Petition for BP to Discontinue Wholesaling Discussions...

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Residential Real Estate Agent · Orlando, FL · Member since 2015 · 139 posts · 106 votes
11y

I'm not sure why I'm even responding to this insulting post but since you've hit a nerve, I'm going to try.  Wholesales and wholesalers are an intricate part for many investors.  Considering we move 30-50 properties a month to our investors may show that wholesalers play an important role for many investors.  We work to provide quality investments and take over  all the hard work and time it takes to acquire properties for our investors that don't have the time, desire or knowledge to accomplish.  Sure, there are bad seeds out there in the wholesale world, but there are bad seeds in every aspect of business.  I find BP to be an incredible resource for me as an investor and a wholesaler.  For you to want to begin a petition to rid posts and forums about a particular side of investing seems selfish and a little "one sided".  I can only assume you've had a bad experience, but to burn the industry as a whole really doesn't provide much credibility on your part.

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  • Brandon SturgillBusiness Member
    OP
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    11y

    @Joe Kling You are simply rationalizing, man. Why is a licensed wholesaler not a designation...unaware of another industry that uses unregulated wholesalers....

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  • La Puente, CA · Member since 2015 · 97 posts · 49 votes
    11y
    Originally posted by @Brandon Sturgill:

    @Joe Kling You are simply rationalizing, man. Why is a licensed wholesaler not a designation...unaware of another industry that uses unregulated wholesalers....

     You can wholesale consumer products without a special license as long as you pay all appropriate taxes and duties. 

  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    11y

    Typically posts such as these bring out the worst and just create useless arguments and insults. Thankfully this thread has not started the personal attacks, otherwise it would get moderated.

    I think a lot of what I did read was totally wrong. First off, if you believe wholesaling is not investing, perhaps you should get a dictionary out. Better yet, since you are reading this on a computer, just Google the definition. Investing is placing capital into an endevour with the expectation of profiting from it. Wholesalers invest money in marketing, gas, research, building buyer and seller lists, etc and they do so expecting the end result to be a profit. 

    I have heard others state rehab flipping is not investing but just a job. While I agree it is certainly a job, it remains the exact definition of investing.

    I won't bother commenting on the rest, if I wanted to waste brain cells, I would become a drug attic. Petition denied!!

  • Residential Real Estate Agent · Orlando, FL · Member since 2015 · 139 posts · 106 votes
    11y

    @Brandon Sturgill To explain my process to you any further seems pointless. You're determined to undermine my profession and professionalism. I don't know who hurt you or wouldn't let you play in their sandbox, but you are way off base. There is no direct conflict with my process. I do not represent the banks. They represent themselves. I have a "no brokerage" relationship. I perform every analysis necessary before I acquire a property to make sure it's a good investment for my clients. Do I perform a CMA? Hah! Yes sir, I perform a CMA, which is only one small determining factor when analyzing an investment deal. I think before you start bashing someones livelihood and career that they work hard at everyday of the week, you might want to learn a little more about what exactly the position entails.

  • Realtor · Houston, TX · Member since 2013 · 128 posts · 27 votes
    11y

    Pot. Stirred.

    Where's my popcorn?

  • Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    11y

    LMAO, there IS honor among thieves!

    Cognitive Bias, study it, many here suffer from it.

    Investing in yourself, what you might call education, paying for gas, lunch, whatever is NOT investing in a   n investment, it is investing in your efforts to make money, these are NOT capital expenses.

    Let the IRS guide you in the definition of "INVESTOR" when you have passive income, capital at risk, you are an investor.

    When you have active income, income earned through your efforts, you are an "OPERATOR"

    You is what you is and you aint no more. Popeye I believe. 

    Nothing degrading about being a real estate operator, many very successful people have used the term properly. 

    IMO, using the term investor is misleading when used by an operator, but I understand the English language changes with popular culture, but accounting, tax, financing and business terms do not. 

    I also understand that some guy with no money, no credit, no job, no assets can stick his thumbs in his arm pits, put his fingers in the air or snap his suspenders, hold his head higher and smile calling himself an "investor" and get more attention from those who view "investors" in the proper light, as understood in the investing world, without funny misconstrued accounting opinions as to what constitutes capital at risk. Okay, entertain yourselves. 

    As to taking wholesaling off the table on BP? How else would they be exposed for doing things illegally or improperly if we took the topic out? No, leave it here so that the newbies with no money, no credit, no knowledge, no assets and no job can learn some reality of what some con artist guru tells the. 

