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

Wholesaling
5yFollow

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?

49Reply
393 views

Most Popular Reply

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.

46Reply
See this reply in the discussion

198 Replies

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

    There is the answer to the question of is her story actually legit...

    0Reply
  • Susan Maneck
    Investor 路 Jackson, MS 路 Member since 2014 路 1k+ posts 路 769 votes
    5y
    Originally posted by @Alex Shelton:

    @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.

    Part of the problem Alex is while an out-of-state investor may feel they are getting good returns because rents relative to housing prices are high here, when they go to sell their properties they find they've paid quite a bit over market value. The more intermediaries you have the lower your profit but the profit margin seems great relative to where they live. I have referred many out-of-state buyers on Bigger Pockets to my own real estate broker both for purchase and management because I know she won't cheat them. She is a small-time operator who lives in and knows the areas where I invest. Big teams and fancy technology cost money. I'll stick to my small-time broker and her husband the handyman who I've been working with for nearly ten years. That's my team! 

    1Reply
  • Donna Coffman
    Member since 2020 路 6 posts 路 2 votes
    5y

    Mr. Camarasa, 

    The Donna Story can be checked out by the Harrison County Sheriff's office, as well as the banks, the Attorney General's office and the Internet Fraud.gov. and my attorney.  I have all communications from the person committing this fraud.  I am the victim of an elaborate scam in which I lost money big time.  I am an honest person, I do not scam or fraud people and I go out of my way to help people.  I don't have to steal other peoples money as this lady has done from me.  I am ashamed, I am embarrassed and I feel like a failure because I got scammed.  I am not laughing and I am not laughing at anyone else.  This fraud hurt me deeply but it did not devastate me.  I have everything to prove it

    1Reply
  • Account Closed
    Rental Property Investor 路 Brooke Park Drive 路 Member since 2018 路 1k+ posts 路 2k+ votes
    5y
    Originally posted by @Frank Raciti:

    If @Luis Serrano was in a market I knew anything about, I WOULD be the first to help him. He said he has a contract. I would think the only money he "Tied up" is a small earnest money deposit. Probably a couple of hunder dollars. Where did he say he knows nothing about the property? He does business in NYC. I promise you he's smart and knows what he has contracted for. He just said I'll lock it down and figure it out from there. Takes balls for sure but with NY smarts and those kind of balls, he's on his way. 

    0Reply
  • William Webb
    Investor 路 Apex, NC 路 Member since 2020 路 5 posts 路 1 vote
    5y

    @Luis Serrano hey I reside in NC and would like to know about the bilateral contract you need for each wholesale real estate transaction? Where do I get those from?

    0Reply
  • Chris Purcell
    Investor 路 Philadelphia, PA 路 Member since 2010 路 739 posts 路 372 votes
    5y

    Yikes

    @Luis Serrano.  I would stop immediately, get a mentor, and save up for legal fees incoming

    0Reply
  • Senate Eskridge
    Investor 路 Twin Falls, ID 路 Member since 2015 路 200 posts 路 117 votes
    5y

    @Luis Serrano great job. Would you mind sharing your success? What did you do to get the contract?

    0Reply
  • Jay ComptonPro Member
    Member since 2018 路 19 posts 路 20 votes
    5y

    @Donna Coffman don't be embarrassed about it. The only positive thing I've heard out of all of this is the amount you paid out. By being $10k or more (as well as it being multiple state commerce) that should trigger the feds on your behalf...and they will never stop til this person (or group of people) is caught.

    I got scammed out of a $14k gold Rolex in 1998 and I was embarrassed as all get out, but the FBI eventually caught the dude almost 10 years later. He did swindle a lot more people, but it still felt good to hear he got caught.

    Good luck and keep looking. You'll find that right house for your daughter.

    0Reply
  • Justin Robert
    Investor 路 Temple, TX 路 Member since 2015 路 111 posts 路 83 votes
    5y

    @Senate Eskridge Read the whole thread. 

    2Reply
  • Doug Pintarch
    Rental Property Investor 路 Harrisburg, PA 路 Member since 2018 路 369 posts 路 406 votes
    5y
    Originally posted by @Justin Robert:

    @Senate Eskridge Read the whole thread. 

     This.  Please.

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

    @William Webb as well... I wouldn鈥檛 be looking for contracts from this thread. More of an exercise on what not to do/allow in a virtual wholesale.

