Wholesaler · Atwater, CA · Member since 2013 · 161 posts · 27 votes
I spoke to an arrogant wannabe wholesaler that invariably sends me a text asking if I have any homes for him. He states that he's got access to 10 million dollars in funding, has the cash buyers and needs me to send him properties I tie up. I tell him I work only with real players and with cash deals to close fast in 1-2 weeks. Then the snake oil sales man tells me he closes in less than 3 days! Hah! I've done this stuff long enough to know that title companies take 3-5 days for prelims, funds are deposited and all other administrative nomenclature needs to fall into place. Even if everything falls into place my fastest time is 9 days. Is less than 3 days for closing realistic or is this guy the car/vacum cleaner salesman like I perceive him?
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
10y
I think your gut is right. I think about the fastest i have had a deal done was about 10 days. I Baltimore city you need to get a "Lien Sheet" from the city for all municipal liens and that takes a week.
If someone is foolish enough to try the 3 day line with an experienced investor, then they don't even know enough to know you will see right through it.
Ask him to tell you about the last deal he did, and listen for the lump in his through as he tries to make up an answer.