All Forum Posts by: Joseph Ziolkowski

Any other wholesalers out there thinking along the same lines?

Thanks J Scott, that's gold, and definitely makes me feel better about what I'm doing. Justin, that's also good to know. Anyone refering to private money with better rates/easier terms and requirements? I want to do my best to stand out from the crowd.

Thanks J Scott, I know you're in the game, so that helps. Are you a cash buyer at this point, or just have access to your own financing? What kind of deals have wholesalers brought you? Just curious, I know there are a lot of hobbyists and uneducated people doing it, so what is their idea of a good deal?

Hi Bill,

All I'm looking for right now is a network of solid lenders to refer my qualified buyers to, whether they be local banks or private money investors. Maybe 3-4 to start with. I'm still rebuilding my credit from a layoff a year and a half ago, so I wouldn't be able to guarentee anything as far as I can tell for at least another year. I'm simply looking to refer my buyers to a 'warm' contact. I want to know their exact preference in how they like their loan package submitted, what their lending criteria is for the buyer/deal, and how much they have to lend. I would only be refering at this point, guiding the buyer in putting the package together, and submitting it (in the buyer's name) to the lender. The transaction would be strictly between the buyer and the lender. I would merely be the messenger, and would be receiving no compensation besides my assignment fee. I just wanted to add value to my customers and expand my customer base a bit. Cash buyers are not plentiful right now (as far as I can tell anyway) and they usually have their networks in place. If I'm off-base with any of this, please let me know, but it seems like a relatively simple thing while it's bouncing around in my own little head :D

Thanks for the links Chris, I will check those out. I'm still sketchy on the whole SAFE act thing. Bill, I was refering to if I were to make the loan myself with other people's money (which I don't want to do). All I want to do is have 3 or 4 solid lenders whose criteria isn't crazy bananas that I can refer my buyers to. The actual transaction would be between them and the lender, which to me seems like just an innocuous referel. No money will change hands between the lender and I for the referel. Just mutual business interest. I am thinking that I would find out precisely how each lender wants to see the loan package put together, and guide my buyer in doing so. I would submit the package in my current model, but I would only be doing so to keep control of the deal. My name wouldn't be on any of the papers. That's what I'm looking at doing. This SAFE act is a real pain in the butt and a severe government intrusion in my opinion, but hopefully it won't affect this part of my business. Any thoughts?

Hi all! Quick question for the wholesalers out there? Do any of you, as part of your business, have hml's or private funds lined up for your buyers? Say for someone with proveable income and good credit, but without a lot of cash? I was considering this, and wanted to know if any of you did it, and if so, how you went about securing it, and basically putting the funds on 'retainer.' I wouldn't qualify for a hml right now in today's lending climate, which is why I'm focused on wholesaling presently, so I wouldn't be approaching them for myself. Is there a good way to approach them for such a thing, or am I off-base? Thanks! :cool:

That's some good thinking! I was stumped on this one, but I think it's because I assumed too much from the original post (i.e. that the soffit vents were actually continuous). That's why I love this site.

Man I can't wait to get that confident! Thanks :)

Great advice Mark, thank you. My only thought is that they would be concerned about credit because I would be responsible for the lot rent if my buyer skipped town. Is that standard operating procedure where you're from or is it all negotialble? I have the cash to cover a lot, but I know that isn't the same is credit in the rent payment arena.

Thanks Paul, I appreciate the response. I understand what you mean about the rates. Thing is, conventional loans for purchase price + repairs are still hard to get, and to wait for the bank to make a loan means I can't close my deals fast like I advertise. In my experience, at least in my market, is that cash buyers are just a small pool of potential investors that I could sell deals to. Many calls that I receive when I advertise for buyers are from people that don't have 50k-80k all at once to invest. It would be a great service to the folks who call me that have some cash and good credit if I had some lenders that I could line them up with. I've been educating myself about wholesaling for some time, but I don't have the knowledge to become a hard money lender myself, especially with other folks' money. And with the SAFE act in place, I don't have an interest in getting a mortgage broker license to do so.