I got my 1st virtual wholesale contract now what?馃槹

Wholesaling
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I got my 1st virtual wholesale contract now what?馃槹

Luis Serrano
Rental Property Investor 路 Nyc 路 Member since 2020 路 51 posts 路 72 votes

I鈥檓 from NYC and I got into virtual wholesaling. I got a property under contract in kiln, Mississippi with a nice spread... I鈥檓 sourcing a way to market this property to investors.... any suggestions?

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Frank Raciti
Investor 路 Whitehouse Station NJ 路 Member since 2020 路 12 posts 路 76 votes
5y

Doing deals virtually, sight-un-seen is here to stay. Last I checked, Mississippi isn't on Mars. Every market has it own idiosyncrasies. Hopefully someone from the area will offer to help a fellow investor out in stead of telling you what a mistake you've made.

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  • Dewanna Kowalski
    Member since 2020 路 23 posts 路 9 votes
    5y

    I thought you were about to ask them to sell your house! 馃う 

    0Reply
  • Steve K.
    Realtor 路 Boulder, CO 路 Member since 2016 路 3k+ posts 路 5k+ votes
    5y

    @Donna Coffman all I can say is wow. Wire fraud is getting more common and sophisticated but this is a new twist. The title companies I work with don鈥檛 send any wire instructions via email anymore, it is all over the phone now because fraudsters can hack your email and intercept/ alter the wire instructions. Also I haven鈥檛 heard of title companies that operate remotely, they鈥檙e usually local not in a different state. I really hope the authorities are able to track this person down and get your money back. Maybe the Wells Fargo where you wired the money can help trace it or something?

    0Reply
  • Marshall Mothershead
    Wholesaler 路 Bentonville, AR 路 Member since 2018 路 14 posts 路 7 votes
    5y

    @Luis Serrano

    Man I didn鈥檛 take the time to read through all these comments, but most the ones I did see were negative. Don鈥檛 let that get to you. So what if you鈥檙e in NY and doing business in MS. Look at the Phoenix, AZ market. Home of the gurus. Damn near every one of them are doing business virtually across the country (including Ms, AL, GA, etc.). Your geographic location is a non issue. Keep up the good work brother.

    I鈥檓 originally from MS and do a little business there now. You need to connect with Adam Johnson and Brent Moreno. They鈥檙e in Hattiesburg (little bit north of Kiln) and I guarantee you they can help you move this deal. They鈥檝e got a small(ish) mentorship program, but incredibly humble, good people. Find them on YouTube (wholesale hackers) or FB group (real estate roundup). Let me know if I can help with anything.

    1Reply
  • Marshall Mothershead
    Wholesaler 路 Bentonville, AR 路 Member since 2018 路 14 posts 路 7 votes
    5y

    Whoah, just now read through a bit of the thread... good luck, buddy. Got yourself a sticky situation. As long as you were honest and ethical through the whole situation the. You have nothing to worry about. But if not.........

    2Reply
  • Terevarevahaunui Jacobson
    Investor 路 Makawao, Maui 路 Member since 2018 路 20 posts 路 18 votes
    5y
    Originally posted by @Luis Serrano:

    I鈥檓 from NYC and I got into virtual wholesaling. I got a property under contract in kiln, Mississippi with a nice spread... I鈥檓 sourcing a way to market this property to investors.... any suggestions?

    Hi Luis, first of all GOOD JOB!

    I agree with contacting agents: a lot of agents have their own list of "cash buyers" that they send lots of properties that meet their criteria to knowing that they'll be able to close fast and offer cash. FB market place is a great way as well. If you find a group of investors, wholesalers, or cash buyers in Mississippi, you will find a buyer really fast. Also, make sure you have your assignment contract ready for them as well, as well as a nice presentation with pictures, numbers, comparables, and projections of the property/project. GOOD LUCK and don't let ANYTHING/ANYONE stop you. If you hear "NO", it just means "YES" is around another corner! You got this!
    PS: you also want to do your DUE DILIGENCE when choosing the buyer :)

    1Reply
  • Ricardo L Knight
    Rental Property Investor 路 Reading, PA 路 Member since 2019 路 76 posts 路 43 votes
    5y

    @Philip Gephardt exactly invest to your risk tolerance. I bought several with out seeing them either. All depends on the investor. I'm buying one right now I never seen personal. :-) happy investing

    1Reply
  • Ricardo L Knight
    Rental Property Investor 路 Reading, PA 路 Member since 2019 路 76 posts 路 43 votes
    5y

    @Luis Serrano keep on working propstream is great for finding buyers or rei rail you can look up the property owners closes to the subject property and starting calling them to find a motivated buyer. I bought plenty properties without seeing it infact a real estate agent told me not to because of her investment risk tolerance. I told at the worst case scenario and the best case then I write the check. Simple . Happy investing and don't quite there's gold at the end of the road !!!

