Wholesaling Real Estate Contracts
Rental Property Investor · Goldsboro, NC · Member since 2019 · 44 posts · 33 votes
Wholesaling Real Estate Contracts
Most Popular Reply
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
6yOriginally posted by @John Thedford:
Originally posted by @Jerryll Noorden:
Originally posted by @Christopher Smith:
Don't mind him. I think a wholesaler killed his cat or something.
I am destroying a fraud this week. Sending a seller a copy of an ad on their house they think is sold. Should be fun exposing the crook!
Unlicensed broker frauds can't stand the truth and being exposed.
Honestly, I love that you take it upon yourself, to be the vigilante to expose the frauds. But may I suggest something.
I think, that you make too quick of an assumption that people are frauds. I have seen you attack people that asked a question about wholesaling, WHILE they have a real estate licence. Why not first figure out whether they are frauds or not before you go all out attacking them.
Just now someone asked if it is a good idea to have a website marketing for motivated sellers and your response was immediately that it is illegal marketing properties without a licence, but she was not at all even asking about marketing properties. She was asking how to FIND properties.
So sure dude, thank you for looking out for us, hell, get a pink cape and a mask if you like.. but calm down a bit no?
76 Replies
- 6yAseel YerunkarPro MemberInvestor · CA · Member since 2019 · 63 posts · 51 votes
@Marcus Maloney This is a great breakdown. Learned more through your one post than the majority of this discussion! Way to single handedly close and shut the case.
- Flipper/Rehabber · Baltimore, MD · Member since 2018 · 265 posts · 387 votes6y
Originally posted by @Aseel Yerunkar:
@Marcus Maloney This is a great breakdown. Learned more through your one post than the majority of this discussion! Way to single handedly close and shut the case
I wish it were that simple but it's not. They'll be back. I also wonder why no one rags on folks who buy an undervalued property and resell it for a profit. Some of the folks hating wholesaling have boasted doing the very same thing. Aren't you "fooling" the seller to sell at a discount so you can resell it?
And real estate deals fall apart constantly. When that happens, it means something was wrong. Retail deals fall apart just as easily. For example, maybe the appraisal came back less than the offer price and the bank won't lend on it. Ok, the offer price was too high, you go back, renegotiate, find a different funding source, and/or cancel the contract. End of story...
With any contract, you want to know the escape clauses and how to protect yourself in case things don't go as planned.
REGARDLESS of the exit strategy, sellers KNOW you are not paying retail and KNOW you are making a profit. Like Marcus said, it's such a small percentage of people who will sell at a discount, and it's usually because they are having a major problem solved by selling the property.
I've had sellers state or claim they don't know what houses are selling for, but this information is so readily and easily acceptable I just don't think that's true anymore. I have not once ran into someone who truly didn't know or over estimate the after repair value of their property. When you ask the right questions, you find out they all have an idea and it's usually fairly accurate or overinflated.
- McLean, VA · Member since 2019 · 15 posts · 7 votes6y
even though this thread seemed like a middle school pickering session I managed to learn a lot. thank you
- 6yThomas FranklinPro MemberReal Estate Investor · Miami, FL · Member since 2010 · 939 posts · 739 votes
@Christopher Smith Wholesaling in many states is ILLEGAL unless there is intent to purchase, i.e. a Double Closing. For Florida I refer you to Florida Statues 475.42 and 475.43. Many other states have similar language.
- Rental Property Investor · Goldsboro, NC · Member since 2019 · 44 posts · 33 votes6y
@Thomas Franklin
Wholesaling is LEGAL in the state of NC
- Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes6y
Originally posted by @Jay Hinrichs:
Originally posted by @Melanie Hartmann:
Originally posted by @John Thedford:
Originally posted by @Ola Dantis:
This thread is actually more interesting than what is on TV right now...