    Now, before I get the badge of wholesale basher (which I probably already have) I have and would wholesale a transaction, but I certainly would not a "business" out of it or specialize in being a straw-man.

    Yes, straw-man, wholesaling was done before anyone on BP was ever born and before their daddy was born. It is called a straw-man transaction and it is not unique to real estate. How do you think the supply line during prohibition undertaken with hillbilly boot-leggers ? Yes, it does drive prices higher

    Do all goods require a license to market and sell them? No, you can sell bubble gum or shoes all day without a professional license. Are there certain types of products and services that do require a license? Yes, if you want to buy more drugs, go to a pharmacist, want to buy another drink? Go somewhere that has a liquor license. Want to get a haircut, go see a barber with a license. Want to buy real estate, go to the owner who can  sell it themselves or see a real estate broker. 

    Perhaps there is an under served area in RE, investors and rehab guys, seems they have gotten lazy or they can't find a deal and Realtors aren't serving the needs.  Okay, let the free market work, fill the need, but that doesn't mean start a business to do illegal or unethical things. Wouldn't it be easier to build and sell burglary tools? 

    Get a license and work with investors seeking run down properties in need of repair or find the little old lady who lost her husband 4 months ago, then you cab act ethically and legally.....that is if you aren't doing "net listings" in some shady way. 

    There is a right way and some very wrong ways, most seem to operate the wrong way. If you happen upon some deal and you decide you don't want it after all, like you found a better deal, and you can't buy them all....then flip the contract to your investor buddy, but doing this as a business.....get a license is my advice.

    Edited BTW, 

    Folks  don't get something either. Value, what is value and how is it established. We could go through the song and dance of economics but let's just look at how value is established for like service in an industry. Certain functions and duties and services have already had established values set. It is totally irrelevant that if John does a service easily and Mark has to work his butt off to do the same service, Mark is not entitled to simply charge more because he is slow, of inept, or choose a much more difficult task in providing that well established service. A tune up of your Toyota will be within a common range, generally accepted and reasonable. What a straw man does is the same thing a Realtor does, regardless of how hard you work or your opinion of your abilities. In fact, you''re worth less because you don't accept the duties or responsibilities of an agent and you may be acting illegally. I don't go to a neurologist for Tylenol for a back ache, but if he would treat me, he wouldn't be charging for doing brain surgery!   Lots of folks here wanting to get into "business" need to understand how services are evaluated legally and ethically, what professional services are expected, just because you worked on an old car doesn't make it more valuable or how long it took you or how many knuckles you scraped, it is what it is.

    And if you're getting more than that, chances are very good you are screwing someone on one side or the other, it's usually the owner losing equity that is taken by deceptions of valuation. Not 100% of the time, but most of the time I'm sure. The very best wholesaler in the country isn't worth what the best broker in the country is worth, bot are doing basically the same thing. . :) 

  • Investor · Atlanta, GA · Member since 2011 · 79 posts · 38 votes
    11y

    I am not sure if there is any value to this post since it really won't solve anything.  People are going to think what they want to think.  However I got a couple of minutes so...

    As a wholesaler, a rehabber and a landlord, I get to play in all three playgrounds which are the most common in my opinion and I find great value in all of them.  I don't really care how good an agent or marketer anyone is, the odds of anyone being so good to find every deal there is, is somewhere between none and not a chance in you know where.  

    Case in point, someone is wholesaling a good deal to me now from a friend.  I will rehab the house.  The friend could really care less about trying to get more money out of it by listing it and having been a motivated seller myself, I get that feeling too where the money is really not even worth talking about it because of other needs that need to be met to bring closure.

    I have built great relationships with Wholesalers, Buyers, Sellers, Agents and Tenants.  I love all these people because all enable me to learn and be a better investor.  All of them bring value.  People just have to find the good ones...like anything else in life really.  

    And yes, there are some rough wholesalers out there with their 90% ARV but hey, there are some pretty lousy buyers, agent and tenants out there too. Just like anything else in life...

    Recommendation:  See the value in what The Person provides and Not The Label and anyone not for wholesalers may find better success.  The same way we would in finding you in peoples role as a Buyer.  It's a circle of love so to speak.  Play in it with the right people and the reward may surprise you nicely.  If one does not want to play, that's ok too.  We can all get along regardless.

