All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Hard Money Lenders Insurance Contractors Investment Companies Build Your Team

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books Washington
ForumsArrowReal Estate Wholesaling Questions & AnswersArrowThe Truth About Wholesaling!! It’s not easy, or free!!
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Create post

The Truth About Wholesaling!! It’s not easy, or free!!

4 Replies

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
  • Posts 1.1K
  • Votes 1.1K

Jeff Filali
Rental Property Investor from Broken Arrow, OK

posted over 3 years ago

Read my blog: The Truth About Wholesaling!! It’s not easy, or free!!

Rotate Log in or sign up to reply
user profile avatar
  • Posts 1.2K
  • Votes 888

Account Closed

replied over 3 years ago

@Jeff Filali I liked your post "The Truth About Wholesaling!! It’s not easy, or free!!"

I haven't bought or sold on wholesale before, but what has always concerned me is Title. I suspect most wholesalers never order a Title report, or do I have a mistaken concept?

Rotate Log in or sign up to reply
user profile avatar
  • Posts 1.1K
  • Votes 1.1K

Jeff Filali
Rental Property Investor from Broken Arrow, OK

replied over 3 years ago

@Account Closed  When I've purchased properties through a wholesaler, we closed through a title company just like a normal purchase.  Same on the ones I've sold wholesale to others. I contracted to purchase the property and sent to title, then if I found another buyer before closing, we either did an assignment contract or did a double close, if not I closed myself, and just initiated another transaction when selling to an end buyer. 

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Traditional Financing, Team, and Single Family
  • Posts 34K
  • Votes 47K

Jay Hinrichs
Real Estate Broker from Lake Oswego OR Summerlin, NV

replied over 3 years ago

@Account Closed   I have had wholesalers send me deals .. that they never bothered to check title on. .I pull title only to find out there is more owed on the house than they are asking for it.. LOL..   amateur hour frankly... there are some proficient ones out there but this is a part of the RE game that is dominated by beginners because of the Guru pitches of get money with no money and little work.. sucks them right in..

Nothing could be further from the truth.. especially as markets have firmed.. but some of my vendors still use them a lot.. I see there fee's every week on my huds were I am funding the A and D... usually 1k to 3k per deal.. sometimes more..

I suspect the failure rate for most that get cranked up spend the money on the direct mail and never make a deal is sky high.

I know when I was doing pre foreclosure work and court house steps buying ( when it was still legal on the west coast) I walked into many a house and the old owners just left the 300 letters they had gotten all on a pile on the counter.. I saw that many many times.. I would read them... one thing rang true 90% same damn near the exact same thing so you don't have to be a rocket scientist to realize these are not real... And or I did not realize that every one who was buying a foreclosure like this ( they too were broke once they too lost a house and They too are just there to help the poor family out and god bless)....

the fact is most  wholesaling direct mail is simply gross missrepresentations.. IE I am a cash buyer ( when you know they aren't)  they will close in 3 to 5 days when you know they can't.. .the inspection clauses a ruse to just get the real buyer through the house etc etc... this is why the states are really cracking down on this ... Texas as you know just passed a new law requiring full disclosure I would love to see the fed's follow suit and even the playing field.. Many sellers really get messed up when they think they have something sold only for the wholesaler to miss the mark can't close and they walk.

Rotate Log in or sign up to reply
  • 1
Related Resources Real Estate Wholesaling Questions & Answers
How To Land Quality Deals While Working With a Wholesaler
Opinion: I Don’t Trust Anyone Who Wholesales—Here’s Why
The Key Phrase in Wholesale Contracts That Could Cost You
Betting on Wholesaling: One Couple’s Journey Into Joint Investing
4 Common Myths About Wholesaling—Debunked
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Jim Pellerin
Jim Pellerin
Ottawa, Ontario
8.36
Score
Will Barnard
Will Barnard
Santa Clarita, CA
6.8
Score
Joe Gonzalez
Joe Gonzalez
Houston, TX
3.59
Score
Jay Hinrichs
Jay Hinrichs
Lake Oswego OR Summerlin, NV
3.34
Score
Reece Iovine
Reece Iovine
Columbus, OH
2.8
Score

Real Estate Wholesaling Questions & Answers Trending Discussions

  • Real Estate Wholesaling Legal Issues
    1 Replies
  • Need help with Wholesaling
    1 Replies
  • Your best or most successful form of list for wholesaling
    4 Replies
  • Wholesaling (WI Area)
    7 Replies
  • Wholesaling in New Jersey
    4 Replies
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.