Better than Gilligan's Isle. Watch unlicensed brokers squirm when they cannot make a valid argument LOL! However, the SAD part is the victimization of the general public by these scammers. No doubt their motto is "ANYTHING for a buck". There is NO honor and NO ethics in skirting laws to broker without a license. I will be posting a copy of the letter I am sending to an unsuspecting seller that thinks their house is sold. The scammer put it under contract and is now advertising it on CL. Along with that I am filing a complaint with the state. Want to see how a deal can fall apart once an owner gets educated? Look for my post SHTF. It was a PLEASURE helping this seller and they still live in the house to this day. I will keep fighting and exposing these people for what they are!
Many wholesalers do operate under the notion that THEY are the buyers. However, not everyone! Every single contract that I have wholesaled, the seller KNEW we were wholesaling it. GASP! Yes, that is possible folks!
Also, if a seller agrees to a price and/or terms and receives EXACTLY what they wanted, regardless of whether the contract is wholesaled, I'm not seeing what the problem is. The issue really lays in inexperienced wholesalers making grandiose promises to sellers and not being able to follow through, leaving sellers worse off than before.
Once you have a reputation for being honest and credible, I really don't see the harm in wholesaling contracts when the sellers are aware.
what reputation.. no seller is going to know your reputation other than what you tell them.. so not sure that is really germane at all and its I guess feel good.. maybe you have a reputation to your buyers that you can perform.. but sellers NO way they have no clue who you are they are not in the business.. so lets leave it at that.. unless your wholesaling for a major player who has a bunch of inventory.. I can see that statement have a thread of truth..
Uhmm...
2 weeks ago we closed on a 170K+ house. We put it under contract for 11K
Neighbors offered 40K
They chose us.
Why?
Our reputation! Look reputation comes with internet presence. Reputation comes from placing huge banners on the property you buy with your logo on it.
Reputation comes from word of mouth. Reputation comes from references from people you have been in contact with. Watch the video below. This happens more often than you think, but these numbers you wouldn't believe if it was not on tape!
- Rental Property Investor · Stephenville, TX · Member since 2019 · 20 posts · 6 votes6y
@Marcus Maloney
We use the TREC 20-14 from what I've been told. I've also been advised to let the seller know exactly what we're doing.
By "exactly", I mean full intent, even lined out in the contract that way there is no confusion.
I have 2 contracts underway, both sellers know that I'm the middle man looking for bottom dollar, essentially the sniffer of good deals for investors who don't have time or resources to shop in my location. So, I'm doing the desperate seller a favor, I'm doing myself a favor by collecting a small match-makers fee, and the investors get a good deal, and our town gets one facelift at a time with each house that's improved.
I don't use shady tactics. I always them know what I'm doing, what my intentions are up front, that I'm not going to be purchasing the property, and the end buyers/investors will be at the closing, not me. None of the sellers have had an issue with this, other than the price haggling. But, when you have a house on the market for longer than 100 days, the sellers begin getting antsy to sell. This makes for a more motivated seller.
Granted, I know this isn't the absolute best deal we can provide the sellers, it's one they can stomach, or pass. They always have the option to say no.
I will say, with any money I make off of this, I fully intend to invest in out local market whether to fix and flip, BRRRR, or new build, and then begin giving back to the community.
I have no ill intentions of "duping" anyone. Everything is done under full disclosure so there is no confusion.
My issue is the worry of my investors seeing the property and deciding to not help leaving me in the position to back of the deal and wasting the sellers time, and their opportunity costs. I don't want to be the middle man in a deal gone bad. I'm only in it to help people who can't sell in a local market where there are no local buyers.
- Rental Property Investor · Queen Creek, AZ · Member since 2013 · 368 posts · 191 votes6y
@Malcolm Jarrell great position
- Rental Property Investor · New York City · Member since 2019 · 703 posts · 538 votes6y
@Melanie Hartmann - You said "I wish it were that simple but it's not. They'll be back. I also wonder why no one rags on folks who buy an undervalued property and resell it for a profit. Some of the folks hating wholesaling have boasted doing the very same thing. Aren't you "fooling" the seller to sell at a discount so you can resell it?"
