Real Estate Investor · Elizabeth, PA · Member since 2015 · 7 posts · 5 votes
Hey guys! - I am a newbie in real estate investing and am currently looking to wholesale properties in the Pittsburgh area and surrounding suburbs. With that being said, I am hoping to get some credible advice on the process from other experienced wholesalers and investors in the area who know the ins and outs of a wholesale transaction. I have gotten plenty negative comments about doing this in Pgh but I also am aware that any contract is assignable. Hope someone near me has some encouraging advice!!!
Hey guys! - I am a newbie in real estate investing and am currently looking to wholesale properties in the Pittsburgh area and surrounding suburbs.
Wholesaling per se is very jurisdictionally dependent. The basic concept is you are the intermediary between to parties (your seller and your buyer). That's the EXACT position of every RE Broker, so it should not be surprising that the RE Board of many state frown on and go after this kind of activity.
Investor · Saint Louis, MO · Member since 2015 · 204 posts · 37 votes
10y
@Jeremy Pacenot at all. All you have to do is disclose that you are licensed when dealing with potential clients. If I can't buy it wholesale, then I list it. Best of both worlds.
Residential Real Estate Agent · Mc Keesport, PA · Member since 2012 · 449 posts · 154 votes
10y
@David BeckleyI'm not sure that's good advice. If you market for deals for your own investing business and you will be a principal in the transaction, you do not need to disclose on the marketing piece that you're a licensed agent. However, if you plan on taking these leads as listings if they don't fit your investing business model, then you do have to disclose that you're an agent on all of your marketing pieces.
Investor · Saint Louis, MO · Member since 2015 · 204 posts · 37 votes
10y
@Jerry KisasonakI never said anything about marketing pieces. In any verbal conversation with a seller or buyer, I ALWAYS disclose that I'm an agent. Really simple stuff.
Hey guys! - I am a newbie in real estate investing and am currently looking to wholesale properties in the Pittsburgh area and surrounding suburbs.
Wholesaling per se is very jurisdictionally dependent. The basic concept is you are the intermediary between to parties (your seller and your buyer). That's the EXACT position of every RE Broker, so it should not be surprising that the RE Board of many state frown on and go after this kind of activity.
1)Disclose what you are doing and be an honest person to the buyer and the seller. If you are moving the real estate and the investor is getting a deal they want then they should both be happy. If everyone is happy with your service then you will not have to worry about "The Grey Line" in the Wholesaling game.
2) Don't over think it or you will never get a deal done. My first wholesale deal ,12 years ago, found the house, negotiated the deal wight he owner, then ran back to my house to figure out how to put it under contract. This is not the right way, defilntiley plan, educate and learn before and while you are grinding but my point is don't overthink all the risks. We are investors and investing is risky. That first deal I had no job, no money and was scrapping metal to put gas in my truck then I assigned the contract and made 8K. Thats not what the "GURU's" say they make (they always make 20K to 50K according to their infomercial) but when your gas tank is on E this 8K was the best and most memorable profit I have ever made.
3) Go to ACRE, WPREIA, Jerry Kisasonic's group, Yeagers Group SWIG and get info from dozens of people who do it full time and kill it like the guys who run these groups and the people who attend like Brian Snyder, Rick Sikora, Doug Raible, Mike Roth etc...... and me(but I am nothing to write home about in the wholesale game compared to these guys.
*PS. Excuse the spelling and grammar errors throughout this post I am in a hurry and frankly I am not that smart, which is the amazing thing about real estate investing a guy like me can build a company like RE360 And i am so bad at spelling that spell check cannot even identify what I am attempting to spell and I write a really really long sentence like this one with no punctuation*
Real Estate Investor · Elizabeth, PA · Member since 2015 · 7 posts · 5 votes
10y
@Joe CallowayYou said it brother!!! I couldn't agree more about having full disclosure in my business. I have heard of many things that can lead to "The Grey Line" but I think that if I am honest about how my business operates I'll be just fine. Although stepping on realtors and brokers toes is something I would certainly want to avoid haha. But you couldn't be more right.. overthinking things will never make progress. Thanks for the encouragement! Im all in!!!!
*PS. Jeryy's group is fantastic, love the meetups. I'll have to look up some of those other guys and hopefully start branching out to network with other like-minded people. Thanks again for your advice and I hope to potentially work with you in the future.