All Forum Posts by: Account Closed

@Brian Hester If you are ever in the San Diego area let me know grab coffee.    To be honest we really have only been doing houses so I may not be the best contact for you.  But I do know @Tina Sandoval and I have shared some deal flow with her in the passed and she and her partners are very knowledgeable and I would suggest you reach out to her !!  

@JR M.  Absolutely, Be happy to share I'll PM you with his contact information !!

@Joe Koppel WELCOME Joe!  Not a bad place to find some great material and to educate yourself!

Best of luck =) 

@Brent Coombs I take full responsibility for my part in the transaction which was getting involved.

Buyer closed the deal, seller, wholesaler, and appraiser were all paid.

End-buyer tore down the home two years later and scrapped it and then filed claims on all three.   

The main takeaway is to try your best to stay away from deals that may come back later and bite you which involves scrambling for an end-buyer and not vetting them properly which was my fault.   

I'm sharing an experience with other wholesalers as information which I was ignorant to prior.

The AS-IS clause in a Contact really doesn't protect you as the principal buyer, any good attorney can rip right through it and find a way to get to you which was my experience.  (This is not legal advice I'm only sharing an experience that I had and do not take it as such.)

I scrambled to find an end-buyer and did not vet the end buyer that I located that I assigned to and just wanted to close the deal which I regretted doing after the fact and wish I canceled it and gave my EMD to the seller of record as a token of time wasted.

I strongly encourage meeting end buyer in person as well to create a relationship so you can feel out your customer and they can do the same to avoid problems down the road. 

If any wholesalers would like to learn about my experience I'd be happy to share  my experience I feel others can learn from and avoid.  

Thanks!

Michael 

@Sam Jones   You mentioned you were prospecting for a listing / buyer leads, correct?  Is she interested in carrying paper on her house or a house that she owns?   If she is interested in carrying back on her house call me and I'd be happy to answer any questions.   However, if she is interested in doing a seller finance deal to buy, we all are here :) 

MLS, Bank Owned - wholesale flip

@Eric Wallace Hey Eric, Welcome to BP!  I've had the pleasure of meeting some stand up people from this website and I'm hopeful you will as well!  Good Luck!

Michael 

@Brandon Butler Hi Welcome!    We are not in any Virgina markets.  Would be happy to chat and share my experience starting and what I did right and wrong  - probably more wrong than right =) 

 I 2nd  @Shawn Ackerman  it can be very lucrative but it's work and time lots and lots of time!  

@Tony Moreno Recommend attending SDCIA could be very helpful to you and you may find other like minded people to exchange contact info with!

http://sdcia.com/december-13th-10-life-changing-days-real-estate-investor/