Rockaway, NJ · Member since 2015 · 22 posts · 0 votes
hello everyone,
So I'm in the process of acquiring a property through and agent on the MLS. (This is my first time dealing with an agent during a deal) . I made it very clear that I'm a wholesaler and he understood the process , so he accepted my offer but now he's telling me I need to show proof of funds in order to put the property under contact. Please help!
Property Manager · Griffith, IN · Member since 2015 · 1k+ posts · 913 votes
10y
it's this stuff that gives wholesalers a bad rap. You don't know what the heck you're doing and trying to mess around with a listed property. After you get it under contract- who's buying it?
I'm not trying to be an a$$ or attacking you personally; it's frustrating seeing new people post in the middle of a transaction "what's next". Go learn about real estate and wholesaling before you start to practice it. Get your ducks in a row before you put an offer in. Would you expect someone to start a car, put it into drive and start asking those "what's next" questions. There's enough info on BP to tell you everything A-Z on how to do it and the correct steps. Read, learn, then execute. Slow down a little or you'll screw a bunch of folks in that transaction and could find yourself in a lot of trouble.
Westport, MA · Member since 2015 · 128 posts · 56 votes
10y
I would really take a hard look at this deal. Getting a wholesale deal off the MLS including HML fees is pretty rare. Are you sure there is some room for the buyer?
Raleigh, NC · Member since 2011 · 721 posts · 343 votes
10y
Sorry that your agent said that he understood the wholesaling process and clearly missed something. Even though there are a number of solutions to this. You probably want the easiest and quickest. So with that in mind have you considered 'transactional funding'. Touch base with a member of your local REIA. They may offer suggestions. Good luck
Property Manager · Griffith, IN · Member since 2015 · 1k+ posts · 913 votes
10y
it's this stuff that gives wholesalers a bad rap. You don't know what the heck you're doing and trying to mess around with a listed property. After you get it under contract- who's buying it?
I'm not trying to be an a$$ or attacking you personally; it's frustrating seeing new people post in the middle of a transaction "what's next". Go learn about real estate and wholesaling before you start to practice it. Get your ducks in a row before you put an offer in. Would you expect someone to start a car, put it into drive and start asking those "what's next" questions. There's enough info on BP to tell you everything A-Z on how to do it and the correct steps. Read, learn, then execute. Slow down a little or you'll screw a bunch of folks in that transaction and could find yourself in a lot of trouble.