All Forum Posts by: Latia Rowland

@Garth Kukla 

That made me happy! Your business will have much success. That’s what I am trying to achieve. To be honest with my sellers and buyers. If they can do better I want them to know they can do better. 

@Van Blackman

Thank you for that insight! Yes I definitely have been connecting with different investors and attended my area's REI association. And I have to admit that networking has actually landed me with a partner to do my first flip. Looks like I might not need to start with wholesaling after all (lol). But this is still helpful because I may end up getting my license as you said.

@Doug Pretorius - both you and @Mike Cumbie made valid points. I guess it’s how the wholesaler as an individual do the business. 

If there are wholesalers out there pretending to be cash buyers or taking advantage of motivated sellers then I can see how it becomes unethical. 

But you made valid points as I just mentioned above. I thought the benefit of a wholesaler was for those sellers who didn’t have the money to pay all the fees for the agents or brokers. And like you said who wanted it to be a discreet transaction, etc. 

I think if I get into wholesaling I will be up front and let the seller know what I do but how it benefits them over a broker or real estate agent. Let it be the seller’s option to use me or an agent/broker. 

@Alexis S. that’s what I wanted it to be. All the blogs I read were bashing them as well. So I was interested in what is it that they do so newbies can avoid it. 

@Kelly Conley you also make a good point. I never had intentions of telling the seller I am the end buyer I was planning on letting them know what I was doing. To me, the benefit of using a wholesaler was to avoid all the fees from an agent or broker, especially if it’s someone who truly wants to get rid of their home.

Welcome Tara!

I am fairly new into REI as well. You are definitely on the right track and BiggerPockets isn't anything less than the best to help get started. I too have been attending every webinar, reading books, listening to podcasts, and reading the forums. I will also encourage you to just message someone and start a conversation. I did with one investor from Norfolk, and now I am partnering with him for my first flip. I think this business requires us to be bold and not afraid!

I will be at the PREIA meet up tomorrow as well, and hopefully get to meet you! I love the energy!

@Mike Cumbie,

Thank you! I am extremely excited about joining pockets. I have been listening to the podcasts, reading the blogs, attending the webinars, and of course reading so many books.

Based on what you're saying in scenario 1 and what @Account Closed is saying, it seems that wholesalers mislead sellers, at least that's what I got from it. I guess for an ease of mind and integrity, it is best to get licensed and do it as a broker or real estate egent. I mean I know it is a way to do it right, but it seems easier to go about it the "legal" way. It seems like a thin line between ethical and unethical. 

I think both of you made very great points and I appreciate it. Reputation is everything to me and I will never want to make money off of someone's lack of knowledge or desperateness. So I will reconsider! I will network, look for a mentor, and then hopefully partner with someone to get started or use a FHA since I will be a first time home buyer.

Caleb - thank you for your insight! I will add these two items to my “not to do list” and lying to the seller is something I definitely don’t want to get myself into especially as a newbie. 

I am in the process of looking for potential/motivated sellers in order to do some wholesale deals (enough to get me the money to do my own rehab/flip). As I've been researching, I see a lot that Wholesalers turn out to be the "bad guys." Unfortunately, I am an accountant/auditor, so I am automatically looked as a bad guy with my clients (lol) and do not what to be known as the bag guy in my real estate world. So I am starting this discussion for investors to vent or simply let me know the things that wholesalers do that annoys them. I know the main two things are estimating rehab costs and ARV (I am currently reading and doing a lot of research into this to accurately calculate these values, and my accounting skills help a little). My intent is to get all the bad things wholesalers do to ensure that I make it my mission to be the complete opposite and start an honest business with high integrity. Vent away!

We are looking for people who have cash or Self-Directed IRAs (SDIRA) but do not have the time, patience, and team to get into real estate investment. This is also great for people who want to invest in real estate virtually! We find the deals, provide the teams, onsite project management, rehabbing, and so on. All we need is the money! We provide very detailed-orient offers (showing the numbers and your expected ROI) and you get to decide if you want to take part in it! If you are interested please email me and I will add you to our email listing where you get to decide which properties you would like to invest in.

Please do email me if you have any questions, clarifications needed, or want any further details.

Email: [email protected]