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New Jersey Real Estate Q&A Discussion Forum

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Lisa Chen
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Where to find reputable wholesaler, please advise

Lisa Chen
Posted Sep 21 2022, 09:30

Hello, everyone, through a connection I know two houses about to be foreclosed or has been foreclosed. I wonder if anyone knows a trustful wholesaler, who can work  acquire/flip the house before the bank put into public auction. 

please advise. thank you

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Lindsay Op de Coul
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Lindsay Op de Coul
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Replied Sep 21 2022, 12:11

@Maria Amedrano 

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Maria Amedrano
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Maria Amedrano
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Replied Sep 21 2022, 12:35


hi @Lisa Chen! I know a great wholesaler. Is that the route you’d like to take in regards to the two properties?

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Bob Stevens
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Bob Stevens
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Replied Sep 21 2022, 12:40
Quote from @Lisa Chen:

Hello, everyone, through a connection I know two houses about to be foreclosed or has been foreclosed. I wonder if anyone knows a trustful wholesaler, who can work  acquire/flip the house before the bank put into public auction. 

please advise. thank you

 you do it , why would you want someone else. Also depending on the state if could be years and years before its actually sold off. YOU do the work, contact the owner and bank etc, 

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Lisa Chen
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Lisa Chen
Replied Sep 21 2022, 12:59
Hi, Bob:

thanks for the message, I tried to contact the owner, one of the owners has unrealistic number in the head. I was then told by a friend that the only way is to find a local wholesaler, if I want to get the property through foreclosure bank. is that true?

 you do it , why would you want someone else. Also depending on the state if could be years and years before its actually sold off. YOU do the work, contact the owner and bank etc, 


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Lisa Chen
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Lisa Chen
Replied Sep 21 2022, 13:00
Hi, @Maria Amedrano

that's the only route I was told that it could work. I don't know too much about else, but if you do please feel free or message me. 
thanks

Quote from @Maria Amedrano

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Bob Stevens
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Bob Stevens
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Replied Sep 21 2022, 13:12
Quote from @Lisa Chen:
Hi, Bob:

thanks for the message, I tried to contact the owner, one of the owners has unrealistic number in the head. I was then told by a friend that the only way is to find a local wholesaler, if I want to get the property through foreclosure bank. is that true?

 you do it , why would you want someone else. Also depending on the state if could be years and years before its actually sold off. YOU do the work, contact the owner and bank etc, 



 No you can do it all, wholesalers are just guys flipping contracts. Its not as though they are licensed and they are the only ones that can buy this property. All owners have unrealistic numbers . Personally I would just move on, there are deals everywhere, . You must be cash to get a good deal. I assume you want it as a rental? If so just connect with someone doing deals . 10%++  net cap are to be had  

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Mark F.
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Mark F.
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Replied Sep 22 2022, 04:37
Quote from @Lisa Chen:

Hello, everyone, through a connection I know two houses about to be foreclosed or has been foreclosed. I wonder if anyone knows a trustful wholesaler, who can work  acquire/flip the house before the bank put into public auction. 

please advise. thank you


 Most NJ wholesalers suck honestly. These guys are the only ones I'd recommend.

http://www.freedomhomebuyernj.com/

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Ryan Lockstein
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Ryan Lockstein
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Replied Sep 23 2022, 06:31

I'm confused on what you are trying to accomplish here?  You want to refer two leads to a wholesaler and then get a cut of the assignment fee?  Or you want the wholesaler to contact the seller for you, get the property under agreement, and assign it back to you for you to buy?

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Lisa Chen
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Lisa Chen
Replied Sep 23 2022, 09:31
@Ryan Lockstein you are right, both could be my intentions. maybe the second one is a bit more attractive if that's doable. what you think?


I'm confused on what you are trying to accomplish here?  You want to refer two leads to a wholesaler and then get a cut of the assignment fee?  Or you want the wholesaler to contact the seller for you, get the property under agreement, and assign it back to you for you to buy?

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Mike Ostran
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Mike Ostran
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Replied Sep 24 2022, 08:00
Quote from @Lisa Chen:
@Ryan Lockstein you are right, both could be my intentions. maybe the second one is a bit more attractive if that's doable. what you think?


I'm confused on what you are trying to accomplish here?  You want to refer two leads to a wholesaler and then get a cut of the assignment fee?  Or you want the wholesaler to contact the seller for you, get the property under agreement, and assign it back to you for you to buy?


 skip tracing isn't expensive, hire someone from Facebook for $5 to skip trace the 2 properties then go to the town hall when open and ask the nice lady at the records office for everything she has. 

run comps, estimate rehab costs and explain to the owner how going with you not only helps their credit score but makes them money

bringing a wholesaler in will only make it a worse deal for yourself 

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Ryan Lockstein
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Ryan Lockstein
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Replied Sep 24 2022, 08:38
Quote from @Lisa Chen:
@Ryan Lockstein you are right, both could be my intentions. maybe the second one is a bit more attractive if that's doable. what you think?


I'm confused on what you are trying to accomplish here?  You want to refer two leads to a wholesaler and then get a cut of the assignment fee?  Or you want the wholesaler to contact the seller for you, get the property under agreement, and assign it back to you for you to buy?

If your intention is to buy it there is no reason to pay a wholesaler to contact the sellers.  Just go stick a note on their door or skip trace their phone number.  Will save you big $$ not having to pay an assignment fee for leads you already found yourself. 

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Vaughn Smith
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Vaughn Smith
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Replied Nov 12 2022, 14:42

@Lisa Chen You can negotiate this yourself. Most NJ wholesalers aren't very good because NJ like NY is EXTREMELY hard to wholesale in for a variety of reasons(especially northern NJ). A wholesaler may botch the transaction because most don't know how to get around the "NO ASSIGNMENT CLAUSE" that exists REO sales (this is a part of the standard NJ Real estate contract as well but its easier to get around it there) also banks tend to be pretty firm on price and terms. I'd say give it a chance on your own if you haven't already. send me a DM I'll try to help you as best I can

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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Replied Nov 12 2022, 18:44

Why don’t you work it? 

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Rich Carey
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Rich Carey
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Replied Dec 2 2022, 12:41


There are tricky rules about whether or not and how a wholesaler can compensate you for bringing them deals.  Talk to a couple larger wholesalers in your area about it.  find them through local real estate investing groups and online searches.

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Ibrahim Hughes
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Ibrahim Hughes
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Replied Dec 4 2022, 06:51

Yes this should be something you can do on your own providing 1) this really is a mortgage foreclosure and not a tax foreclosure (tax foreclosures in NJ require a specialized skill and experienced team - wholesaler AND attorneys - who can deal with the extra requirements and unique timeline involved) and 2) you understand and pay attention to the timelines in the mortgage Foreclosure.

Filing for the two week adjournments allowed here in a mortgage foreclosure is pretty easy. BUT what happens when you run out of those? You will still need an attorney experienced in getting more time from the courts.

We have 22 years of experience wholesaling and buying both mortgage and tax foreclosures so if you want to discuss a partnership of some kind feel free to inbox me.