Experience with honest Wholesalers in greater Orlando area?

Rental Property Investor · Clermont, FL · Member since 2016 · 266 posts · 81 votes

I'm getting started in RE investing and am trying to establish a solid funnel of deals coming in. I know I need to establish good relationships with wholesalers as a way to hear about opportunities in the greater Orlando area. I've read a lot about the need to use caution with Wholesalers as some can be dishonest and take advantage of newer investors like myself.

I wanted to reach out to the community here on BP to see if anyone has had experience with good wholesalers in the area that they trust and have a good relationship with...?

Thanks so much!

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Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

@John Thedford the state of CA has right on the BRE website a tab to report unlicensed activity and as brokers we have a duty to do that.. are you doing that.. when these folks are so blatantly selling RE without a license ??? the only way to curb this is to report them.. and then let the authorities handle it.

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Ronnie Monroe
Real Estate Broker · Daytona Beach · Member since 2016 · 29 posts · 12 votes
9y
@Brandon, My wife and I are not experienced wholesaler's but we are most definitely honest. I have experience as a realtor but found a passion in investing. We are trying to build a name and agreat reputation in Orlando and would love for you to give us a shot. We are detailed and fair in our offers. We don't look to get rich off every deal but would rather build a relationship with our buyers. We are in it for the long haul so if your interested in working with us we would love to send deals your way. Thanks
1 Reply
Sam Ally
Lender · Orlando, FL · Member since 2009 · 121 posts · 74 votes
9y
Be on the look out for an email from me Brandon. As a lender I get to see an abundance of things that may be of service to you.
0 Reply
John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
I just got a call (not five minutes ago) from a scammer unlicensed broker. For fun I went to their website. Same old lies and BS: "florida investment properties at 30-50% below market value" on their website. I looked at the deal. Their price isn't ANYWHERE NEAR what their BS website claims they deliver. I informed their salesman (whom I had chatted with that found me on BP) that his company is just another scammer making BS claims. They are NOT licensed. Why are most of these people unlicensed brokers? So they can lie, cheat, deceive sellers, etc and not be held accountable. I would LOVE to see a good attorney start ripping these frauds apart in court! As Bill Gulley refers to them: a public nuisance. BTW, the person that called me claimed they "own" the property. They don't according to public record:)
Here is the claim from their website: get on our Buyers List with the form on the right and we’ll send you properties each month with discounts of at least 30% below market value.