Nothing against Legit wholesalers but I have some input on your statement because I won't fool the seller.
If I find an undervalued property - I or my partner and I are the only people the seller will see because we are the buyer with the funds. I will let the seller know that "I plan to rehab the property and sell it and if it cant sell then I have to rent it. This is my price, talk with your family and get back to me if you're interested..I can close tomorrow or whenever you're ready just call me back to let me know either way". I don't give them the "I'm here to help" speech because money talks & words may only get their hopes high....I'm there to make a deal now. I'm cordial, respectful, polite and speak with them about their situation or the weather if they want. I will give a fair price but in the end its business and i'm doing it to make money.
It’s funny to me how polarizing this conversation is - my .02.
There is nothing wrong with wholesaling as long as you are not putting the parties in a blind transaction - that means everyone knows what’s going on.
When I speak with a Seller I tell them what my intentions are - e.g. if I plan to buy or I might wholesale the property to my network. If they have no issue, they sign a contract with an assignment clause. They are free to have their attorney review.
My buyers know that I am assigning my contract to them for an assignment fee. They are free to have their attorney review.
There will always be bad actors in any industry but treating all as bad seems a bit ridiculous.
Also, there are plenty of weekend warrior real estate agents that don’t take their job or their listings seriously... that wasted time of trying to “sell” their home can cost them plenty and “hurt” the seller on top of high commissions, availability for showings and locking the property up with the agent.
Again, just my opinion...
- Real Estate Broker · Portland, OR · Member since 2015 · 39 posts · 18 votes6y
@Jeff Cichocki thank you for your constructive and thoughtful advice. This really changed the way I look at this issue. I’m like @ChristopherSmith, I want to provide an honest service and get into this business. Wholesaling has been taught by people for a long time, it’s hard to compute every piece of legislation and know exactly what’s going on. I’m not trying to defraud people, I just want to provide value and get compensated for it. After reading your post, I think it’s best if I just connect motivated sellers with the end buyer without actually getting the property under contract. I’m just worried that without protecting my interest with the purchase and sale contract that the end buyer will just cut me out of the deal.
Losers like @John Thedford bask in their righteous indignation by assuming the worst in people and discouraging those who want to get started in this business. He states nothing of value, ever. He doesn’t put his picture on his profile because he’s a coward who has nothing better to do than troll people. If he had half a brain he would educate people rather than ridicule them. Not everyone has a trust fund and capital laying around to invest for their families future. Helping someone who needs to sell their property by finding a cash buyer for them is a good service, as long as you’re transparent with them. I always ask if they want to list their property then refer them to real estate agent. Without a license you can’t make a referral fee, so I’ve been thinking about getting a license simply for that reason.
- Lender · All 50 States · Member since 2015 · 401 posts · 250 votes6y
@nicholas hooyman, I understand what your saying and why you'd prefer to it this way, but be very careful with what you are suggesting. Your scenario is most certainly going to be construed as brokering without a license. You cannot be compensated for matching a buyer and seller without a license (yes, I know people do this all the time - think bird-dog or referral fee). If you don't have a license, and you get paid, it's an automatic fail on the test.
Brokering without a license is the issue at heart here. This is what makes wholesaling the way most do it illegal. Intent and capacity are the two biggest factors that come into play. If you fail one, the other or both, you can get tagged.
From a practical sense, virtually no one has been busted for doing it wrong yet. It doesn't make it ok though. The reality is that we as wholesalers need to learn to do it the right way.
Whike I realize that this will cause you to lose out on some of your profits, the right way to wholesale is to get it under contract and close it. Then put the property up for sale on the MLS and to your buyers list. When you put it on the MLS, use a flat fee broker so you don't get tagged for extra commissions. If you do it this way, it will be hard to say you didn't do it right in any state.
I think that there are two possible law changes that could throw a wrench into wholesaling... 1. they will invest a minimum hold time before you can resell for a profit or 2. They will set a maximum profit without repairs (and even then I think someone will come up with a pro rating formula).
