What Are Some Rules To Ensure I'm Doing Fair Transactions?

Question

When I originally heard of wholesaling it made me weary that in order to succeed I would need to be "shady". That's just not in my nature. After some research and understanding I see that it is a great way to help people in need and still turn a profit. In a business where recommendations and reputation are the source of the next deal it's important to me to be fair out of the gate. I'd like to hear some thoughts on how to not only ensure that I will get paid for my work but how to safeguard the seller and buyer so that everyone wins? Are there specific rules that you go by?

Karen Rittenhouse · Answer

Specifically, (1) always use a closing attorney and legal contracts.

(2) Always be honest because there is never a reason not to be.

Once you and the seller are both happy with the offer, you have a deal.

Like anything in real estate, there is no reason to be "shady" - ever. And you're correct, your reputation will make you successful, or bury you.

Here's to your success!

Kevin Olano · Answer

Good question @Joey Tuckey

While you mention “fair transactions” I have thought a lot about honest business practices for my wholesaling business (so much so that I named my business Honor Homebuyers, Psalm 16:8). I hope I don’t ramble.

Talking with a friend recently he mentioned that biblical honor means to add value to. While I am still new to all this here is some ways I am focusing on honoring my sellers and still able to run a profitable business.

Be a legit business through reliability. Because wholesaling doesn’t really require a huge investment it seems as though many people jump in trying to make a quick buck. I’m trying to grow a business not just do one deal. One way I want to establish my business as reliable is by returning calls quickly and when I say I will. Also, by having a professional presences through simple things like a logo, shirts with your business name, and a website.

Customer service. Buying their house may not be the best option for them in their situation. Sometime recommending an agent is how you can help them out.

If you really go out to serve with integrity God will take care of the rest.

Luka Milicevic · Answer

I don't see why wholesaling is shady?

Ned Carey · Answer

@Joey Tuckey, @Karen Rittenhouse nailed it. Nothing else needs to be said.

Joey Tuckey · Answer

@Kevin Olano Good luck in your ventures. Whatever the personal reasons that guide you toward integrity are it is a good path to walk.

Joey Tuckey · Answer

@Thomas S. You're right about being so mindful of helping others that it can be a business detriment. I'll hone those skills to find the happy median as my experience builds.

Joey Tuckey · Answer

@Karen Rittenhouse Thank you for the input. I have all the intention of using attorneys and attorney approved contracts to protect everyone. I'm probably overthinking it. Fair and honest seems like a solid formula.

Thomas S. · Answer

Just be carful trying too hard to protect everyone else or you could end up the loser. Protecting your self first is a priority and should be possible without being shady.

Regardless it is difficult to control perception in wholesaling with it's past reputation. Stick to principls without risking yur business.

What Are Some Rules To Ensure I'm Doing Fair Transactions?

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