    BTW, I have wholesaled at 100% ARV strictly off cap rate to very happy buyers...everyone is truly different so careful to lump any group of people into a pile...not wise IMHO. Some people surprise me. And it is a very successful investor too to be clear.

    My two cents as I enjoy educating wholesalers to be better at what they do...and it has paid off for me.  It just might for everyone with a little more effort.

  • Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
    11y

    I think it's weird to want to eliminate discussion of something that is as variable as "wholesaling". It would be a disservice to any RE community to ban discussions of relevant topics. The BP community doesn't even agree on what wholesaling means. 

    A person that markets for purchase, markets for resale and signs purchase agreements is involved in REI. Just like an agent, a property manager, rehabber or landlord. There is no one way that people are "wholesalers". The idea that all wholesalers use weasel clauses is ridiculous. The idea that everyone who wholesales doesn't have cash to close isn't based in fact. Not all wholesale deals close via double closes. There are also options and assignments. Some wholesale deals involve serious problem solving (title or lien or code compliance), some involve very difficult tenant situations. Some involve very challenging seller scenarios that cannot be met by an agent listing. If you've never encountered one, I have tons of examples.

  • Real Estate Broker · Chicago, IL · Member since 2014 · 39 posts · 7 votes
    11y

    That's like saying day traders aren't investors. It's a very short term investment that yields quick returns AND provides a valuable service, and often a gateway to other forms of REI. Sure, many wholesalers are new to REI. But inexperience doesn't make it irrelevant, if that's why you don't want to discuss. And like other businesses, some practice with reasonable standards, but you can choose whether or not to do business.

    But any active investor should utilize wholesalers as another form of marketing, if only so they don't have to do all the legwork. Wholesalers who've built a good business and want to move up can let their machine run so they can utilize their own marketing efforts. Please re-think your statements. You've just alienated many people in the REI social environment that is BP.

  • Dev HornPro Member
    Flipper/Rehabber · Arlington, TX · Member since 2013 · 1k+ posts · 2k+ votes
    11y
    Originally posted by @Bill Gulley:

    LMAO, there IS honor among thieves!

    Cognitive Bias, study it, many here suffer from it.

    Investing in yourself, what you might call education, paying for gas, lunch, whatever is NOT investing in a   n investment, it is investing in your efforts to make money, these are NOT capital expenses.

    Let the IRS guide you in the definition of "INVESTOR" when you have passive income, capital at risk, you are an investor.

    ...

     OMG that post quoted here made my eyes bleed.  

    "Brevity is the soul of wit." ~ Polonius (in Hamlet)
  • Investor · Compton, CA · Member since 2014 · 12 posts · 3 votes
    11y

    The value is the crux of any real estate deal. The properties sale for what the market bears. It doesn't matter if the property is for sale by homeowner direct, via agent/broker or wholesaler. No one person is responsible for inflating the market. I do agree that untrained real estate consultants may not be the best deal makers but its the job of the seasoned pro to enlighten them on the ins and outs of deal making and like everyone else they will learn and improve in skill over time. BP is a great form to facilitate that. In the mean time teach the novice wholesalers how to structure deals that work. Without BP form there would be a lot more folk who didn't know what they were doing. #KEEPWHOLESALEFORM

  • Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    11y

    I got two calls last week. They had a house they wanted to "sell" me. One was a local guy. The other "seller" was out of state. It was the same house but priced $18,000 higher by the out of state "seller". It is on McGregor Blvd in Ft Myers. I chose not to deal with either "seller". Not long ago I was getting texts from some nutty guy calling himself "Thomas super bird dog". He texted me at least 3 times with real "deals". Buy this one for 300K..and ARV is 600K! WOW! It was listed in the MLS in the low 200's. He gave me other bulloney with other properties that were listed claiming outrageous ARV's that were totally bogus. Why do I need anyone like these guys? I am an investor and agent. What are these guys providing in the form of valuable services?

    What is the difference between a flipper and wholesaler? The flipper actually owns the property. Can he be called a "wholesaler" if he delivers properties at a reduced price? Can you actually sell something you don't own? If I want to buy gold chains from a wholesaler, I go to 47th Street in NY or S. Hill Street in LA, show my business card and resale tax number, and buy tax exempt. That is true wholesaling.

