All Forum Posts by: Kyle Weimer

I hate to burst your bubble but this just isn't a deal. Lets suppose your rehab numbers and ARV are "exactly" correct, which isnt likely,you still don't have any room for error.
If one thing goes wrong, your whole deal goes sideways.

I can put deals under contract all day at 85% value. There is a reason I don't. They usually just aren't very solid. If I were you I'd hold off for a sure thing!!

PS A hard money lender won't touch this wih a ten foot pole

Good luck!

Ok,
To delve completely into it would take more time.

Can you do wholesale deals with no money out of pocket?
Yes, it's done all the time. In some ways it takes more skill to navigate this scenario, but I've done it.

Do you lie to the buyer?
Why would you have to lie? If I'm working with a motivated seller they rarely care what I do with the house. Ill tell them I may assign the contract to my network or whatever the case may be. No big deal.

In my case, I primarily flip REO's. I am not required to tell the selling bank anything.
Wholesaling a property is not illegal, immoral, or anything else a naysayer would make you believe.

In the market I wholesale in now I close my transactions with my own cash. However, you can use transactional funding, or even your buyers money to close both sides of the deal if you know how to structure the deal transparently and ethically.

The wholesaling part of real estate investing is definitely more hands on. It's active investing for sure. However, it's not below any other niche in the real estate investing business. Like I've said in previous replies, I would much rather control a property from the beginning as a "wholesaler" and leave multiple exit strategies to my disposal than pick up the property farther down the road. I think if used correctly it is a great advantage.

I have money in every deal I do.
I rehab wholesale and landlord.
Multi dimensional my friend. The key to success.
I can survive In Any market.
A lot of short term capital gain and some Long term. But definitely investing.
You have a very skewed view of things, so keep on investing buddy. You walk a higher path. LMFAO

I guess the main point I wanted to drive home is that wholesaling is a foundation for everything else you do. It's a great platform. When I'm wholesaling properties to guys that I know are going to improve the neighborhood, give someone a great home to live and simply taking another step to improve the overall housing market. I AM INVESTING.
Investing in people, the neighborhood, and the community. Wholesaling is a piece of the pie that makes up my investment world.
Wholesaling isn't for just beginners who want to get involved in real estate. At least I don't think it should be perceived that way. Wholesaling plays in integral part in the investment world and I know a lot of rehabbers who wouldn't be doing nearly the number of deals they wanted(needed) to without this valuable sector of the business alive and in full force.

@Tim Gordon

I do apologize Tim. I get so frustrated when I hear some of this garbage I should have seen the post was reposted but I was too busy defending the business!
Carry on good sir! LOL

Very well said Mr LaCava.

Wholesaling is a business and one to be takin seriously. It isn't a scam and it certainly isn't a hobby. In fact, a lot of "real investors" fail to understand that a profitable wholesaling business is the absolute best foundation to feed the other aspects of your real estate investing portfolio.
You see, when I control houses, well, I'm in control! I can do what I want and multiple exit strategies are available to me. I started off rehabbing and have bought from Wholesalers and now I get to choose which houses I sell to other investors and which houses I keep for myself to do whatever with. What a great position to be in.

True, there are bad Wholesalers, bad rehabbers, bad accountants, bad teachers..... I could go on and on. It does not mean they are doing anything morally wrong or illegal. So for Mr Gordon to question if its profitable, a good business model, etc is absolutely ludicrous. Everything you buy in your day to day life for the most part went through some form of Wholsaler before it got to you. Must not be profitable if so many people do it. It's part of business in all aspects of our lives.
It's up to the people who choose to buy from a wholesaler to do their own due dilligence and decide what a good deal is FOR THEM. Just as you choose which Wholesalers then Retailers products to buy at the store. Not snake oil my dear diluted friend.
Everyone's criteria for a good deal is different.
I can sell a deal to a landlord that doesn't Have time to scour the MLS everyday for properties for 80 cents on the dollar and for him it's a good deal. He got a solid cash flow property to add to his lot and was able to focus on other important things in his life.

A good wholesaler provides an invaluable service to all walks of investors and we not be quick to judge a man based on the business he chooses to operate as long as he is honest and transparent.
P.S. Mr Gordon, I've made a 5 digit return this month in this questionably profitable business and its only Jan. 5. Judge for yourself....

Hey there,

The short answer is YES, you can absolutely sell a bunch of houses from the comfort of your own home in front of the TV watching the Price is Right!!

The bad news is that it isn't as simple as some would make you to believe.
There are systems and pieces of the puzzle that need to be put in place to make your machine run smoothly. If smoothly is possible? Well, sometimes it is.

I do nearly all of my wholesale deals from about 2000 miles away.
For someone starting out I would recommend a local education first by either partnering with someone or interning with a wholesaler or Rehabber to learn the ropes. Preferably a Rehabber as these are the folks you want to sell a lot of property to and you must know what makes them tick.
When you do venture cross country to do your business investors will expect you to know exactly what your doing and you must come off as an expert or success may be hard to come by. I hope this helps in someway.
P.S. Rob Swanson is an expert Investor that will have some insight into your virtual dilemma. Let Google do the walking

Use a call service, i.e. Freedomvoice, Voiceconnect Inc. You can have a live operator answer or at the least leave a more personal message stating that you'd like to help them, yada yada.
I use Odesk and Fiverr to do a lot of things I frankly just don't want to do. At some point you are going to have to be involved. It's fine to have people leave their info and reason to sell on your website, however this becomes very impersonal and off putting to some who you really need to call and build a "friendship" with before they open up. Just part of the biz.

Damon is correct. All those concerns can be solved by networking. It's amazing actually.
1) Talk to ALOT of realtors. I finally hooked up with a great guy just by talking to other investor friends. He appreciates my business and only charges 1%. On top, he's smart and does a great job and knows I'll be back every time.
2) The MLS search is tough. To find great deals there you need to be an MLS whore and be on all the time and make tons of offers.
Maybe you hook up with a great agent ^^^^^^
and you get his MLS access as well. Meet HONEST Wholesalers in your area that will do
the hard work and feed you deals!!
3) Finding good contractors can be tricky and costly. Talk to other investors and get a referral as to who they are using. You don't want to do too much trial and error in this department. You can go broke quick. I've had the luxury of a construction background which has made this less painful. Never pay more than 25% tops upfront and get to really know who is working for you.
4) Have fun and stay involved. There is money out there. I didy first rehabs while working a 40-60 hour a week job. It's tough but possible. Just male sure you stay on top of your contractors or they will eat you for breakfast. I know too many "investors" that think the jobs run themselves once a contractor is on site. That thought pattern will ruin you. Let them know you're in charge and go make some money!!!! The buyers are still out there. Trust me. Just finished a rehab. 6 weeks, 10 days on market till under contract. Buy right, rehab it right, sell it fast. GOOD LUCK!!

Also, join an REI club. If your not a member of CAREI you should join. There are alot of like minded folks there. You will meet people like "Bill B" and others and see what they are really about. They are very active investors, not just sales pitchers. See ya around sometime!