All Forum Posts by: James Green

@Zack Carlson generally no. As @Shawn Mcenteer stated the wholesaling process is a cash quick close sale. A fellow wholesaler friend of mine, she did sell a property via a conventional loan, BUT the house she was wholesaling was for an investor friend. There was no time constraints she had to deal with when selling. He told her to just get it sold, for at least a certain price. He did prefer a quick cash sale, but after 45 days he just wanted it gone. She still has to wait on the conventional sales process before she gets paid.

@Shane Foster would it be safe to assume you don't do postcards? Also what is the price for your provided lists? I don't see anything on your website?

@Account Closed how do you know it's a good deal, if you don't at least have an idea what your buyer(s) are looking for??

It's great that Mark is here on BP and might be able to buy your deals, BUT start building your list. At least try to find out what areas and type of homes cash buyers are looking to buy in your area. A deal is not a deal, if no one wants it.

For example, in my area DC is a HOT AREA. Anyone with a mild interest in real estate can figure that out. I have buyers calling me weekly asking me specifically if I have something in DC. If I was to find a great wholesale deal today, & post it to Craigslist (because I didn't have a buyer's list), my phone would melt with phone calls. That's only because I know that DC is hot, NOT because I think I have a deal. I won't even know if my DC deal is a deal until I get some buyer's looking at it & making offers.

@Jimmy Nguyen why not start interviewing some realtors in the areas that  you are interested in? PG county is hot & not as far for you to travel. (Baltimore city is very tricky if you are absolutely unfamiliar with it. You have to know the streets, & the blocks on the streets, to make sure you find something that you want to own for a rental.)

Make sure that they actually work with investors. You can do that by asking them about their own , to see if they invest themselves. If not, then it MIGHT NOT be a good fit if you are trying to invest in an area that you are unfamiliar with. I can give you at least 1 referral. I could find you a rental property, but I only work with buyers that have cash or private funds. I can help with that if interested.

Start with interviewing several RE agents though.

@Amanda Keller the only important # you need is your number. Remember you can only get a contract from a MOTIVATED SELLER. The seller may simply not be motivated OR you need to educate them about their house. They could be quoting Zillow,..I love when I get those quotes. You need to have a list of comps for cash sales of similar properties near the subject property. You need to have a repair estimate in mind, remind them that they won't be paying closing costs, repairs, etc.

Educating the seller goes a long way in negotiation, but that can only work if they are sufficiently motivated. Find out their true motivation for selling and show them how by selling their property for a cash offer, you can help them.

@Kelly A. I like this tip. Thanks

@Lisa Hines not sure what you mean by

"There are some places that have in-law suites but with the prices around here, having two rents would be a huge plus and worth a lot of effort to me."

Is this a positive or a negative? Also does this mean you aren't open to that type of property?

There a duplexes that come up in Charles county from time to time. I'm not sure if you are interested in that area (Waldorf, LaPlata).

+1

@Hasan Hamdan how are you marketing your properties? If you have a buyer's list that you email properties to, and one of  your buyers does this - just remove them and never do business with them. If you post it on a public site like Craigslist, then there is not much you do to stop this if you go that way. I have clause in my contracts that state that I have the right to market this property using signs, etc. When I explain the contract with my seller, I go line by line. I tell them that "I will be assigning the contract to a business partner of mine that will close on the property, but you be will be getting your cash at closing. That doesn't matter to you as long as you get your money, does it? I will be marketing your house to sell it as soon as possible because I may rent it out or fix it up to sell."

I've never had a seller tell me they had a problem with marketing the house or assigning the property to another buyer.

I also call/text my best cash buyers (how do I know, they call me often looking for properties) first to let them know about a deal & shoot it to them first, before I blast it to my full list.

It also sounds like that was a wholesaler on your list. I try to separate my buyers into 2 lists - true cash buyers and wholesalers/JV partners.

I you have a signed contract then go down to the courthouse to record it, so at least they can't sell the property to someone else, until your contract expires.

Just piling on without reading all of the post,...but I guess we should also get rid of discussing Lease options ?? After all you don't "really" own the property!

Or maybe we should only have the forum if you close on a wholesale deal with a double close! At least with a double close you own it, ....for a few seconds to hours at least. --said with sarcasm intended.

Last time I checked, Realtors and wholesalers have different objectives. Listing agents want those most for their clients (thus themselves) & buyer's agents want the least for their client (seller's paying their fee anyway). Wholesalers are looking to find deals that some Realtors wont' take (or give their client the time of day to market), in order to "sell" to an end Cash buyer. How much the wholesaler makes is dependent on how good of a deal they get & how good an end buyer can negotiate the price down. Not all wholesalers go around "shaking down little old ladies", BUT sometimes those are the clients that Realtors won't take.

I have buyers that don't want to do some of their own marketing. I have buyers that call me monthly to ask what do I have. For them, they get first dibs in my book, before I email it out to the rest of my list.