    How many "wholesalers" use BS weasel clauses to trick sellers? Read the forums. Many of them actually admit it. They unintentionally reveal they are dishonest hucksters lying to homeowners. They don't have funds to close and never had any intention of closing. These people are exemplary of people I don't want to do business with in ANY profession.

    Are there honest wholesalers? I am sure there are some. This has been an interesting thread. I would disagree that "wholesalers" provide services an agent could not provide. I would disagree they drive up prices any more than licensed agents. Markets determine pricing. I find it easier to ignore most of these ""wholesalers". When I responded to their posts asking if they intended to close on deals, asking if they were using BS weasel clauses to dupe sellers, etc...there was total silence. They didn't need to answer...their posts revealed their true intentions. One of these huckster "wholesalers" is affiliated with one of the other posters in this thread that defends wholesalers.  Each poster has to be considered on an individual basis to determine if you want to deal with them.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @John Thedford

      its kind of like the numskull RE broker or agent that can't control their seller and will list property for 100k over market .. and with the hopes that they can talk them into price reductions... I know you want to be the last realtor in that scenario usually the first few get fired the last one gets the property finally priced right.

    @Account Closed

      your the fixer !!  tougher more complicated the deal the competition slacks off and nice profits are made..

  • Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    11y
    Originally posted by @Jay Hinrichs:

    @John Thedford

      its kind of like the numskull RE broker or agent that can't control their seller and will list property for 100k over market .. and with the hopes that they can talk them into price reductions... I know you want to be the last realtor in that scenario usually the first few get fired the last one gets the property finally priced right.

    @Account Closed

      your the fixer !!  tougher more complicated the deal the competition slacks off and nice profits are made..

    That is one game I won't play. Recently looked at a house for a potential seller. True number is around 135K. Some agent came in telling him 180K. Fortunately, the owner realized the other agent was full of stuff. Seller hasn't listed yet, but I do hope I will be able to market the property. After a good chat, he realized it is in his best interest to work with an agent that is honest and concerned with doing a good job. Lying for listings is a popular game with the losers usually being the homeowners. I can easily turn down a delusional homeowner. It is easier to tell them thank you than to try and educate them. After 399 days on the market, some of them actually get it:)

  • Contractor · Los Angeles, CA · Member since 2015 · 4k+ posts · 1k+ votes
    11y

    @John Thedford It is just simply how the world works, all professions have dishonest people, for sure, there is a dishonest contractors, RE agent, RE investor, doctors, lawyers, sellers, buyers, government workers, congressmen, congresswoman, mayors, council persons, companies, suppliers. What's new? Wake up! Just protect yourself and ignore them if you don't like them. Don't take food from anyone's plate, they do what they do because they are trying to bring food.  It is the same reason that a store advertise up to 80% off, only to find out that there's only 1 item that has 80% and its a bookmark worth 50 cents, but hey, the bright side is, the customer is already browsing the store. Anything that brings your eyes and makes your phone rings is worth something.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @John Thedford

      over priced listings like pie in the sky overpriced wholesale deals are a liability. for the agent time money and marketing expense for something that won't sell.  And the wholesaler who may have paid for direct mail and more than anything their rep.. you keep showing bad deals and no one will take  you seriously... its really not that big of a buying world out there in many areas.

  • Real Estate Agent · Jacksonville, FL · Member since 2015 · 252 posts · 132 votes
    11y

    @Al Bunch

    Now you've got me thinking.

    Where did I put MY popcorn?

    Anyone have some more gas for the fire?  Flame's gettin' a little low.

  • Sarasota, FL · Member since 2014 · 151 posts · 80 votes
    11y

    @Brandon Sturgill 

    Wholesaling has its place, it helps those that need help and serves those that stand to make a profit. I don't think this concept is a bad thing, as long as there is full-disclosure from Wholesaler to Seller/Buyer and all parties understand the transaction. We all know in every profession and every model used to make money there are those who operate unethically. 

    As for discussions on BP about wholesaling, my wholesaling education was provided by reading and listening to a lot of the content provided by BP. Keep the topic alive I say.... and for the naysayers, just look the other way. 

  • Investor · Chicago, IL · Member since 2013 · 2k+ posts · 1k+ votes
    11y

    Sure - let's ban discussions in BP about wholesaling so that the true diligent wholesalers like me will have less competition and we'll make more money.  :-)

    To those who say wholesalers don't provide value - just ask the buyer of one of my wholesale deals (attended the closing today) below:

    After Repair Value - $150,000: verified by a comparative market analysis done by a licensed real estate agent
    Repairs - $35,000:  verified by a licensed, bonded and insured General Contractor

    I sold it to my buyer for $69,900

    Is he happy with the deal? Did he see value in what I've provided? You bet.

