Do You Have An Established Wholesaling Ctiteria

9 Replies

As a wholesaler, do you have an established or predetermined criteria that you use when looking for properties? Is there anything that you do not consider going after such as neighborhood, condition, of property, etc.? Why or why not?

@Omar Bunch Almost anything can be a deal for the right price. Stay away from rural areas or small towns without much real estate activity. Other than that the criteria really depends on the investor. Some people want A class neighborhoods and some people want war zones. Just depends on the investor and their strategy.

It might be a good idea to get a feel for the people who you will be wholesaling to. Going to REI meetups, or even looking at other successful wholesalers in your area to see what type of properties seem to be in demand. The bottom line tho, from an investor - We are just looking for great deals. If you can find some of those, there will most likely be a buyer.

first thing we ask is how much is left on the mortgage. If it just is too much we walk. We get way more leads we can possibly handle so we never even follow up, or never do any creative deal making. (I know we should), but with all the leads we are getting we couldn't possibly make time to work all these leads.

We take the home run deals and we  well..  we take the home run deals :)

Originally posted by @Jerryll Noorden :

first thing we ask is how much is left on the mortgage. If it just is too much we walk. We get way more leads we can possibly handle so we never even follow up, or never do any creative deal making. (I know we should), but with all the leads we are getting we couldn't possibly make time to work all these leads.

We take the home run deals and we  well..  we take the home run deals :)

Jerryll,

-- I'm new to wholesaling. For all of the good deals you get, do you keep any of them for yourself for flips or do you funnel majority to other buyers and do an assignment contract? If doing an assignment contract, do you have to tell the seller that you plan on passing off the property to another buyer? Just curious if there's a good way to handle communication and who usually shows up at the closing if there's another party involved you're selling the contract to. Trying to find a good guide on this ...  

Originally posted by @Pavel K. :
Originally posted by @Jerryll Noorden:

first thing we ask is how much is left on the mortgage. If it just is too much we walk. We get way more leads we can possibly handle so we never even follow up, or never do any creative deal making. (I know we should), but with all the leads we are getting we couldn't possibly make time to work all these leads.

We take the home run deals and we  well..  we take the home run deals :)

Jerryll,

-- I'm new to wholesaling. For all of the good deals you get, do you keep any of them for yourself for flips or do you funnel majority to other buyers and do an assignment contract? If doing an assignment contract, do you have to tell the seller that you plan on passing off the property to another buyer? Just curious if there's a good way to handle communication and who usually shows up at the closing if there's another party involved you're selling the contract to. Trying to find a good guide on this ...  

Pavel.

I HATE wholesaling. Have You seen the movie sword in the stone? Disney. Where that evil witch started yelling I hate sun shine? 

Oh for Pete's sake.. hold on.

OK There. Here are the instructions.

  1. Click on the video
  2. When ever you hear the word Sunshine, substitute for "Wholesaling".
  3. GO!

yeah... that is me:

sadly.. I am really good at it...

I mainly flip indeed. I pick out the great flips, and I am then supposed to wholesale the rest but I hate it so much I sabotage myself and end up doing nothing with the other leads. I am now putting a wholesale team together to have THEM wholesale and they get a % of every dollar they make using my leads.

ABSOLUTELY, I flat out tell the sellers I have no intention of buying their property and that I will wholesale it. 4 out of 5 times they sign when I tell them that.

But I truly am handsome sexy and delicious. Maybe that's why...

Originally posted by @Jerryll Noorden :
Originally posted by @Pavel K.:
Originally posted by @Jerryll Noorden:

first thing we ask is how much is left on the mortgage. If it just is too much we walk. We get way more leads we can possibly handle so we never even follow up, or never do any creative deal making. (I know we should), but with all the leads we are getting we couldn't possibly make time to work all these leads.

We take the home run deals and we  well..  we take the home run deals :)

Jerryll,

-- I'm new to wholesaling. For all of the good deals you get, do you keep any of them for yourself for flips or do you funnel majority to other buyers and do an assignment contract? If doing an assignment contract, do you have to tell the seller that you plan on passing off the property to another buyer? Just curious if there's a good way to handle communication and who usually shows up at the closing if there's another party involved you're selling the contract to. Trying to find a good guide on this ...  

Pavel.

I HATE wholesaling. Have You seen the movie sword in the stone? Disney. Where that evil witch started yelling I hate sun shine? 

Oh for Pete's sake.. hold on.

OK There. Here are the instructions.

  1. Click on the video
  2. When ever you hear the word Sunshine, substitute for "Wholesaling".
  3. GO!

yeah... that is me:

sadly.. I am really good at it...

I mainly flip indeed. I pick out the great flips, and I am then supposed to wholesale the rest but I hate it so much I sabotage myself and end up doing nothing with the other leads. I am now putting a wholesale team together to have THEM wholesale and they get a % of every dollar they make using my leads.

ABSOLUTELY, I flat out tell the sellers I have no intention of buying their property and that I will wholesale it. 4 out of 5 times they sign when I tell them that.

But I truly am handsome sexy and delicious. Maybe that's why...

love it! lol thanks for the insight... appreciate it!!