The point of everything I've said in my couple posts is that we need to change before the laws do. If we wait, we'll get shut down. Or worse, we'll get in trouble and made an example of.
Be safe.
Be ethical.
Have a better plan.
This is what will get us all through the changes.
- Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes6y
Originally posted by @Christopher Smith:
Quick Auestion? What is the best contract for a Purchase & Sell Agreement ive seen alot but they are all diffrent. Even the ones for NC but i dont think its for someone Wholesaling. Another thing? How do i protect myself in the contract? How do i put it so i dont get stuck with the property? Or stuck having to pay it?
The last couple of sentences in the original post (quoted here) is 99% of the issue some have with wholesalers... a lot of them advertise “WE BUY HOUSES CASH, YAYYY!!!”. They then make an offer to buy the house and go under contract (the contract is to buy said house). The truth is they have no intention or ability to buy the house and plan to assign it. Making sure they “don’t get stuck” honoring the contract they signed is where people have an issue. The contract doesn’t say you will list their house, or market it to others, it says you will buy it.
To those saying “regular sales fall through all the time”, there is a huge difference in a retail sale where a buyer wants a house, signs a contract they intend to fulfill and something comes up and the deal falls through, verse someone who has NO intention or ability to honor a contract. Intent is the major difference. Anyone trying to compare these two is just making an excuse that holds no ground.
I’m not against wholesalers, as long as they are honest and up front. For those new wholesalers talking about doing better for their family etc... keep in mind the person selling their house to you, is most likely in as bad of or a worse financial situation...
- Real Estate Agent · Florence, NJ · Member since 2019 · 22 posts · 11 votes6y
@Jeff Cichocki
I love your post truly non bias and informative. But if I may ask about your response to “1.” ....
Would doing double close for a property instead of getting a property under contract and selling the assignment make it officially legal then?
- Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes6y
Originally posted by @Jeff Cichocki:
@nicholas hooyman, I understand what your saying and why you'd prefer to it this way, but be very careful with what you are suggesting. Your scenario is most certainly going to be construed as brokering without a license. You cannot be compensated for matching a buyer and seller without a license (yes, I know people do this all the time - think bird-dog or referral fee). If you don't have a license, and you get paid, it's an automatic fail on the test.
Brokering without a license is the issue at heart here. This is what makes wholesaling the way most do it illegal. Intent and capacity are the two biggest factors that come into play. If you fail one, the other or both, you can get tagged.
From a practical sense, virtually no one has been busted for doing it wrong yet. It doesn't make it ok though. The reality is that we as wholesalers need to learn to do it the right way.
Whike I realize that this will cause you to lose out on some of your profits, the right way to wholesale is to get it under contract and close it. Then put the property up for sale on the MLS and to your buyers list. When you put it on the MLS, use a flat fee broker so you don't get tagged for extra commissions. If you do it this way, it will be hard to say you didn't do it right in any state.
I think that there are two possible law changes that could throw a wrench into wholesaling... 1. they will invest a minimum hold time before you can resell for a profit or 2. They will set a maximum profit without repairs (and even then I think someone will come up with a pro rating formula).
The point of everything I've said in my couple posts is that we need to change before the laws do. If we wait, we'll get shut down. Or worse, we'll get in trouble and made an example of.
Be safe.
Be ethical.
Have a better plan.
This is what will get us all through the changes.
YES I agree. This is what I see from most of those promoting in this thread:
1. skirting laws to broker without a license. There is NO honesty or integrity skirting laws.
2. Victimizing sellers by using FRAUD AND SCAMMER escape clauses. I have met quite a few victims of this tactic.
3. Misleading sellers as to value.I wonder how many of these operators are convicted felons, etc that could not get their RE license. I have unfortunately run into a few of those that called themselves "wholesalers".
Last but not least I have responded to a few of these posters asking if they are licensees or if they are skirting laws. They never answer THAT question! By their silence the answer is clear.
