If i get a good deal from a wholesaler, how do i go about re-wholesaling the deal myself? Not talking about doing it the scumbag way and trying to wholesale a deal i don't have under contract.
Fund the deal, and then re-market the deal. You must have your buyer lined up first.
It sounds simple enough, but remember, how many people has this person marketed to? Which is why you want a buyer lined up first. But a lot of people do this, it just boils down to who will admit it.
If you search around, you'll see some posts on it.
Ryan webber and Aaron Mazrillo talk about it in their 2012 wholesaling bootcamp.
Do you have a buyer in mind, if so, contact original wholesaler and see if he\she is interested in a join venture for this deal. That is the way to approach this. If they say yes you have built a relationship, if they say no you did not waste your time.
I have a large buyers list. i just didn't move fast enough in the last couple really good deals from wholesalers. does anyone have a copy of a JV agreement you would use for such deal?
@Elliot Lamson , the "scumbag way" is NOT "trying to wholesale a deal i don't have under contract", but rather, trying to get a property under Contract that you CANNOT or WILL NOT close if you don't find another Buyer!
So, just because the Wholesaler who you want to deal with has a Contract, that does not mean that they are not a "scumbag" (because, what will they then do if you DON'T take their bait)?
To avoid the "scumbag" reputation, (good on you for not wanting to be one), as you have already been advised, find your Buyer/s, or, fund YOUR purchase. One or the other.
[My main concern for you though is: just HOW will you know it's a "good deal"? Please, post your analysis here BEFORE signing anything]. All the best...
@Elliot Lamson send me your email I can reply with a copy of one I've used.
@Elliot Lamson always vet the other wholesaler as best as you can. You don't want to be daisy-chaining a bunch of contracts. How do you know they have it under contract? How long have they had it under contract? When does the contract expire? Where & How have they been marketing their deal? Why hasn't it been sold?
Great stuff thank you!
@James Green “always vet the other wholesaler” You should always vet anyone you are dealing with as well as a lead you are considering on pursuing. As far a “daisy-chain” haven’t heard this term since 09/10 of the Bulk REO/Note era when folks were trying to shop packages around that has been sold (my product included) if you have more that 3 people involve it might not be a good enough deal. “How do you know if they have it UC? Simple...just ask the person/get a copy of the PSA.
Listen, I have wholesale over 300 spreads ranging from 2.5k to 15k and my biggest one off Deal was 77k. I say this to say...networking is the core of this REI game if you don’t do it it feels very lonely at times. Trust is also important in this business as well...this industry is very small when you Separate the doers from the pretenders...I agree with James on this issue I just think its common sense to vet everyone when doing business not just wholesalers specifically
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