Is this the usual attitude in wholesaling?

Wholesaling
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Is this the usual attitude in wholesaling?

Meagan Dorsey
Member since 2018 · 5 posts · 2 votes

I am a licensed real estate agent. My husband has been looking into getting into real estate wholesaling.

After watching a bunch of videos and looking around wholesaling FB groups, I see that there is a very large majority of people that think that telling homeowners they are the buyers when in fact they really aren't isn't wrong.

Am I the only one that doesn't think this is right?

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
Originally posted by @Meagan Dorsey:

Thanks for your response. I actually had a meeting with a representative of my broker this morning and there are a lot of rules to be careful of when being an agent and doing wholesale. I found out that I can't even put out bandit signs because as a agent, you can't put out real estate signs without your brokerage name and the usual equal housing opportunity images on there.

He said wholesaling is perfectly legal as long as I am careful of how I tell things to a seller. Way too many things to list here.

My whole thing was seeing wholesalers who have no actual plan to buy a property at all but they tell the homeowners that and then sell the contract to an inestor. I've seen wholesalers say you have to tell the homeowners that what you are offering is the best they can get, when in fact if they put it on the MLS, they could get more and find a buyer just as fast.

I am looking into it but will not do anything unless approved by my brokerage. I don't want to do anything that will get me sued or lose my license.

 follow your moral compass.. if you think basically lieing to a client is OK  then that's were your moral compass is pointing to. ..  and it puts wholesalers in the used car salesmen category not a professional or providing a service the only service they provide is to make money for themselves.. which you can do being an agent.. or better yet be a true investor just buy the house do something to it and resell it.. 

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  • Zion Bar
    Member since 2018 · 13 posts · 7 votes
    8y

    I like this forum but theres just so much crap being said about wholesalers lol.. stop generalizing... there are good and bad wholesalers

    Same way I don't generalize RE agents like yourself even though everytime I call expired listings I hear the usual " my house is worth 100K but the realtor promised me 2 million for it so I went with him and he couldnt sell it" story... doesnt mean all agents are **** right ?

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  • Meagan Dorsey
    OP
    Member since 2018 · 5 posts · 2 votes
    8y

    Of course there's good and bad of everything. I became suspicious after watching some "wholesalers" vids on YouTube. The things they were telling people to do was unethical. Trying to hide the HUD statement so the seller can't see how much you sold the house for?

    Then a “guru”  that’s on yotube that’s in my city  said he’s licensed so when I looked him up, I found out his license is suspended and he has an open complaint against him. No doubt it has something to do with his wholesaling. 

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