- Lender · All 50 States · Member since 2015 · 401 posts · 250 votes6y
@Kevin Ravenell Jr. you still need to get the property under contract to do a double close. In order to do a double close, you need to buy the house (not assign the contract). Then after you own the house, you need to sell the house for a profit. This is the pure definition of wholesaling. It works the same here as it does in retail type stores. Generally speaking, this is the most legal, moral and ethical way to do this business. It raises the least amount of concern from regulators.
What's getting the regulators all wound up is the assigning of contracts. Most investors are taught to get it under contract, market the property and if you can't find a buyer, bail out of the deal. This is the exact behavior that @John Thedford is referring too. It is often done without the best interest of the seller and also without fully disclosing your intentions. While there are some who do do full disclosure, they are the minority. The guru's out there are teaching people to assign contracts and not wholesaling. Unfortunately, they call it wholesaling. They are wrong. An assignment of contract is an assignment of contract.
While I agree with John for the most part, I have a slightly different opinion of the people who wholesale/assign contracts. I don't think that most people do it to be intentionally malicious. I think the effect is the same, but I think it's done out of greed. I think that once the greed button is pushed and you make the deal 100% about you making a buck, you are completely doing the seller an injustice. You might as well be a scammer or a fraud because the end result is the same. The seller got taken advantage of.
Don't get me wrong. I think that wholesaling and assignments can be done properly. I just think that way too many people have been taught wrong and that because they believe they are right, they are going to stick with it. It's very difficult to change someone else's beliefs; even when they are completely and blatantly wrong. My point of all my responses is to hopefully raise some awareness the issue and get people to learn the truth and stop believing what a guru said. This is why the people like John and the state legislators are cracking down on this practice. It's not going to be too much longer and some very large and prominent guru's are going to get crushed and made an example of. The legislators are taking this very seriously right now. usually, the few wreck it for the many. In this case, the many are wrecking it for the few. Unfortunately, those of us that run good honest legitimate business are going to get hurt.
I hope that my answers are truly helping people to see the truth of what's going on. I hope that my answers are shedding some light as to where the industry is headed. It's not difficult to make the change. However, it will be hard to compete against the charlatans. But, if you run a good business, you can overcome it. Let your reputation precede you. It works.
- Rental Property Investor · Richardson, TX · Member since 2019 · 120 posts · 82 votes6y
@Melanie Hartmann I agree. Obviously there are good and bad people in every field. This is not the place to roast them for asking questions and trying to learn.
- Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes6y
Originally posted by @Jeff Cichocki:
@Kevin Ravenell Jr. you still need to get the property under contract to do a double close. In order to do a double close, you need to buy the house (not assign the contract). Then after you own the house, you need to sell the house for a profit. This is the pure definition of wholesaling. It works the same here as it does in retail type stores. Generally speaking, this is the most legal, moral and ethical way to do this business. It raises the least amount of concern from regulators.
What's getting the regulators all wound up is the assigning of contracts. Most investors are taught to get it under contract, market the property and if you can't find a buyer, bail out of the deal. This is the exact behavior that @John Thedford is referring too. It is often done without the best interest of the seller and also without fully disclosing your intentions. While there are some who do do full disclosure, they are the minority. The guru's out there are teaching people to assign contracts and not wholesaling. Unfortunately, they call it wholesaling. They are wrong. An assignment of contract is an assignment of contract.
While I agree with John for the most part, I have a slightly different opinion of the people who wholesale/assign contracts. I don't think that most people do it to be intentionally malicious. I think the effect is the same, but I think it's done out of greed. I think that once the greed button is pushed and you make the deal 100% about you making a buck, you are completely doing the seller an injustice. You might as well be a scammer or a fraud because the end result is the same. The seller got taken advantage of.
