JIm although wholesaling is done on the west coast or in our markets its NOT nearly as prevelant as back east in the mid west and rust belt were you have an over abundance of homes and homes are basically bought sold and traded like auto's... same price points. the wholesalers I know in the PDX market buy at court house steps then resell.. so they own their inventory.. it happens here but its just not a high volume business for the most part @Chris Martin I closed on in Charleston in June and it was so funny.. the poor wholesaler was so twisted up... we were going to buy but he did not realize they owed more than it was worth.. so they do all this work .. without the benefit of checking title... they thought they were going to make 90k on it and I ended up giving them 6k and they were lucky they got anything... pretty comical really.

Wow, This post was exhausting and I was debating if I'd even respond, as the temperature of the conversation is condescending and argumentative which eliminates any chance of a resourceful conversation... Though, Against my better judgement, I will... First off, you can't judge every wholesaler by the ones you've encountered. I pride myself and my company on doing it the right way (i.e.. Informing the seller of my intent, sending contract to my closing Attorney immediately to pull title, water, solid waste, property taxes, outstanding liens, etc). Oh, and not to mention have made a descent amount of money as well. As with every profession, there are good and bad seeds. For example... I've dealt with some RE agents that didn't have a clue and would say/do anything for a commission. I've dealt with closing attorneys that made me wonder if they'd ever done a closing. I've met some Investors whose methods I felt were ass backwards. I've dealt with contractors that couldn't give an accurate SOW if their life depended on it. The list goes on. That being said, there are also many individuals in each of those realms, that I count on everyday that are my closest acquaintances and biggest assets in my "Wholesaling" business. It is true, when first starting out it is market one of the most attainable ways to get into the the REI field, which makes it appeal to the masses, and some do jump the gun. It's definitely HARD/Dirty work. But I challenge you to, instead of criticizing someone that may be green and trying to enter into this field that most of us love and enjoy, to take a second to point them in the right direction. I can assure you most would be appreciative and who knows, they may end up be one your biggest resources. BTW @John Thedford there are many fix and flippers, Buy and Holders, Property Managers, etc., that also wholesale. Are they also searching for an identity? Or just the ones that wholesale exclusively? Thanks @Carl Brown @Chris Piper Account Closed personally an can vouch for his professionalism and standards of how he operates his business! Thanks all and happy investing! Will G

@Jim Y. and anyone who made a frustrated comment regarding wholesalers. I surely cannot speak for other wholesalers, but I most certainly can speak for myself and VCA Properties LLC. First off, wholesaling is something that should be highly respected in this industry because of all the hard work that goes into what I do like, marketing for good or great deals, negotiating with all types of seller, contracts, site visits etc. VCA has a proven track record for being extremely professional, licensed, scrupulous, transparent and ethical. My buyers always walk away happy because we think like flippers. We totally understand the many different end strategies investors have to contemplate when pulling the trigger on a deal. My advice to the frustrated ones, is to reach out to more and more wholesalers until you find one like me. Or, you could simply spend thousands of dollars and endless hours finding great deals for yourself, than you can do whatever it is you wish to do without dealing with anyone but yourself. I know there are a bunch of crappy wholesalers out there that are not ethical or even licensed, throwing deal after deal against the wall hoping one sticks, but hey the same goes for crappy, greedy, unethical flippers and investors. I could write a book on all the BS that I've dealt with regarding so called flippers, but I'm way too cool for that. :^)) Anywho, I hope you guys find those great and wonderful deals that you desire and remember, ROCKSTAR wholesale companies like VCA are out here you just have to look harder or go find your own deals! Happy investing!

Ok best of luck.... you may have to create your own bird dogs.... we recruit them you feed them you train them you give them some gas money and maybe they scare up some deals. I had 6 of those working for me pre equity skimming laws that were implemented in OR and WA.. we door knocked every NOD in our 5 county metro area here in PDX.. sent them out in teams of two boy girl.. the girls in this case were way smarter than the boys .. the boys were there mainly to keep the girl safe.