They are just another fraud looking for unsuspecting owners and buyers!
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Kevin Siedlecki
Investor · Madison, CT · Member since 2014 · 710 posts · 458 votes
9y
@John Thedford - I saw that you were the most recent post in a topic about wholesaling in FL and just checked it out to chuckle at you ripping these guys to pieces. Keep fighting the good fight!
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John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
@Kevin Siedlecki
These frauds called me. Same old lies and BS promising to deliver deals at 30-50% under market value. That is THEIR claim on their website. As Bill says: just another public nuisance. I wonder why a good attorney couldn't buy something, prove their claims were totally false, and rip them for a huge settlement! One of the top ten reasons agents get sued is misrepresentation of value. Now you know why these frauds don't want a license: they would be open to LOTS of lawsuit, suspension and/or revocation of their license. Once something like that happens it is public record forever! I can name a few BP members that show up here for their dishonesty: https://www.myfloridalicense.com/sto/unlicensedact...
Now, if you want to check out an agent for any issues, you can go to myfloridalicense.com and review if they have had complaints.
A lawsuit against an agent or brokerage would not show on the state database for disciplinary action but WOULD show up in court records.
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Ahshar Sylvestre
Real Estate Investor · Deltona, FL · Member since 2016 · 57 posts · 11 votes
9y
I am not an experienced at all but I am honest. I am a new investor here in central Florida focused on using wholesaling to help build capital to fund other strategies I want to pursue. I actually have a question for @John Thedford. I have seen you on a few posts blasting "unlicensed brokers" but I am wondering do you dislike wholesaling as a whole because you are an agent yourself or do your problems reside with the scammers? And for somebody trying to use wholesaling as a means to an end or move properties to somebody that can actually handle the deal or a deal that does not fit my criteria, do I need a license?
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John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
@Ahshar Sylvestre
In general: most of these people are playing real estate agent without a license. They skirt laws to achieve that goal. They have no license, no insurance, and no oversight. I have seen plenty of their victims. I recently met with a local lady that was scammed by one of these frauds. They put her house under contract. They then represented they were sending a home inspector to come look at the property. The "home inspector" was not an inspector at all but rather someone the frauds were trying to assign the property to. When they could not assign, they walked away. The big difference between being an agent vs being an unlicensed broker is how the customer is treated: a listing agents job is to determine FMV for a property and try to sell it for the most money. These scammers try to beat the sellers down way under market, assign the contract putting thousands in their pockets, and pushing the deal to someone else. These FRAUDS state they are providing a "service". How is scamming a seller out of money a service? If you are representing others for compensation you need a license. There are three ways to be legal:
1. be on title
2. be a licensed agent or broker
3. have equitable interest
Those "co-unlicensed brokers" are violating FL law. Working as an unlicensed broker is a 3rd degree felony in FL. My question is: if someone can make a good case for getting a license, wouldn't that be something to consider?
You might ask: OK...so if YOU are helping sellers, how can YOU buy properties under value? Isn't that unethical? My answer: Absolutely not. I can (and have) offered to list at a higher price (giving them an honest FMV) and also offered to buy under that price as an investor. No trickery. This gives a seller true options. When people know that honesty and THEIR needs are put first they respect you.

If you want to act like an agent...then become one!
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Ahshar Sylvestre
Real Estate Investor · Deltona, FL · Member since 2016 · 57 posts · 11 votes
9y
Thanks John Thedford ! Are you basically saying wholetail instead of wholesale? Also what if the sellers needs are met regardless of having a license?
1 Reply
John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
@Ahshar Sylvestre
How are the sellers needs being met? If you mean unlicensed brokering and moving the property thousands of dollars under market while pocketing his loss...how is THAT a service?
0 Reply
John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
@Kevin Siedlecki
Tomorrow! Fun with unlicensed brokers!
1 Reply
Ahshar Sylvestre
Real Estate Investor · Deltona, FL · Member since 2016 · 57 posts · 11 votes
9y
John Thedford The sellers needs are met by agreeing to sign the contract. I believe if you are transparent with them letting them know in advance that I'm going to make money in the deal and if they are okay with that I do not see the problem in a triple win situation.
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John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
Can you close? If not, would you dare tell them that? Do you think they would sign if you stated you could not close? Would they be happy if you shaved off 10K in equity if they knew that? All these unlicensed broker scammers proclaim transparency but they don't truly operate in that manner.
1 Reply
John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
@Kevin Siedlecki
Aren't you the least bit curious:):)
0 Reply
Kevin Siedlecki
Investor · Madison, CT · Member since 2014 · 710 posts · 458 votes
9y
@John Thedford - Yes. What do you have on tap for us?
0 Reply
John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
@Kevin Siedlecki
I have a showing tomorrow. It just happens to be right in the area of a home that some unlicensed brokers are trying to sell (re: my earlier comments about them calling me). So, I am going to knock on their door and tell them I want to look at their house FOR SALE. Then they say: ""what do you mean? We already signed a contract and have it sold! "Oh REALLY...I exclaim! I wonder why they are trying to sell it to me:)" Then...maybe some things get explained...and maybe they won't appreciate the "transparency" that these scammers offer:)
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Kevin Siedlecki
Investor · Madison, CT · Member since 2014 · 710 posts · 458 votes
9y
Sounds fantastic. Can't wait to hear how it goes!
0 Reply
John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
UNFORTUNATELY, this would not be the first person that I educated about being scammed. We had one on Marco Island. The house actually ended up being advertised on BP for about 85K more than the contract price. When the "buyers" failed to assign, they walked. I had a great chat with the seller and they were surprised as well as angry. Another victim! I showed them the advertisements on BP. The scammers had them convinced the house was sold. They found out they were misled and lied to. I truly hate what these frauds do to people!!!!!!!
@Kevin Siedlecki
BTW--I DON'T follow the unlicensed forum. I scroll down through current posts and read and comment on many of them. I don't sit and wait for some of these public nuisances.
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Ahshar Sylvestre
Real Estate Investor · Deltona, FL · Member since 2016 · 57 posts · 11 votes
9y
Originally posted by @John Thedford:

Can you close? If not, would you dare tell them that? Do you think they would sign if you stated you could not close? Would they be happy if you shaved off 10K in equity if they knew that? All these unlicensed broker scammers proclaim transparency but they don't truly operate in that manner.
Those are all good questions to ask. I do not think they would sign if they knew that I was not able to close but that is where true transparency comes in. I believe if they were told the truth it is their decision or not to take my offer. I would not bunch all wholesalers into one category because of your share of bad experiences.
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Brandon Reed
OP
Rental Property Investor · Clermont, FL · Member since 2016 · 266 posts · 81 votes
9y
@Ronnie Monroe - Thanks for the note, Ronnie. PM me with your details and I'd love to get in touch.
@Sam Ally - Got your email the other day, Sam. Thanks so much for all of that info. That was extremely informative and I appreciate you take the time to send it over! I will be responding shortly...just been a busy week!
0 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y
@John Thedford the state of CA has right on the BRE website a tab to report unlicensed activity and as brokers we have a duty to do that.. are you doing that.. when these folks are so blatantly selling RE without a license ??? the only way to curb this is to report them.. and then let the authorities handle it.
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
2 Reply
John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
@Jay Hinrichs
Yes we are required to as well. I visited the house I referenced above today. AWFUL. Horrible deferred maintenance. Entire interior needs a rehab. The company that is trying to sell the contract states their deals are 30-50% under market. This house isn't even 10% under market considering condition. I had a nice chat with the owners. The unlicensed broker signed a contract with them and put up a whopping -0- EM deposit. That is NOT a typo. ZERO EM deposit. What are the chances these frauds will walk if they can't find anyone foolish enough to pay their asking price or anywhere near it? Any investor in their right mind would RUN from this property unless the asking price is reduced substantially. Even then, the location isn't desirable. The house faces a HUGE wall that separates it from a 6 lane street. The first thing I noticed was the noise from the traffic and today is Sunday. No doubt during rush hours it must be much worse. This company fits right into the scammer category.
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Account Closed
Investor · Orlando, FL · Member since 2016 · 1k+ posts · 780 votes
9y
Hi Brandon I am an investor/wholesaler/trainer and I host a local BP meeting once a month is Orlando. The next one is Jan 10. Here is the link to the details.
https://www.biggerpockets.com/forums/521/topics/384295-orlando-fl-area-bigger-pockets-meeting
2 Reply
Ben Valentin
Sandy Springs, GA · Member since 2017 · 31 posts · 5 votes
9y
Ronnie Monroe - I'd like to get in contact with you regarding deal flow. I have access to a good amount of investment capital to purchase a first flip project. Please reach out to me, thanks!
0 Reply
Eugene Victoria
Rental Property Investor · Member since 2022 · 10 posts · 1 vote
3y
Quote from @Ronnie Monroe:

@Brandon, My wife and I are not experienced wholesaler's but we are most definitely honest. I have experience as a realtor but found a passion in investing. We are trying to build a name and agreat reputation in Orlando and would love for you to give us a shot. We are detailed and fair in our offers. We don't look to get rich off every deal but would rather build a relationship with our buyers. We are in it for the long haul so if your interested in working with us we would love to send deals your way. Thanks

Hello Ronnie, I understand this post is from 6+ years. Are you still working with RE investors in the Orlando area? If you are, I would like to link up with you.
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