Don't get me wrong. I think that wholesaling and assignments can be done properly. I just think that way too many people have been taught wrong and that because they believe they are right, they are going to stick with it. It's very difficult to change someone else's beliefs; even when they are completely and blatantly wrong. My point of all my responses is to hopefully raise some awareness the issue and get people to learn the truth and stop believing what a guru said. This is why the people like John and the state legislators are cracking down on this practice. It's not going to be too much longer and some very large and prominent guru's are going to get crushed and made an example of. The legislators are taking this very seriously right now. usually, the few wreck it for the many. In this case, the many are wrecking it for the few. Unfortunately, those of us that run good honest legitimate business are going to get hurt.
I hope that my answers are truly helping people to see the truth of what's going on. I hope that my answers are shedding some light as to where the industry is headed. It's not difficult to make the change. However, it will be hard to compete against the charlatans. But, if you run a good business, you can overcome it. Let your reputation precede you. It works.
I agree. Greed!
- Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes6y
Originally posted by @Marcus Maloney:
I wanted to jump in this discussion because I to wholesale but I am also licensed. I'm not here to play the moderator or a mediator but by bickering between the both @John Thedford and @Malcolm Jarrell does not answer the question so here's a differenct perspective.
@John Thedford there is a very very small population of sellers that do not want to list there property they just want solutions.
Here's an example: We have a deal under contract now, as you can see from the few pics below the property is in pristine condition. Yes it could use a few updates but nothing major. I bring this to the conversation because this seller fell in that very small 1% that didn't want to list but wanted a very fast transaction.
I encouraged the seller our offer would be extremely lower than market but we can list the property and get her a much higher offer. She adamantly declined and just wanted to be done with the property because the house triggered some bad experiences. We picked the house up for 51k with an ARV of 185k (homerun)
John, you have to understand as a broker there are still a small population that want quick results and do not want to deal with going through a Realtor. They do not want to make repairs, they want quick results, they do not want the general public in the house etc....
Malcolm, in light of your request as a wholesaler your intent is not to only protect yourself by finding a clause to get you out the deal but to be transparent with the sellers. We always let the seller know that we have funding partners that must joint venture the deal with us. If the deal is not appeasing to our partners then we may exit the contract. Even in the highly unlikely case we do not close on the deal we provide the alternative to have them list the property with us or another broker.
Our goal as real estate professionals is to "HELP" the general public. Although I am a strong believer in wholesalers obtaining their license if they want to make a career as a real estate professional, I do believe there is room for both parties to work together. The key word is disclosure.
Feedback is always warranted
I agree that some people do not want to list. That is not the issue. You are a licensee. You have paid your dues and are operating within the law. People skirting laws and brokering without a license are not. Bringing buyers and sellers together for a profit is brokering
Bigger Pockets wholesaling forum post breakdown.
Actual answers from active wholesalers 1/10 responses
Responses from non wholesalers on a crusade to educate from their perspective 9/10 responses
Filter accordingly and be aware what you are trying to do is a big gray area and could be illegal. But you aren't the pariahs of real estate made out to be here in this forum. Scum bags exist in every field on real estate island, don't be one.
- Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes6y
Originally posted by @Tim G.:
Bigger Pockets wholesaling forum post breakdown.
Actual answers from active wholesalers 1/10 responses
Responses from non wholesalers on a crusade to educate from their perspective 9/10 responses
Filter accordingly and be aware what you are trying to do is a big gray area and could be illegal. But you aren't the pariahs of real estate made out to be here in this forum. Scum bags exist in every field on real estate island, don't be one.
The only answer from a LEGAL licensed wholesaler was from Marcus. The other answers were from unlicensed brokers skirting the laws and pushing their propaganda.
Originally posted by @John Thedford:
Originally posted by @Tim G.:
Bigger Pockets wholesaling forum post breakdown.
Actual answers from active wholesalers 1/10 responses
Responses from non wholesalers on a crusade to educate from their perspective 9/10 responses
Filter accordingly and be aware what you are trying to do is a big gray area and could be illegal. But you aren't the pariahs of real estate made out to be here in this forum. Scum bags exist in every field on real estate island, don't be one.
