All Forum Posts by: Linda Quinton

Ah yes makes sense, thank you.

I know right????  Sigh.  But we are hungry for learning here.

We always Double Close.  The company we paid to train us on working with Real Estate in USA cost us over $25,000- for training alone, and they said that Assignments are hard over there now so we went with that figuring we can trust what they say at that price.  So we haven't even looked at trying to do Assignments. 

Our profits go between $5,000 and $7,500 for Double Closes.  Anything below that we don't bother with unless it is going to be super easy.  Anything above that we look at buy and hold to rehab and sell ourselves, or rehab and rent.

I got very excited to hear @Barton Wallace  and @Ken King speak of such big profits on Double Closes though and want to beg you to mentor us!

@Keith Agnello you are sending a large amount of letters.  So you aren't offering a figure, and just stating you would like to buy their house?  Do you know what % rate you have had in not offering figures?

The wholesaler asking for a non refundable deposit has nothing to do with whether or not they have a good deal.  It most of the time will be a fantastic deal (saying most of the time as I can't speak for all wholesalers).  It is to do with the buyers. 

If a buyer has agreed to purchase a property, but know they have a refundable deposit, it is very easy for them to pull out with no losses except maybe a relationship with a good wholesaler.  They won't pull out because the deal is bad, they will pull out for their own reasons.  Perhaps they couldn't get their finances sorted, perhaps they just changed their mind. 

If they pull out at the last minute, the wholesaler won't always have time to suddenly find a new buyer and may have to end the contract if they cannot afford to hold onto the property for a while.  Not only do they then lose their own deposit, but they also lose a tone of credibility for doing so with sellers and agents alike.  That is why they need enough to cover their monetary losses, and also some compensation for their losses to do with relationships/reputation and/or other costs.  Sometimes that compensation may allow them to hold the property for a small amount of time after the settlement to allow them enough time to find a new buyer, if they choose to do so.

So that is why the wholesaler not only asks for a non refundable deposit, but also asks for a higher amount.  Besides, no buyer should ever agree to purchase a property and pay a deposit without having done their due diligence beforehand, and if they change their minds afterwards, why should the wholesaler be the one to lose?

From somebody who never lives in the area she works, I would LOVE to door knock.  In fact I treasure what they call Birddogs who can knock on doors for me.  Always looking for them to build my team :-)

It can feel like that can't it, and the late nights.... wowsers they are tough.  But still love the game.  It sounds like you have been a lucky winner every time which is fantastic.

Nat where were you living before?  Did you always intend on living in USA?  Just asking because we invest from the other side of the world and rather fancy being able to work from anywhere.

Thanks for clarifying Albert, I totally understood your question the wrong way and kind of followed along with where everybody was leading it.

So with seeing some recent negative talk about wholesaling properties... essentially obtaining a property at a very discounted price so it can be sold (double close) or passed (assigned) on to an Investor who will pretty up and re sell the property for a profit... I would love to know how many (if you dare to share) actually do this? 

Would love to see how many do this on a regular basis, and how many deals you get to do per year.  Would love to see how many do this sometimes, and why you do it when you do. 

Would also love to know how much below ARV you get offers accepted on (either a monetary or percentage amount), as in how much profit do you try to make for your investors?

Would even love to hear from Investors who love to buy from wholesalers rather than having to go and find the deals themselves. 

Just wanting to get some positive information from those who love to make profit in this manner and are being successful at it.