    1Reply
  • Brian Pulaski
    Flipper/Rehabber 路 Montgomery, NY 路 Member since 2016 路 2k+ posts 路 1k+ votes
    5y

    To all those new posters who are skipping to the end...

    Please take a moment and read how this has and continues to unfold. This deal ended up scamming someone out of $10,000 (of course taking the posts as they are written) and in all honesty it paints an example why virtual wholesaling can be problematic for someone new to it. 

    3Reply
  • Brett Murdock
    Specialist 路 Hattiesburg, MS 路 Member since 2020 路 17 posts 路 4 votes
    5y

    @Luis Serrano find a buyer. I may can help

    1Reply
  • Steve Morris
    Real Estate Broker 路 Portland, OR 路 Member since 2019 路 4k+ posts 路 2k+ votes
    5y
    Originally posted by @Bonnie Low:

    @SteveMorris you presume a lot. Are you insinuating that if someone is selling to a wholesaler the wholesaler (and the end buyer) are ripping the seller off? 

    Get real - I'd say it happens most of the time, why do you think wholesalers hide what the true buyer is paying from the seller?

    Go thru a broker and if true buyer pays more, seller gets more.

    0Reply
  • Steve Morris
    Real Estate Broker 路 Portland, OR 路 Member since 2019 路 4k+ posts 路 2k+ votes
    5y
    Originally posted by @Terevarevahaunui Jacobson:
    Originally posted by @Luis Serrano:

    I鈥檓 from NYC and I got into virtual wholesaling. I got a property under contract in kiln, Mississippi with a nice spread... I鈥檓 sourcing a way to market this property to investors.... any suggestions?

    Hi Luis, first of all GOOD JOB!

    This is one of the most off-base things said yet.  Someone gets ripped off in a deal and you say good job to one of the principals in it?

    0Reply
  • Alex Shelton
    Real Estate Agent 路 Weston, FL 路 Member since 2020 路 10 posts 路 2 votes
    5y

    @Susan Maneck just so you鈥檙e aware, I invest in MS from south Florida. I never see my properties and maybe never will. It鈥檚 called out of state investing. You have a great team and modern technology. I have code activated locks that I can send the code to any realtor whenever for showings or lease signings. Due diligence is done and can be done on every property. Investing is evolving. Get with It.

    1Reply
  • Nate Sanow
    I鈥媙vestor & Agent 路 Tulsa, OK 路 Member since 2016 路 1k+ posts 路 1k+ votes
    5y

    @Luis Serrano

    Congratulations man. Hey if it鈥檚 a good deal it will sell itself. FB groups, Craigslist etc in that area and people will contact you. In my opinion buyers lists aren鈥檛 step one. Having a good deal is. Buyers lists are built on good deals. And they unsubscribe to the email list when deals are not good. ;)

    1Reply
  • Adam Hobson
    Specialist 路 Helena, AL 路 Member since 2017 路 40 posts 路 100 votes
    5y

    @Luis Serrano I am a wholesaler in Birmingham Alabama and I have seen an influx of virtual wholesalers coming to our market. Unfortunately most of them are not doing it correctly. There are tons of wholesalers in my market but only about 20 of us do things the right way. The others will put things under contract for way too much, market them illegally, and basically do the whole process the wrong way. Some of these scammers are very good at what they do. It鈥檚 sad because if they focused on doing it right they would make a lot more money and be able to stay in the business longer. I haven鈥檛 gotten into virtual wholesaling yet but I can see why people do. I would say to find a mentor who is virtually wholesaling the right way. In my market, cash buyers appreciate the legitimate wholesalers and buy deals from us monthly and everyone knows the names of the people to watch out for. Don鈥檛 give up on real estate but take your time and do it right. Good luck.

    2Reply
  • Justin Robert
    Investor 路 Temple, TX 路 Member since 2015 路 111 posts 路 83 votes
    5y

    This thread continues to deliver with an influx of people not reading the thread, defending the OP and encouraging him... 

    6Reply
  • Jeff TumbarelloPro Member
    Real Estate Broker 路 Fort Myers, FL 路 Member since 2008 路 1k+ posts 路 323 votes
    5y

    If it is a good deal selling that is no issue. Contact the local REIA and see if you can do a paid email blast to their list.

