Questions for Wholesalers Around Hartford County, CT -

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Questions for Wholesalers Around Hartford County, CT -

John Hall
Rental Property Investor · New York, NY · Member since 2019 · 24 posts · 8 votes

Hello wholsalers,

Thanks for taking the time to read my post!

I'm reaching out to wholesalers who have completed their 1st deal already in the Connecticut area. I have been trying to get my start as a wholesaler in Hartford County, CT, but haven't gotten my 1st deal under contract yet. I'm stuck and have a few questions that I can only get answered by experienced wholesalers from this market.

How did you finalize your first wholesale deal?

It's my understanding that I need to have 1st secured POF from an interested investor and the green light on a property and get it under contract before I can even get the seller to accept/decline an offer. This has really been stumping me from moving forward on my 1st deal - I've found investors, I've found properties, I've analyzed them and found good deals - but I get ZERO motivation from investors, even those that took interest before, unless I bring them a deal UNDER contract.

Thanks for taking the time to help. On top of the questions above, any other advice you could offer would be greatly appreciated.

Sincerely,

John Hall

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Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
6y

You need a motivated seller.

then you need credibility.

If bill gates wanted to buy your house in cash... would you ask him for a proof of funds?

No right? Why?

you know he is good for it. He is credible.

If you are dealing with someone that truly needs tio sell their house abbr you are credible you will succeed... as long as the house is not a tear down of course.

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  • Jerryll Noorden
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    6y

    You need a motivated seller.

    then you need credibility.

    If bill gates wanted to buy your house in cash... would you ask him for a proof of funds?

    No right? Why?

    you know he is good for it. He is credible.

    If you are dealing with someone that truly needs tio sell their house abbr you are credible you will succeed... as long as the house is not a tear down of course.

    2Reply
  • Manny Cirino
    Real Estate Agent · Winter haven, FL · Member since 2011 · 572 posts · 336 votes
    6y

    The number one thing that trips up new wholesalers is the closing process and everything that takes places in between an accepted offer to the closing.

    You have to go after a property and make an offer as if you were going to buy it for your self. 

    Make the offer 

    Once it is accepted you have to open escrow with a closing attorney.

    You proved the escrow attorney a copy of your contract along with an earnest money deposit.

    You should write in  an inspection period on the contract. And this is the time were you hustle and find an end buyer/investor to flip the deal to. 

    If you do not have the deal secured you are going to learn very fast that most investors are not honest and will try to go straight to your seller.

    Once you find the buyer, they see the property and agree they want to buy it. You sign an assignment of contract between the 2 of you for what the agreed fee is and then a new contract is written between seller and investor/buyer. 

    I use to sign my assignment at the escrow agents office just to give the seller a more professional prospective. Signing a contract over a car hood could make the seller feel less invested.

    2Reply
  • Ryan LubyPro Member
    Rental Property Investor · CT · Member since 2016 · 258 posts · 227 votes
    6y

    @John Hall

    You already have good feedback here.

    From what I'm reading, you're just a little confused on your circumstances. If you truly had a "good" deal someone would buy it if you did the work to get the property out.

    There are a few ways to wholesale but only one way a great wholesaler builds a great reputation and that is the grass-roots route path of finding a serious buyer and doing everything you can to understand them, their process, their ideal investment type, their ideal investment market, and then finding a property based on your buyers criteria. Forward it to your buyer and ask what they would pay for this deal. Make them under-write it and learn their under-writing. Then tack on your assignment fee to their price and get the home under contract for that price, then you assign that contract to your buyer and get paid at closing... But reality is still much harder than that.

    One big problem is everyone says they are a buyer because we all want leads but a good wholesaler qualifies and filters their buyers just as strictly as they do their leads. You want legitimate buyers, who are serious about investing, experienced in real estate, successfully investing, have no shortage of capital, and buys 3-4+ deals per month.

    After that long speal.. I have to say my usual about this which is wholesaling is not a great place to start. It seems like it because hypothetical you can do it with no money and no experience but that's not reality. A great wholesaler is leveraging a rare and valuable skill to efficiently wholesale properties to serious buyers. 

    But I'm right in New Haven county, and I always love talking real estate, business, and life so reach out anytime with questions

    Best,

    Ryan

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  • John Hall
    OP
    Rental Property Investor · New York, NY · Member since 2019 · 24 posts · 8 votes
    6y

    @Everyone

    These replies and advice have been incredible to read. Thank you all so much for your advice, and I look forward to taking action and using it all.

    Best luck to all!

    Regards,

    John

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