All Forum Posts by: Carey Lynch

Hi BP!  I am a new investor and would like to focus on the buy & hold niche.  I wanted to see if there are any current investors/landlords that may have used hard money/private lenders to acquire a buy & hold property.  If so, how was your experience?

Hi BP! I am just starting out in investing and would like to focus on the buy & hold niche. I wanted to know if anyone has ever used hard or private money to acquire their first rental property. If so, how was your experience? I am currently reading the book on the BRRR method and just wanted to get more of an idea as to what others may be doing especially when just starting off.

@Amy H. Just a heads up that I was able to find a resolution that works for all parties. Thank you again for offering to help.

@Jay Hinrichs  Based on your comments, it looks like there is some prejudice and stereo typing and just basic ignorance of wholesalers and wholesaling in general. You are referring to a company in Dallas which I have no connection with and am not familiar with and you also reference “some dude” in Oregon, who again I have no connection with. You then go on to state that an agent who works with a wholesaler should be “taken to the wood shed”… First and foremost, wholesalers do close as they work with other investors or buyers or they will close theirselves. It is not fair to stereotype all wholesalers or wholesaling in general as a transaction that does not close. Granted there are some wholesalers that do not practice good ethics but that does not mean that all wholesalers are unethical. Just like you have some agents, brokers and investors that are unethical (or even ignorant), however, that does not mean that all are. Also, as far as having an ROFO to keep the property on the market, if this is done it is not marked as “pending” it is marketed as “Contingent” not pending and the agent can continue to market the property to other buyers. With all this being said it basically seems as if you do not have very much experience or knowledge when it comes to wholesaling and not sure why you chose to comment. It just seems as if you just wanted to add your two cents of negative and presumptuous comments that really doesn’t help anyone.

@Amy H. Thank you for offering your assistance, I appreciate it. Yes, this is an on market property and it is not uncommon to wholesale on market properties. You actually have wholesalers that work direct with agents to find properties that may fit their buyers criteria. As far as paying a "middle man" I guess you could ask that question when it comes to wholesaling in general. There are investors that work with wholesalers to help find properties whether it is on market or off and the wholesaler is the one finding and looking for the properties and then negotiating with the seller or agent for a lower price based on the ARV, especially for buyers that are out of state. I actually have buyers that are interested in the Richmond area but unfortunately they decided that the property just didn't work for them.

@Ron H. My apologies for any confusion as it looks like you have misunderstood my question/request. I am actually looking for options so that I CAN close. I DO NOT want to have to cancel the contract and that is why I am reaching out. Please do not misunderstand my intentions or make your own conclusions before fully reading and understanding my question and the actual transaction in general. If you don’t understand my question please feel free to ask for more information but don’t assume that I am trying to intentionally deceive or hurt a seller.

@Amy H. Are you experienced with wholesaling real Estate?

@Account Closed If you read my second response, then you would have read that I offered an ROFO, so the seller has the option to continue to market the property to another buyer. It looks like there is some confusion and/or lack of knowledge as to exactly what wholesaling is or maybe it is based on negative personal experience or lack of. However, I thought I posted this in the wholesaling group for those that would be more familiar, but it doesn’t look like that is who has replied so far. Just looking for insight from those that are are actually knowledgeable or more experienced with wholesaling.

@Ron H. A contract was signed with the intent and understanding that the buyer would either purchase direct or assign the contract as I actually provided my own contract so there was no deceiving the seller.

@Brandon Vukelich thanks for taking the time to respond, however your comments are pretty presumptuous.  I actually have an active buyers list in which I have already sent the property to over 40 buyers but unfortunately no one seems interested.  I also have a legit business set up, so very serious about doing this as a legit business, so not just some money hungry person out here just tying up houses, which is how you are making it seem.  I am also, not just doing it for a fee, of course the fee helps but that is not my main reason for doing this at all.  Maybe you should try to get more information and details before you make such an assumption about someone that you don't even know, as your comments are pretty negative and honestly ignorant.  If anything, your comments/thoughts are what can give the investor community a bad rep., as instead of showing support for each other, we first make negative assumptions and automatically assume that someone is in this for the wrong reason.  Just FYI, I also offered an ROFO to the seller to keep their property on the market in case they receive a higher offer, to avoid any concerns of "holding up" the property.  If I didn't care about trying to get this property assigned and sold, I would not be taking the time to try to find another solution I would just cancel the contract and move on, but I did not want to have to do that if there is another way.