All Forum Posts by: James Green

@Collin Emerson Miller there is no average. Depends on your market and your experience in negotiations with the seller and with your buyer. Check out the BP podcast from a couple weeks ago with Dr Joe, he paid the wholesaler 25K. For DC (my market) that is not a high or outrageous assignment fee. A friend of mine, they pulled a 80K assignment fee in DC. Buyer gladly paid it for the deal.

@Desiny Smith I've been wholesaling for 4 years, with a full-time gig. I don't have any special tips on finding commercial buyers. I just add to my buyer's list and commercial buyers identify themselves. I would go to every REI meeting in your area and network. Post on craigslist that you are looking for commercial cash buyers for off-market properties, network with brokers., etc.

@Cody Montgomery I ALWAYS require a non-refundable EMD, from an end buyer, else the deal is not locked up with that person. I give my buyers 3 business days to deposit the EMD with the title company or I take a check from them addressed to the title company and drop it off. Only after the assignment contract and the EMD is with the title company do I give the end buyer a copy of the orignal purchase contract I have with the original seller.

@Rocco Pacana why not look into investing in other parts of California, that are not as expensive. No matter where  you invest, you need to establish a team. Have you looked at any of the BP books that discuss this topic?

@Dan Wittenkeller, not to be that "other guy", why don't you just keep building your list?!? If you have to many deals, then you don't have enough buyers. You need to "10x" more buyers on your list, than deals at any given time. 

There is no way I would give them to a broker to market. I would either wholesale them myself, JV with other wholesalers in your area that you know & trust, or even follow @Mike Cumbie's advice and get your license.

@Enrique Huerta, @Matthew Bruce, @Desiny Smith I'm in the middle of a 80+ student housing wholesale deal.

This is not my first deal like this, but it is my first student housing deal. What I learned is that student housing doesn't operate like multi-family, even thought technically it is. 2 different animals. Also deals this size take awhile to get to closing & like anything else the wrong clause or statement in the contract will kill the deal.  There can be tons of negotiation between all parties.

How do I find my deals ?? Pocket listings from brokers, that know I have buyers, & that they can close if they enter into contract. I have dozens of brokers/agents on my buyer's list. I didn't ask for these deals nor did I seek them out, they just fell into my lap.

In fact I'm sitting on two apartment bldgs in DC, that I'm vetting the deal, to see if it is worth sending to my buyers.

@Bernice Washington Facebook, is just another market place/outlet for investors to sell their properties. As a wholesaler, I post my deals on Facebook. If you see a property you maybe interested in, just call the person posting or IM them through facebook, real simple.

@Troy Somerville why would you need funding as a wholesaler? I never have used funding in any of my deals.

@Tua Toiaivao that strategy of "wholesaling off the MLS" is very MARKET SPECIFIC. I had an investor/Realtor contact me about partnering with me in my market to do that. I told him, buyers in my market are not buying marked up MLS deals.

In his market, he sells them like hotcakes. I see it all the time here, with new wholesalers getting a MLS property under contract and marking it up $5K above list price to try to "wholesale". You may get a brand new rehabber/landlord to buy it, but that is not a long term business strategy in many markets.

@Yosselyn De Abreu another option, become an attorney & start your own title company. That can be your main gig, while you invest.