I am now convinced.....

I am now convinced.....

wholesale/assign/whatever · Levittown, NY · Member since 2015 · 33 posts · 14 votes

I am now convinced that It's not the wholesaler who is a hindrance, but the realtor. I have called roughly 25 realtors. I explain to them everything that I do, because in the state of New York you can assign a property. It's in the contract. I met with all except for 4 or 5. They all said the same thing...Yes, I would be happy to find distressed, motivated...etc...for you. Yes, I would be happy to throw you listings before they go up. Yes, I would be happy to run the comps for you. I go home feeling good. I call, I email...Nothing. Absolutely nothing. This is not on the weekends....I know that's when they are showing houses, but during the week when I have gone into their offices and noticed several realtors asleep at their desks. 

I finally find the right one. He's the broker too and runs the show. He spends 2 hours with me, we are talking and listening to each other and at the end of the conversation, we set up a day and a time to look at the perfect house for one of my cash buyers. He says he will call at noon. Nothing. I wait until 1:30pm, because I know how things come up, to call him...I leave a message. Nothing. At 2:45, I send him a text. Nothing. For the rest of the beautiful day, that my daughter was in New York and happened to be off....absolutely nothing. No jury would convict me. 

I think I'm going to give up and that's just not me, but I have worked morning, noon and night on this for 3 months. I have slept 4 hours a night because I am doing research on the computer, trying to find the right realtor, getting all my paperwork in order....just working so hard. 

I cannot remember the last time I felt this lugubrious and heavyhearted. I walked away from that meeting on cloud nine because he completely understood everything that I explained to him and how wholesaling worked. He loved the idea!! 

I'm not taking 50% of any wrongdoing , 85% or 99%. I blame him 100% for being selfish, discounteous, and uncaring with regards to someone's livelihood. And, If there is one thing that I cannot stand is a person messing with another persons livelihood,

What a shame. 

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Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
11y

Are you trying to wholesale? Off the MLS? I think that's a VERY tough route. Better to do your own marketing to find sellers. Anyone can see the listings on the MLS. A wholesaler who's just getting MLS properties under contract, marking them up, and passing them on is wasting everyone's time. Any investor could have bought those properties directly. The wholesaler adds no value.

Agents are looking for buyers.  Not someone who's going to find a buyer.  That's what the buyer's agent does.  Many don't understand wholesaling at all.  Those who do probably know you're going to consume a lot of time writing lowball offers that will go nowhere.  And that you're not going to buy the property, only try to find a buyer.  And if you don't the deal is going to fall apart.

An agents job is to help buyers buy and sellers sell.  

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  • Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
    11y
    Originally posted by :

    @ everyone

    Also, why is there a wave of members interested in wholesaling?  Karen just gave me more examples of how difficult wholesaling can be.  Is it because the other options are not attractive?   For example, buy & hold takes to long and flipping takes up too much capital? 

     Because pretender investors with little to negative knowledge about real estate and no comprehension about money other than it can be traded for stuff at Walmart have this false belief that they can make massive income with no credit, no money, no marketing knowledge, no contractual knowledge, no negotiation or as apparent in this thread no people skills, no understanding of the tools needed to comp houses, no estimation skills and no appraisal skills. Then they b!t@h and complain when they talk to one Realtor or send 100 letters and can't get a deal never mind make enough to pay off their 5 figure credit card bill.

    The key to success in real estate is to stop chasing money. It is quite elusive and one will never catch it. Just like leads, referrals and deals, you have to attract it into your life.

  • Philly Burbs, PA · Member since 2015 · 338 posts · 133 votes
    11y

    Pictures,

    I want to see the pictures.

    Karen, can you upload them to photobucket or something and post the link?

    BTW, the zombie homes are the result of the fact that they take almost 3 years to foreclose on.

  • Investor · New York, NY · Member since 2014 · 156 posts · 48 votes
    11y

    @Karen Hurd are you Pre-Approved? I's one thing to tell and agent that you have buyers, it's another to prove it. Whether it's a pre-approval or POF, agents will take you more seriously when they are confident that you can close.

  • Investor · Kitchener-Waterloo, Ontario · Member since 2008 · 1k+ posts · 1k+ votes
    11y

    @Karen Hurd You can always pay a realtor to do a CMA on any property you're interested in. Ultimately realtor's comps are irrelevant though. What matters is the appraisal, and what buyer's are willing to pay.

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

    Hahaha - wow!!!

    Let's just give up now. Of course, if we do that, we can kiss any chance of financial freedom good bye... On second thought, I think I'm going to stay in!

    Listen to @Aaron Mazzrillo! Study - knowledge attract money, deals, partners, clients, sellers, buyers, brokers, leads...you name it. The fact that you are in this place is the universe telling you it's not time yet for a deal :)

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    11y

    ..........well, that was an interesting read.

  • Investor · Livermore, CA · Member since 2015 · 122 posts · 36 votes
    11y
    Originally posted by @Joe Cummings:

    If you think I'm nuts, you're probably right. But ask yourself this 45 posts to this thread in 2 days, do you think Karen knows how to get attention?

     I have found the Jerry Springer line of postings! Oh how exciting. I for one am grotesquely entertained. It's kind of like driving by the bad accident on the freeway and looking...not because you want to see something bad, but you just can't help but peek at how messy it gets! :-D

    ...pass that popcorn down here....!  Licorice too maybe.....

  • Investor · Louisville, KY · Member since 2011 · 279 posts · 248 votes
    11y

    Wow!   I didn't understand a lot of this but it was still gripping.  

  • Rental Property Investor · San Marino, CA · Member since 2011 · 398 posts · 144 votes
    11y

    i nominate @karen hurd to be the next feature of the BP podcast.  

    @brandon turner and @ josh darken  can you please make this happen?

  • Philly Burbs, PA · Member since 2015 · 338 posts · 133 votes
    11y

    @Karen Hurd

    Hey, where are you? We need input. And pictures

  • Bedford, NH · Member since 2012 · 2k+ posts · 1k+ votes
    11y

    The raccoons ate her.

  • Specialist · San Antonio, TX · Member since 2012 · 865 posts · 351 votes
    11y

    Every entertaining.  One thing that I have learned the hard  way is this. If upset don't get on the phone, post,or email. 

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