@Trey BrooksAccount Closed I been thinking about this stuff when I was driving to Costco only to find out it was closed today :) The main issue at least for me who is someone who has been licensed since 1975.. and got licenses in states I needed them over the years.. IE Oregon Mississippi etc. It really boils down to selling RE without a licesne and disguising it as some kind of equitable interest etc etc.. now we know some states are cracking down, Like Ohio FLA CA and others. But it dawned on me when I started my career in 1975.. I specialized in land that was dog tough to sell.... and the market was tough then.... Just like most wholesalers are specializing in tough to sell hoarder houses or houses that need a bunch of rehab.. or low price points were charging a customary RE brokerage commission just makes it a non starter I totally get that and agree with that no one wants to make 6% of a 20k deal. So for me it was the same... a lot of my land listing took a year or more to sell. were 10 to 50 miles back into the national forest north of San Fran and it was half a day to show it.. there was no way I could make money charging a normal commission. and one thing that we must remember commissions are negotiable.. So my commissions went from a minimum of 15% to 25% were they higher than the 10% of the day for sure.. Did I get the job done YOU BET I would encourage sellers to try the other agents and after a year come to me.. I would get them more for the property and get paid at the same time.. with these low value assets I do see realtors charging a fixed fee 2k to 2500 is common even on a 10k deal.. I also looked back to 2004 when I had the Jay Hinrichs team and was doing fly buy program with SF bay area investors flying to Oregon to buy income properties. There was one developer of duplex's that the locals were having a hard time selling.. I negotiated a 12% commission on 300k sale prices.. Explaining to the developer I will sell them and probably net them more than 6% just sitting on MLS. I spent 55K of my own money for one weekend presentation where I had 100 investors come to listen to me present Portland income property. and I sold all 22 duplex's in that one weekend.. and made 36k a piece in commissions paid to me on the HUD just like any other real estate broker. would make I paid my team members out of that.. and still made about 500k on that deal by spending 55k up front and being the Real Estate professional I am or think I am . So as I brainstorm here is there a way you guys could run your wholesale business by being brokers like the buys I work with in Orlando.. and on these hard to sell homes that really can only be sold to investors because they are not financeable ( ore the majority are not) if you just took a flat fee listing say you want to make 10k a deal.. you simply get a listing agreement that calls for 10k instead of a % and its up to the seller if they want to accept the offer.. you need not do any of this .. contract stuff tying it up.. double escrow all that... would this not be workable.. Since your saying your 100% transparent to the seller and they know your going to make money and not buy the asset your self. ???? what do you think.. or do you think?? Also do each and every seller know EXACTLY how much you make on each deal.. are you that transparent.. or would you be worried that the sellers would think your making too much and balk. Could be a new twist on wholesaling or for that matter selling real estate legally... I know you can't take net listings but commissions as stated are negotiable.. down ( like we see in our uber hot expensive markets) and UP in markets like yours that have beat up houses that need cash buyers etc.

FYI. Good wholesalers help each other out because we both have different buyers with different tastes. Carl Brown brought me a buyer from Canada for a property I was marketing in Orlando. And the closing went smoothly. So the good ones do help each other.

John Thedford it's because you are in every forum under every post being negative. Nobody wants to hear your negativity and damn you have a lot of time on your hands to respond to every wholesaling post. Go drink a v8 or something.

Updated about 9 years ago on 09/09/2016. Most recent reply

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Jim Y.Poster

Real Estate Investor
Tacoma, WA

Wholesaling

What wholesalers?

Jim Y.Poster

Real Estate Investor
Tacoma, WA

Posted September 04, 2016 14:42

Where are all these wholesalers with all these deals? I've been contacted by several wholesalers, but when I ask for deals, crickets chirp. Sounds like big talk, no action.

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Chris Martin

Investor
Willow Spring, NC

Chris Martin

Investor
Willow Spring, NC

Replied September 04, 2016 14:49

They haven't finished the course yet. Marketing and hype are in the first half, along with web sites, etc. The second half is pitching and negotiating. Then they have to 'buy up' with the upsell seminar to get to the point of actually having a property under contract. ;)

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