All Forum Posts by: Account Closed

 You just spew a lot of baseless assertions and call my responses a "vomit". Which, I will say it again, is ok with me. I don't care about someone posting their wishful fantasies, it doesn't affect me a bit. But you never answer specific, pointed questions to back up your baseless accusations and assertions. Where does it say that a potential buyer of the house has fiduciary duty to seller? In what state such regulation or law exists? This is a complete nonsense, Sir.

You also cite a code in a separate post which is applied to  RE Brokers, who do have fiduciary duty to sellers which is completely irrelevant to wholesalers. I am not in business of providing brokerage services. For all I care, I look to acquire a property at wholesale price (if I decide to keep it for myself, rehab, hold, rent, etc.), or to assign a contract to buy to other potential investor with my fee factored in (which, frankly, isn't a net profit at all, it covers countless hours and thousands of dollars spent on marketing efforts, to find a motivated seller of distressed property and successfully close a deal). At no point I act or pretend to act as someone else's agent or broker. And I couldn't care less by the rules you, as a broker, must abide by when you provide your RE Brokerage service to your retail customers. I simply don't provide those services .

As to fail and success, it's not determined by your or anyone else's wishful thinking. It's determined by actions taken and amount of time, effort  and monetary investment one brings into the business. Surely I will fail, even if I am Mother Theresa, if I am clueless about the market, don't know how to find motivated sellers and properties that would make a good investment in the current market. Vice versa, I would succeed if I were good with my numbers, off the market outreach campaign, ability to speak with sellers and properly present the offer to them and etc. None of it has anything to do with your wishful thoughts. 

I am super calm. But I am also aware of how system works, even though I am not an attorney. I worked with attorneys for a decade and was involved in quite a few cases that were actually litigated (most settled before trial). So, I am not the one who will fall for this nonsense that you happen to share on BP. 

Have a great rest of your day! Wish you best of the luck telling tall tales and fairy stories to your clients and parties you do business with. 

 If what you say is malicious and untrue, with intent to harm, then of course it's a libel. You are correct in that one would have to speak it to make it  a slander. 

To have standing in court one must prove a harm, not just that it's untrue and written with malicious intent. As I stated above, I don't care much either way, because I am not harmed by what someone says about me on this forum, without my full name or business banner to attack. And I am for freedom of the speech to the point that I will defend the rights of others to use ad hominess to attack me. So, you may continue. It just doesn't help to make what you say true and correct.  

 The fact that you don't think what you are doing is Brokering real estate isn't relevant. The action of bringing a buyer and seller together in exchange for consideration is Brokering real estate. Tons of case law on this already exists my man.

 You just spew a lot of baseless assertions and call my responses a "vomit". Which, I will say it again, is ok with me. I don't care about someone posting their wishful fantasies, it doesn't affect me a bit. But you never answer specific, pointed questions to back up your baseless accusations and assertions. Where does it say that a potential buyer of the house has fiduciary duty to seller? In what state such regulation or law exists? This is a complete nonsense, Sir.

You also cite a code in a separate post which is applied to  RE Brokers, who do have fiduciary duty to sellers which is completely irrelevant to wholesalers. I am not in business of providing brokerage services. For all I care, I look to acquire a property at wholesale price (if I decide to keep it for myself, rehab, hold, rent, etc.), or to assign a contract to buy to other potential investor with my fee factored in (which, frankly, isn't a net profit at all, it covers countless hours and thousands of dollars spent on marketing efforts, to find a motivated seller of distressed property and successfully close a deal). At no point I act or pretend to act as someone else's agent or broker. And I couldn't care less by the rules you, as a broker, must abide by when you provide your RE Brokerage service to your retail customers. I simply don't provide those services .

As to fail and success, it's not determined by your or anyone else's wishful thinking. It's determined by actions taken and amount of time, effort  and monetary investment one brings into the business. Surely I will fail, even if I am Mother Theresa, if I am clueless about the market, don't know how to find motivated sellers and properties that would make a good investment in the current market. Vice versa, I would succeed if I were good with my numbers, off the market outreach campaign, ability to speak with sellers and properly present the offer to them and etc. None of it has anything to do with your wishful thoughts. 

I am super calm. But I am also aware of how system works, even though I am not an attorney. I worked with attorneys for a decade and was involved in quite a few cases that were actually litigated (most settled before trial). So, I am not the one who will fall for this nonsense that you happen to share on BP. 

Have a great rest of your day! Wish you best of the luck telling tall tales and fairy stories to your clients and parties you do business with. 

 You just spew a lot of baseless assertions and call my responses a "vomit". Whish, I will say it again, is ok with me. I don't care about someone posting their wishful fantasies, it doesn't affect me a bit. But you never answer specific, pointed questions to back up your baseless accusations and assertions. Where does it say that a potential buyer of the house has fiduciary duty to seller? In what state such regulation or law exists? This is a complete nonsense, Sir.

You also cite a code in a separate post which is applied to  RE Brokers, who do have fiduciary duty to sellers which is completely irrelevant to wholesalers. I am not in business of providing brokerage services. For all I care, I look to acquire a property at wholesale price (if I decide to keep it for myself, rehab, hold, rent, etc.), or to assign a contract to buy to other potential investor with my fee factored in (which, frankly, isn't a net profit at all, it covers countless hours and thousands of dollars spent on marketing efforts, to find a motivated seller of distressed property and successfully close a deal). At no point I act or pretend to act as someone else's agent or broker. And I couldn't care less by the rules you, as a broker, must abide by when you provide your RE Brokerage service to your retail customers. I simply don't provide those services .

As to fail and success, it's not determined by your or anyone else's wishful thinking. It's determined by actions taken and amount of time, effort  and monetary investment one brings into the business. Surely I will fail, even if I am Mother Theresa, if I am clueless about the market, don't know how to find motivated sellers and properties that would make as good investment. Vice versa, I would succeed if I were good in my numbers, outreach, ability to speak with sellers and properly present the offer and etc. None of it has anything to do with your fantasies. 

I am super calm. But I am also aware of how system works, even though I am not an attorney. I worked with attorneys for a decade and was involved in quite a few cases that were actually litigated (most settled before trial). So, I am not the one who will fall for this nonsense that you happen to share on BP. 

Have a great rest of your day! Wish you best of the luck telling tall tales and fairy stories to your clients and parties you do business with. 

Odd for an attorney to make the claim that a contract purchaser has/should have a fiduciary duty to a seller. 

The seller is most definitely not the client. And yes, in my experience most wholesalers are basically just bird-dogging for investors who don't want to deal with finding properties. As has been noted in recent wholesaling threads (perhaps even this one), the marketing that produces off-market seller leads can cost many, many thousands of dollars per month.

As part of my investing journey, I'm now on quite a few wholesaler lists and receive off-market deals almost daily.

On properties I'm interested in, I'll get into the research on the property and then run numbers (working hard to develop these skills), and then I'll notice that some of these deals aren't deals.

For example a property is being wholesaled for 120k, but was last bought in 2022 for 60k, it needs a ton of work (30k est), it's vacant, and they say'll it'll ARV at 180k and the neighborhood comps (both nearby sold properties and even rents actually) do not support that ARV. It won't cash flow, and it's like the wholesaler wants the appreciation before it, you know, appreciates.

It feels like some wholesalers are hyping up properties to out of state investors (of which I am one) and they are banking on us not doing even the basic amount of calculations.

I wouldn't touch quite a few of these wholesale "deals", and am wondering what the purpose of wholesaling is actually. Is there something I'm missing?