    Are there other wholesalers in my market who try to sell a house they don't own or control, or sell a house listed on the MLS for higher than list price? Sure. Do they provide value? Not really. Does that make ALL wholesalers BAD? Of course not.

    Is wholesaling NOT investing? I don't care what the answer is. I've made a lot of money with it and continue to make money with it. I don't just do wholesaling (I am also a rehabber, landlord and lender). Even after doing $15M worth of transactions, I LOVE wholesaling!

  • Real Estate Agent · New York City, NY · Member since 2015 · 36 posts · 14 votes
    11y
    Originally posted by @Brandon Sturgill:

    Given wholesaling is not a form of investing in real estate...perhaps licensee's and true investors should start thinking about a push to do away with related discussions...

    Oh c'mon! You cannot be serious! But let's be serious for a minute and take into account your suggestion. Sure, some wholesalers don't comply with their due diligence and think they're "wholesaling" when they offer an investor a home at 85% ARV to assign contracts. This is probably the ONLY reason I see this as a viable reason to discontinue wholesale discussions, and even that is a REALLY weak argument.

    Instead, do this, make a post AS A STICKY, making it clear to all new wholesalers that deals aren't worth looking at unless it's at 80% ARV to assign contract (or less, mostly less). Also, to tell wholesaler's to not be so greedy with their spread. Be reasonable! Remember, as a wholesaler YOU ARE TYING UP PROPERTIES AT A DEEPLY DISCOUNTED PRICE in order to ASSIGN AT A DISCOUNTED PRICE. Wholetailing is (for a lack of a better word) *******-ish, unless of course there is a LARGE market of investors (like New York) where people don't care about repairs but rather location.

    Case and point, this post doesn't make sense, wholesaling is what allows investors to make money and you're asking to erase that! Very unlikely. Cringeworthy actually. No offense. 

    Happy Investing! 

  • Professional · Lowell, MA · Member since 2014 · 232 posts · 223 votes
    11y

    Quite an interesting thread.  Thank you, Brandon Sturgill, for being the gadfly.  

    I come at this discussion from a unique point of view... and it's not wholesaling.  I request your tolerance while I take a long-way-around to describe it.  

    I work predominantly with commercial investments. Sometimes they're urban redevelopment projects; sometimes they're relatively minor infrastructure projects. Seldom are they based in the Fee. They may take the form of a leasehold or an easement. They can also take the form of a sale-leaseback, an easement in gross, a license, permit, or grant. They may contain covenants for open space or for pervosity. Sometimes, it's an LLC (or Trust) with 25 different Managers (or Beneficiaries.) It may even be the Fee to a residential property... but one that's encumbered by a life estate. In my area, they're almost always subject to the additional police power commonly known as Zoning.

    The operative word that I haven't seen anyone stress here is "interest." (...but if I missed it in these past 4 pages, then please forgive me.)  

    In each instance, for each individual, the point isn't that "I own a property,"  it's that "I have an interest in a property."   Quoting neither Webster's nor Black's, this loosely equates to the right to control some part of the asset for a relevant portion of time, whether that control is executed actively or passively.   

    Certainly, wholesaling is just such an interest. One (wo)man's Assignment of Contract is another's Ground Lease for a cell tower or commercial PV site.  So why shouldn't wholesaling be included here at BP?  

  • Herndon, VA · Member since 2014 · 1k+ posts · 324 votes
    11y
    Originally posted by @Account Closed:

    A person that markets for purchase, markets for resale and signs purchase agreements is involved in REI. Just like an agent, a property manager, rehabber or landlord. There is no one way that people are "wholesalers". The idea that all wholesalers use weasel clauses is ridiculous. The idea that everyone who wholesales doesn't have cash to close isn't based in fact. Not all wholesale deals close via double closes. There are also options and assignments. Some wholesale deals involve serious problem solving (title or lien or code compliance), some involve very difficult tenant situations. Some involve very challenging seller scenarios that cannot be met by an agent listing. If you've never encountered one, I have tons of examples.

