Investor Questions for Wholesalers?

Question

What are some good questions to ask wholesalers from an investor standpoint?  I'm having initial conversations with some here in Phoenix for the purposes of flipping.

Garrick Oconnell · Answer

Ask if the deals they send are always under there contract and fully under there control?

Sometimes wholesalers send out other wholesalers deals it is good to know that if you are interested you may close the deal with another entity in the mix.

Do they send out other wholesalers deals?

If they are just repackaging others deals try to find the source from the properties they are sending you, but this is not a deal breaker.

Process to view property?

This can be different for each property based on the seller involved but always try to get an idea of what the expectation is as far as viewing the property.

What is the closing process?

This way you wont be shocked if they want you to write them a check before closing etc.. Not a great idea but some wholesalers request it and you should know before you spin your wheels researching a deal.

Title companies they may require you to use, double closing, additional closing costs, if they need you to close in 3 days etc.

If there deals are first come first serve?

If they want you to bid on a deal with other buyers. Just end the conversation there. A good wholesaler will give the deal at the price offered of your offer with a contract/ emd.