All Forum Posts by: James Green

@Cody Evans, not it is not. This is standard. But if you are asking this question, you may want to do some more researching/learning on the topic of wholesaling so you don't mess up any potential deals. Typically a "cash buyer" is going to use: their own cash/funds; or someone else's cash (hard money lender or private money lender).

@Brian Garrett traditional financing takes to long for most wholesale deals.  The deals go to the buyers on first come first serve. If you sign a contract, then have to wait a month or so, then get denied,...well the wholesaler could of sold the deal to someone else, if it was truly a deal. 

The financing aspect also depends on the seller. I have DC developers I work with, to sell their inventory off-market, that will take traditional financing. Motivated sellers are expecting their property to be sold, fairly quickly, and in as-is condition.

@Jerryll Noorden I remember your first posts and your blog. I was rooting for your, when others where trying to "talk some sense" into you!  This is a great job!!

@Albert Hernandez there is a whole section in the education tab, with various articles. Also listen to all the podcasts that featured interviews with wholesalers.

@Cody Evans best way to find good title companies is to network with other investors in your area that are doing deals. Find a REI meeting in your area and ask around for referrals. Or get on their distribution list and send an email asking for referrals. Task done!!

@Joseph A. Samuels II, what part of DC are you looking to buy in? There are many 4 units that are sold off-market.

@Daren H. wholesaling only truly works when you have a motivated seller, like @Kristopher Gomez did. Equity is never the issue, with a motivated seller.  Our job is to solve their property problem, which is why they are motivated. And yes, I run into quite a few that comb for advertised deas, some even pose as end buyers.

@Account Closed what you are describing is sometimes called daisy chaining. Don't do it!! As you can tell the contracts are a cluster.  Kristopher provided a great strategy and there is only one contract.

@Account Closed finding buyers is not hard,..they are  motivated to find deals. 

Here are some other quick & easy ways: post on the marketplace here; go to all the REI meetings/meetups in your area and gather business cards; attend some auctions in your area; start a simple website that has an opt-in to gather their name & number.

@Troy Nonnemacher, yes your website should always be closing. Look at the LeadPropeller or InvestorCarrot sites, they are always telling the viewer to leave your info with us. their opt-ins are everywhere and all over the site, they move as the viewer reads down the page. If I have to read every page on your site to leave my info, I'm not going to do that, because I may forget or get distracted, or turn my head back to the road because I'm driving. ROFL!

@Aaron Phillips, using your example of this "deal". What you could do in the future, since you are new, is to bring your cash buyer to any future properties to get their price of what they would pay for the property. Then you could negotiate with the seller based on what your buyer is willing to pay for it. I did this exact strategy with one of my first cash buyers. I located a possible property in an area that my buyer buys in. We went to the property, we walked around, he did his measurements. He told me he would pay $90K for the deal & when he could close, if I could get it under contract. He went on his way & I negotiated with the homeowner. Nothing came of it, because the homeowner didn't have enough equity for him to sell at a wholesale price, in other words he was willing to sell at a discount but not at a wholesale discount.

When starting out you might want to try doing it this way, or find a KNOWN experience wholesaler in your area that would be willing to go with you, knowing that if there is a deal you will be splitting the fee some kind of way with that person. Who  knows they might of even had a buyer for that house that was in a flood plain. FYI, @Karen Rittenhouse has some great content on her site.