    0Reply
  • Steve Morris
    Real Estate Broker 路 Portland, OR 路 Member since 2019 路 4k+ posts 路 2k+ votes
    5y
    Originally posted by @Justin Robert:

    This thread continues to deliver with an influx of people not reading the thread, defending the OP and encouraging him... 

    Hey, they're wholesalers, they all think they have the cure to cancer.

    2Reply
  • Brian Pulaski
    Flipper/Rehabber 路 Montgomery, NY 路 Member since 2016 路 2k+ posts 路 1k+ votes
    5y
    Originally posted by @Justin Robert:

    This thread continues to deliver with an influx of people not reading the thread, defending the OP and encouraging him... 

    This thread delivers. I can鈥檛 believe the amount of people coming on here, encouraging and congratulating the original poster without seeing that HIS WHOLESALE DEAL (I can鈥檛 stress that enough, he is the reason this deal existed) caused someone to be scammed out of $10,000...  

    6Reply
  • Joaquin Camarasa
    Real Estate Agent 路 Springfield VA 路 Member since 2018 路 480 posts 路 400 votes
    5y

    I am in my 5th bag of popcorn, quite a show, the interruptions in the story for the motivational cheer up from the new posters that have not read the whole thread pricesless. 

    FRAUD WAS INVOLVED ON THIS! STOP CHEERING UP THE OP! 

    Go read the story from page 3 up to page 6, you won't regret it.

    1Reply
  • Luis Serrano
    OP
    Rental Property Investor 路 Nyc 路 Member since 2020 路 51 posts 路 72 votes
    5y

    This post was as honest as it can get. I came out here to get advice and to start my new journey. As many times in biggerpockets podcast they said to take action... so I did. In the mist of this I got contacted by a title company who offered help and even said she could help me find a buyer. I trusted her and that was my biggest mistake ever. Seller was in direct contact with her and there were liens stated in the house. I thought it was a dead deal so she came with this idea of owner finance and so this **** show began. Along the line she had a buyer interested and he was going yo pay for the outstanding liens- we agreed on price and seller was ok moving forward with owner鈥檚 finance- as we agreed seller ghosted me and buyer was unresponsive as title was keeping me informed on her side. Along the way I kept try to get in contact with seller and he finally responded after I said I don鈥檛 know where we lost trust but I have to cancel contract as he is not cooperating.

    He then told me that I may not be at fault but I should not trust the title company as he think she is doing fraud and so the show continues - I came to find out that a broker she sent to the property took the key of the house so she says and that he made has stolen the seller from me. So at this point I didn鈥檛 know what to believe and my mistake was putting the house sold as I didn鈥檛 know how yo delete the

    post. So she said her Facebook got hacked even continue to communicate with me leading me off the conversation on the MS deal.

    I talked to Donna the victim and although I just started and I don鈥檛 have much money just my 9-5 as a construction delivery guy. I said I will work my hardest and I will try to get her money back even if I have to give it to her . I don鈥檛 want anyone to think I鈥檓 a fraudulent individual the one thing I know is I can鈥檛 trust everyone offering help and o need to do a better on background check. Like I said before this post is honest as I started this journey and I appreciate your word of advice and I understand why people are upset at me even though I didn鈥檛 take any part of this money. I am still here to get all your hate and stand my ground as I am not a thief.

    0Reply
  • Joaquin Camarasa
    Real Estate Agent 路 Springfield VA 路 Member since 2018 路 480 posts 路 400 votes
    5y

    @Luis Serrano make sure to double check the Donna story. I hope you don鈥檛 get scammed as well. Definitely, this is nuts and the plot twists to come can be worth an Oscar award as best script on BP ever.

    1Reply
  • Luis Serrano
    OP
    Rental Property Investor 路 Nyc 路 Member since 2020 路 51 posts 路 72 votes
    5y

    @Joaquin Camarasa I just want to move on and start doing deals the right way... the only reason I came out here to get help.

    0Reply
  • Garnett Freeman II
    Member since 2019 路 20 posts 路 3 votes
    5y

    If you aren't already, you should be using propstream to find cash buyers who have bought in the same area of your property recently. Preferably, cash buyers who own more than a couple of properties, which propstream can tell you. Full disclosure, it will be more difficult than usual because your property is on the Gulf and it is Mississippi. But there is always a buyer. May just have to get creative Manito. I am based in Dallas-Fort Worth and do deals in several markets in the Midwest and Southeast monthly. It is doable. Good luck.

    0Reply
  • Susan Maneck
    Investor 路 Jackson, MS 路 Member since 2014 路 1k+ posts 路 769 votes
    5y
    2Reply
  • Dewanna Kowalski
    Member since 2020 路 23 posts 路 9 votes
    5y
    0Reply
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