All Forum Posts by: Nick C.

Did you complete any wholesale deals? Where did you get those leads from? Lead sources for wholesalers and flippers are pretty much the same, maybe the data pulled is slightly different. 

Yes absolutely get the leases. There should be verbiage in there about tenant contact information, how late payments are handled, etc. 

If they don't have leases at least get tenant estoppel letters. 

Either one or both of these items is a must before closing.  

If it's the same in Florida there's no set amount. It's all negotiable. We typically use 5 - 10% of the purchase price. 

You won't be able to assign it if that's what your asking. You will have to close on it first and resell it. You could possibly double close on it, but most short sales have deed restrictions these days preventing the resale of the property for at least 30 days and sometimes as much as 120 days. If this is the case it will be in the short sale approval letter and you will need to line up financing. 

You and the seller sign a purchase contract. You can find one for your state on google I'm sure. They're all over google here in Florida. 

10 days is pretty quick in our market. Offering quick closings can be interpreted differently depending on the seller. Some may think 10 days is quick, some might be expecting you to close that afternoon. Some buyers skip the lien and title search and close in 2 days. I wouldn't do it, but it's competitive here. 

Meet the appraiser at the house. Don't give out access information over the phone, be there to let the appraiser in. I don't think persuading/convincing/pressuring them is unethical at all. It's good business. 

Feel free to bring the appraiser printed out comparable sales, briefly explain your plan and even the ARV you came up with if they're receptive to conversation. Some will be friendly and hear you out, some will not. If you can tell you're annoying them it's best to just leave them alone to do their thing. Hand them your comps and head out.

If I were you I'd spend less time talking to attorney's, CPA's, and agents and spend more time talking to sellers. That might change your mind about the issues you referenced. 

Although your assessment of every other state wholesalers are making a comfortable living might be a stretch. The good ones make a good living, the vast majority do not, and quit eventually. It's a very competitive business, the financial entry point is not $0 as many gurus suggest, and in the wholesale world you fight an uphill battle from the start. What I mean by that is, most are considered bad wholesalers until they prove otherwise, because of the legions of bad wholesalers out here. Guilty by association I'm afraid.

Let the $280 go for now and do whatever it takes to get the deal closed. Come back for the $280 later and don't use him as your agent again.

Nick Kolev

I believe he's here on BP.