All Forum Posts by: Ana G.

Wayne Brooks Listen, I'm all for everyone making their money. I mean we all gotta eat, right? However, posing as a cash buyer (not even approaching me as a fellow wholesaler that we BOTH could have agreed to cowholesale) but POSING as a cash buyer and screwing the entire deal up for me AND my seller by holding it up and wasting everyone's time is ridiculous. I feel like the contract is null & void at this point. Can I cancel it? I have other people whose are ready to close and have the cash. Do I have any other options??

This is a bit of a sticky situation that I need help with. Sorry for the long post: On April 6, I got a property under contract. A couple of hours later, I sold the contract to an "investor" (who I lowered my sale price by 10k for) in the form of a double contract. Contracts are sent to closing attorney the same day. It was my first property so I thought nothing of the $500 deposit he stated in his contract. A week later, he says his "lending partner" needs to see the property. I agree thinking it was a HML. I call my buyer to see what the results were. No response. I call the attorney who says he hadn't spoken to him in 2 days. I call his "lending partner" who says YES I WANT IT BUT I WANT IT AT $2,500 LESS. Meanwhile, I'm sending my "cash buyer" emails and texts saying "Do you want the property for sure? Have you made an ultimate decision on the closing date? When are we closing?" No response. Finally it's 14 days later, no deposit from my cash buyer has been sent in to attorney, no closing date has been specifically other than the contract expiration of April 30. So I call his "lending partner" and say 'listen, I haven't gotten any response from my buyer and he hasn't sent in a deposit. Let's sign a contract'. So we sign a new p&s contract and I send my then unresponsive " cash buyer" an email stating the cancellation of my contract. He emails back immediately saying "why? You can't do that. We signed a contract." (He still hasn't sent in deposit of $500 or set a closing date) So I say fine I'll cancel the second contract and ours is still intact. Now 5 days later, he sends the deposit and the attorney BEGINS TITLE SEARCH?! (apparently no title search has been going on for like 3 weeks since we sent him all the contracts) WTF??!! Now it's TWO MORE WEEKS to close at a MINIMUM if he even has the cash he claims (I mean it took that long for a small $500 deposit. Imagine over 100k home price) So I google the property because I'm paranoid and it's being sold online by other people at $35k more than our contract price and I realize this "cash buyer" of mine is wholesaling my property! What can I do? What are my choices? What should I do?? And he's even a mentor/coach in my city. I can't believe he would tie up my property like that!! I need help :((.

Tim G. That makes total sense. Thanks a lot!

Hey guys! I got a property under contract that was better made for a buy & hold investor/rental. I only have buyers for fix&flips with larger margins. So naturally, I decided to JV with another investor. Problem is, when I gave first right of purchase to my cash buyer (JV partner #2), he didn't respond until two days later which in that time I found JV partner #1 and now my buyer (JV partner #2) wants to JV with me also. It's only been about 5 days since I signed the contract with my seller so obviously I have more than enough time to market and find my own buyer (45 days). So now, what do I do if one or both of my JV partners finds a cash buyer for my deal? Or what if I find a cash buyer before both of them? Do I just say "sorry I know you've worked hard to find me a buyer but I don't need you anymore" ?? Seems kind of like I would have been wasting my JV partners' time and I don't want to lose them as a future buyer/contact if one of those situations arises. How do I go about this? Is this a normal thing? Thanks!

 There is a service called "We Go Look" that charges $65 to take pics and deliver them. I used them once and they did pretty well. Maybe you could check that out in the future :).

Andrew Jordan Jesse Waters That was my thinking at first but I guess greed briefly got to me and I mentally began spending my fee before I even got to the initial meeting with my buyer. I already told him I was firm on the price so I'll just have to swallow my pride to protect our future business relationship and let him know in the morning that he clearly has a lot more experience in this field than I do and that we'll do the deal at his price. Frankly if I were in his position and he mine, I'd probably be ticked off if his fee was as much or more than my profit after working on it for two months. Time to set my karma straight. Thanks for the advice guys!

Hey guys. I had my first buyers appointment at the sellers home that I am wholesaling. The deal is as follows: SFH CBS 3/2 1700sq ft I got it under contract for $155,000 Wholesale price $175,000 ARV $240,000 My buyer wants to make $20,000 minimum profit on the rehab. He thinks this would only net him $13,000 and it would take him 4 months to complete. I think he would net $24,000 and it should only take AT MOST 2 months to fix. The property is in pretty good condition. Only light cosmetic repairs (drywall two rooms, 2 bathroom remodels, relaminate kitchen cabinets, and paint interior and exterior) He thinks it's a $20,000 rehab (he agrees that it's a light rehab and this is his estimate for the above repairs) and 4 months turnaround. The buyer wants it at $165,000 but I feel like I should be firm on the price of $175,000. Am I being unreasonable? This is my first deal so I don't want to screw the deal up but I do want to make enough to purchase the next good deal I come across instead of wholesale it.

Brian Davis Even though I am technically pretty new at this wholesaling thing, I'm gaining quite a bit of traction in just one short month, so I respectfully beg to differ on everyone's comments. I've done tons of research on this and found that sending an offer letter in the mail after the seller denies your offer is the smartest thing to do. These days you SO never know. And if it only takes one minute of your time, why not? The method is to use a CRM that automatically sends the letter to your lead. Here is a link to the entire article that shows you EXACTLY how to do this and it doesn't cost more than $1 per lead to send. It seems there's nothing to lose, right? http://www.biggerpockets.com/renewsblog/2014/10/18/7-intuitive-tech-tools-to-streamline-wholesaling-business/ Hope this helps :).

Oops hehe I'm still trying to get the hang of this app. Thanks Bernie Germani that sounds great!

Thank you Bernie Germani Thank youThat sounds