The only answer from a LEGAL licensed wholesaler was from Marcus. The other answers were from unlicensed brokers skirting the laws and pushing their propaganda.
How do you feel about bigger pockets being a platform to share this propaganda, for example Max Maxwell being on BP Business Episode 15. You are a paid subscriber to a platform that promotes and makes sharing this information much easier.
- Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes6y
Originally posted by @Tim G.:
Originally posted by @John Thedford:
Originally posted by @Tim G.:
Bigger Pockets wholesaling forum post breakdown.
Actual answers from active wholesalers 1/10 responses
Responses from non wholesalers on a crusade to educate from their perspective 9/10 responses
Filter accordingly and be aware what you are trying to do is a big gray area and could be illegal. But you aren't the pariahs of real estate made out to be here in this forum. Scum bags exist in every field on real estate island, don't be one.
The only answer from a LEGAL licensed wholesaler was from Marcus. The other answers were from unlicensed brokers skirting the laws and pushing their propaganda.
How do you feel about bigger pockets being a platform to share this propaganda, for example Max Maxwell being on BP Business Episode 15. You are a paid subscriber to a platform that promotes and makes sharing this information much easier.
BP is not just a platform about legal licensed wholesaling or otherwise. Some of the more common propaganda comes from unlicensed brokers extolling the virtues of their actions and stating they can do a better job than a licensed agent. There is no correlation between a legal licensed operator and those skirting laws to broker without a license.
Originally posted by @John Thedford:
Originally posted by @Tim G.:
Originally posted by @John Thedford:
Originally posted by @Tim G.:
Bigger Pockets wholesaling forum post breakdown.
Actual answers from active wholesalers 1/10 responses
Responses from non wholesalers on a crusade to educate from their perspective 9/10 responses
Filter accordingly and be aware what you are trying to do is a big gray area and could be illegal. But you aren't the pariahs of real estate made out to be here in this forum. Scum bags exist in every field on real estate island, don't be one.
The only answer from a LEGAL licensed wholesaler was from Marcus. The other answers were from unlicensed brokers skirting the laws and pushing their propaganda.
How do you feel about bigger pockets being a platform to share this propaganda, for example Max Maxwell being on BP Business Episode 15. You are a paid subscriber to a platform that promotes and makes sharing this information much easier.
BP is not just a platform about legal licensed wholesaling or otherwise. Some of the more common propaganda comes from unlicensed brokers extolling the virtues of their actions and stating they can do a better job than a licensed agent. There is no correlation between a legal licensed operator and those skirting laws to broker without a license.
It seems you've chosen to avoid answering my question. I'll have to assume you aren't comfortable answering it.
- Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes6y
Originally posted by @Tim G.:
Originally posted by @John Thedford:
Originally posted by @Tim G.:
Originally posted by @John Thedford:
Originally posted by @Tim G.:
Bigger Pockets wholesaling forum post breakdown.
Actual answers from active wholesalers 1/10 responses
Responses from non wholesalers on a crusade to educate from their perspective 9/10 responses
Filter accordingly and be aware what you are trying to do is a big gray area and could be illegal. But you aren't the pariahs of real estate made out to be here in this forum. Scum bags exist in every field on real estate island, don't be one.
The only answer from a LEGAL licensed wholesaler was from Marcus. The other answers were from unlicensed brokers skirting the laws and pushing their propaganda.
How do you feel about bigger pockets being a platform to share this propaganda, for example Max Maxwell being on BP Business Episode 15. You are a paid subscriber to a platform that promotes and makes sharing this information much easier.
BP is not just a platform about legal licensed wholesaling or otherwise. Some of the more common propaganda comes from unlicensed brokers extolling the virtues of their actions and stating they can do a better job than a licensed agent. There is no correlation between a legal licensed operator and those skirting laws to broker without a license.
It seems you've chosen to avoid answering my question. I'll have to assume you aren't comfortable answering it.
My bad. I don't agree with some of it. BP has a lot more to offer than that. Should I cancel my paid subscription?
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