All Forum Posts by: Jeff Filali

@Dean Carter The issue is there’s tons of unethical & uneducated wholesalers in the market doing full 30 day or longer periods not to do due their diligence, but just to market the property for potential end buyers, then they just walk away the last minute before closing because they can’t find a buyer & don’t have 2 cents to their names to ever close, or get funding. They outbid all the legitimate wholesalers & investors offering too much and could never find a buyer at their prices. I receive 100’s of emails a month from wholesalers with overpriced deals. Especially the “virtual” wholesalers who have never been to the property, and base their numbers off Zillow’s inflated estimates.

I recently purchased a property from a homeowner who had went through multiple bad experiences.  One where wholesalers kept extending closing dates for over 90 days and still just walked away. The homeowners kept extending because the wholesalers convinced them they would be able to close in a few more weeks.  They almost lost the home over it. All because the wholesalers offered too much and couldn’t find a buyer. 

Yes, it’s getting out of control throughout the nation.  Way too many gurus teaching newbies unethical & shady tactics.  I get contacted multiple times a day by wholesalers with deals priced way too high because they offer whatever it takes to get it under contract with zero intent or ability to ever close, if they can’t “broker a deal”, they just walk away leaving homeowners in even worse position. Then you have all the daisy-chainers who don’t even have the property under contract.  It’s makes it harder for the rest of us legitimate investors to do deals. There are some well intended, and ethical wholesalers out there, but the bad ones are starting to far outweigh the good ones. 

@Stephen J Davis How is it bogus? It’s from the State Legislation website.

Oklahoma Proposes Legislation Against Wholesaling!

This passed the sub-committee unanimously by 7-0 vote, and now would move on to be voted on.

Oklahoma HB 3104

This act shall be known and may be cited as the "Predatory Real Estate Wholesaler Prohibition Act".

Read the bill: CLICK HERE

🏘📉If the Real Estate Market Corrects, like the Stock Market is doing...📉🏘

IMO, Those who buy right, at reduced rates, aren’t over leveraged, & own higher cash flowing properties will be fine, but may have to lower rents or deal with more turnover, if it gets bad.

Those paying close to retail numbers, over leveraged, investing solely on appreciation, and in tight cash flowing deals, may want to start building more reserves, or even sell some properties just in case.

People think I’m crazy because the majority of my real estate portfolio is held with 100% equity & very high cash flow. If a major housing crash happens, I’ll survive because my cash flow numbers are so high, and I could survive for several years even if none of my properties were rented. If it gets bad, I’ll be ready to leverage some💰and BUY BUY BUY!! 🤫

#RealEstateMarket2020 #BeREADY

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@Terry N. Over a few years, absolutely. Do some flipping and wholesale deals, to flip the capital over and over. Than start holding some doors.

I started with only $35K and two years later had grown to right at $7K mo clear cash flow.

@Da Shiek Woodard Why not buy a duplex, tri-plex, etc and HOUSE HACK to live for free and you’ll have more to invest and grow faster.