wholesale a property currently being wholesaled? Example: Property goes under contract with distressed owner /=/ property gets marketed to cash buyers /=/ another wholesaler comes along interested in the property with a cash buyer in hand ready to buy /=/ contract gets assigned to secondary wholesaler /=/ wholesaler assigns to end buyer and closes within the contracted time frame of the original owner to wholesalers contract. Cause I've personally come across TONS of great deals wholesalers have brought to some of my squeeze pages looking for cash buyers. I know there are other methods to obtaining a deal and wholesaling It on the back end like double closing or JV but all situations are different of course and not all wholesalers prefer to JV and split profits. Let me know what you guys think! Thanks :)

Nicholas Poulos · Answer

Hi Eric, yes it is possible and it happens all the time. It's referred to as "co-wholesaling."

Eric Johnston · Answer

Ok so in your case you would prefer NOT to work with another wholesaler in that type of a situation. My question was in regards to if it were possible to "re-wholesale" a property. I understand a large amount of investors would prefer not to get involved in that, as they're primarily looking for a cash buyer period. But, I personally let these other wholesalers know, upfront before any questions get asked or any numbers get thrown around that I am a wholesaler as well. Just to minimize time waisted of course.

Brian Garrett · Answer

I personally hate when wholesalers play this game and send out daisy chain properties.

Wholesalers in my area do this all the time and send out each others deals, etc.

I won't even work with them if they aren't in direct control of the deal with the seller.