    I think most problems with wholesaling are based people starting out as wholesalers and not having the ability to close properties.  I think the examples you provide are where someone uses their experience and connections to connect a property to a buyer at a higher value than the original price.  With most new wholesalers they are really just throwing offers against a wall and seeing what sticks and then repeating the process with mark up on the sell side.

    I think wholesaling/assignment can be a very useful strategy for investors/flippers who may have too many properties under contract.

  • Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    11y

    @Steve McGovern

     At least 80% of the wholesalers here (maybe more) have no clue what you said, and you're right, 

    @Dev Horn  sorry your eyes bled, more might understand points of view and learn better negotiation skills if the would skim through studies of cognitive basis. 

    For those that don't ignore my posts, I think wholesaling should be understood and done in a lawful manner. Operating legally becomes much more difficult when you use this strategy as your only activity in a business without a license. 

    For those that took economics in high school or a business class, "what the market will bear" does not really apply in RE as it does in dealing in shoes. Sell at an inflated value to some fool is not what the market will bear but becomes predatory dealing in this industry. That also applies to the "buy side".

    Buying or selling one property is not a market. The market sets the price not parties to a transaction, you have an asking price, an offer, when a price is accepted and closed you have a market value if certain conditions apply. Wholesaling usually won't meet the conditions to establish market value, usually the time on the "market" because  that  deal is offered for a short period and not exposed to the public. You'll have a private sale or distressed sale, those prices can be looked at in light of the market to judge an equitable transaction.

    Perhaps my posts drill too deep, ,most newbies and even some that have been around awhile are more of the happy go lucky types, skimming across the top with a "doing a deal" mentality as if you are dealing in shoes. That is because investors and operators begin learning the industry from a "deal" perspective instead of learning RE and the bigger picture. 

    @Account Closed I agree, there is value in using someone who can overcome problems, the problem is that a consultant does not add value to a property. It really takes someone who has been around the block, experience, education, one who sees the big picture to solve complex issues, those starting out really can't go there. What I have noticed is the same justifications ranting of wholesalers thinking they are in some special activity and that they are uniquely qualified to charge more as if they were an attorney working by the hour. A straw-man is a straw-man and the value is not in the property, it's in the value of the option or contract rights conveyed. 

    The damage to the industry and to the public (homeowners as well as to new investor/operators) has already been done. I place that at the feet of gurus, most coaches or mentors advocating popular strategies ignoring the underlying basics of RE, legal constraints, the economics of real estate, ethics and acceptable business practices into the realm of dealing as if they were dealing with other commodities like shoes. Real estate is unique and has its own matrix of ethics, law and practice unlike other business operations. The sad part, it's not hard to learn and new folks don't understand the value of learning. Rant is over :)  
     

  • Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    11y

    I challenge a wholesaler - any wholesaler - to bring me a deal that's worth a damn. It's never happened yet...

    Brandon, to your remark that they inflate the market - they are able to do it cause retailers let them. We don't have to buy from them at a price that's too high, but many do. Why - because most don't know how to do the numbers. So the whole scene is akin blind leading the blind...lol

    Having said this, for as much talk as there is about wholesaling, there are very, very, very few real wholesalers out there, Brandon. Most people just talk :)

    Ohio is hanging these jokers out to dry. Wholesaling done through assignment of contract is all but dead. Going forward transnational funding to facilitate an ability to close will be requisite, which most of these jokers don't have.

    To your point that these conversations should be disallowed - why? Do you feel wholesaling is immoral or illegal, and therefore allowing conversations on the topic as as well? Brandon, first of all, if the seller wants to sell and the buyer is willing to buy, that's free market. They are potentially both stupid, but there is nothing immoral here. Is it illegal - assignment of contract seems to be of late in Ohio. But, if I buy something (close on it) and re-sell, and this is a cash transaction all the way around, I don't see how a case can be made that it's illegal. Inflating of price is the FED's stated policy, so wholesalers are certainly not alone in this :)

    Furthermore, how is it BP's function to police conversations that are not clearly illegal and are not clearly inappropriate? These are people's opinions, and they are entitled to it!

    It's nice to see how many feathers you raffled with this thread. There is a lot of truth and passion to your premise. It is obvious that this truth and passion destroys the hopes of 99% of BP contingent - the amateurs. Oh well - better they hear it from you first :)

    Nice job!

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Steve McGovern

      before I was half way done with your post.. I thought to my self he must do cell tower leasing... :)...

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