    0Reply
  • Dylan TanakaPro Member
    Real Estate Agent 路 Detroit, MI 路 Member since 2008 路 455 posts 路 178 votes
    5y

    FWIW here's the link to look up Title Companies and licensed Title Producers (not tied to one company) in Michigan

    https://difs.state.mi.us/locat...

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

    @Donna Coffman don't be embarrassed about it. The only positive thing I've heard out of all of this is the amount you paid out. By being $10k or more (as well as it being multiple state commerce) that should trigger the feds on your behalf...and they will never stop til this person (or group of people) is caught.

    Forgot about interstate commerce and Mr Serrano doing this over the phone, so wire fraud also for the Feds.

    Virtual wholesaling is truly a great thing!!!

    1Reply
  • Dewanna Kowalski
    Member since 2020 路 23 posts 路 9 votes
    4y

    https://niceville.com/florida-...  if ANYONE would like an update on this property in Kiln, MS an arrest was made in Florida pertaining to a whole string of crimes in the real estate industry! Kiln property that Mr Serrano inquired about included

    1Reply
  • Dewanna Kowalski
    Member since 2020 路 23 posts 路 9 votes
    4y
    @Jay Compton an arrest was made! Took 2 years for them to track her down, more arrests to be made BUT finally it has happened! https://niceville.com/florida-...

    Quote from @Jay Compton:

    @Donna Coffman don't be embarrassed about it. The only positive thing I've heard out of all of this is the amount you paid out. By being $10k or more (as well as it being multiple state commerce) that should trigger the feds on your behalf...and they will never stop til this person (or group of people) is caught.

    I got scammed out of a $14k gold Rolex in 1998 and I was embarrassed as all get out, but the FBI eventually caught the dude almost 10 years later. He did swindle a lot more people, but it still felt good to hear he got caught.

    Good luck and keep looking. You'll find that right house for your daughter.


    1Reply
  • Dewanna Kowalski
    Member since 2020 路 23 posts 路 9 votes
    4y

    An arrest has finally been made!

    1Reply
  • Steve K.
    Realtor 路 Boulder, CO 路 Member since 2016 路 3k+ posts 路 5k+ votes
    4y
    Quote from @Dewanna Kowalski:

    An arrest has finally been made!

     Any more details Dewanna? @Luis Serrano how have things gone for you and your career? 

    1Reply
  • Dewanna Kowalski
    Member since 2020 路 23 posts 路 9 votes
    4y

    Here is the article, they haven鈥檛 included the crime committed in Mississippi as of yet, but my friend Donna has been listed as a victim of this crime. We are hoping some federal charges may be added, wire fraud, different states I would think it would be automatic? They are continuing the investigation and Mr. Serrano could be victim or a willing participant is how I鈥檓 looking at it鈥imply due to the fact he claimed to have a contract on this property. It would be in his best interests, even in just a professional capacity to reach out to the investigators handling this case to provide whatever information or contact he had to assist in their prosecution鈥nd if he didn鈥檛 offer that I personally question what role he played in it all? http://www.fdle.state.fl.us/Ne...

    0Reply
  • Dewanna Kowalski
    Member since 2020 路 23 posts 路 9 votes
    4y
    Quote from @Steve K.:
    Quote from @Dewanna Kowalski:

    An arrest has finally been made!

     Any more details Dewanna? @Luis Serrano how have things gone for you and your

    http://www.fdle.state.fl.us/Ne...


    0Reply
  • Dewanna Kowalski
    Member since 2020 路 23 posts 路 9 votes
    4y
    Quote from @Dewanna Kowalski:
    Quote from @Steve K.:
    Quote from @Dewanna Kowalski:

    An arrest has finally been made!

     Any more details Dewanna? @Luis Serrano how have things gone for you and your

    http://www.fdle.state.fl.us/Ne...

    @Luis Serrano is either a victim or an accomplice at this point, there鈥檚 really no gray area. Simply because he claimed to have a contract on this property. I鈥檓 curious to see if he offers any information to the investigators on this case?

    0Reply
  • Steve K.
    Realtor 路 Boulder, CO 路 Member since 2016 路 3k+ posts 路 5k+ votes
    4y

    @Dewanna Kowalski anyone considering wholesaling (or selling their house to a wholesaler) should read this thread.

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free