All Forum Posts by: William C.

John Thedford I agree. I was hoping we would be able to get some of the super star wholesalers on BP to come on and change my opinion. I honestly am open to hearing their side of the story, and what they tell themselves at night so they can sleep. One last thought on the issue. At what point in history did the word "investor" and "wholesaler" become synonymous and interchangeable? Soooo many times a guru will say "invest in real estate with no money down". Which is not investing in the true sense of the term if you are not infact investing money. But beyond that the number of people I either meet in person or even see posting here that say "I'm an investor" or "I want to get into real estate investing" but they actually want to broker deals, or wholesale, or something that involves real property but does not include investing. End rant/

Call me biased but as an agent I struggle to see how wholesaling is a "benefit" to the consumer. The consumer being the seller in this case. I get why the model works for wholesalers and why it works for the investor, but as far as the seller goes, I would argue that price is a function of supply and demand. If a property is listed by an agent, and marketed to the entire world, including the list of "cash buyers" the wholesaler might have, I would tend to rely on economics 101 to tell us that the seller would 100% of the time net more money than they would had they sold to a wholesaler who marked it up to resell to the end buyer. Yea there are those rare situations where a seller does not want to deal with the hassle Of listing a home, but then again the end buyers are going to want to see the property just like any other buyer would, so how are they benefiting by using the wholesaler again? I'm all for wholesalers who do it right, are completely honest with the seller and their intentions, and help the seller meet a buyer. I am not for the few that I have seen that lead the seller on to believe they are a cash buyer, only to have no cash and intend on wholesaling it to someone else. I never understood why a wholesaler wouldn't just get a license and charge 3% to broker the deal other than no wanting to get their license. It's not difficult nor expensive. Theirs no requirement to be apart of NAR if you get your license. There are offices they are not apart of NAR. So to say it's their fault doesn't really hold water in my opinion. Again, maybe a wholesaler can change my mind on this subject....but how how you netting them more money by sending it to a cash buyers list, than they would get had they listed on the market? Saving time doesn't count because I'd argue the market could act just as fast as a wholesaler. Saving hassle doesn't count because it can be listed on the market as cash only, no showings, quick closing etc etc. Please do enlighten me, I have an open mind towards the debate.

You indicated the post is "too long don't read" but I don't see the cliff notes. Sorry TL;DR

Nothing here sounds all that shady. They prob want it to say of record because it could be any number of entities the bank uses as a holding company come closing time. The fact they are asking for to sign documents would indicate you still have a deal. I'd just try to open some more communication with your agent as to the status of the deal. The seller may be having issues clearing the title, again hence the "owner of record" language. Best of luck.

the fact this broker is asking you to sign this agreement doesn't make them a bad realtor, in fact it proves they know the business and that their time is valuable and only want to commit to working with buyers who will commit to working with them. With that said, They may not want to work with you if you don't sign, but I don't know that they are the right type of agreement to be made between a broker and investor. For a normal homebuyer, 100% absolutely. I'd convey to them your goals. Let them know you are willing to be a loyal buyer in the event they bring you a deal, or are the result of you finding an investment to purchase. I would have to see the language in the agreement that to know what you cohld and couldn't do. But if you plan on getting your deals from the MLS it shouldn't hold you back next anyway. You should still be allowed to purchase deals that are brought to you off market, but it doesn'sound like you have the type of relationship with other brokers where that would be the case. If they don't understand where you are coming from, find a broker that will.

@Sharon Tippett there are many ways to skin a cat as they say.  You can simply assign the contract to the end buyer before you ever even come close to a closing table.  skip the double close and never need the ability to close. You'll have to check on your state laws though, some consider that brokering without a license.  I guess what my point was, what I have noticed to be a little pattern as people try to get into real estate with no money or no credit is that they come to the conclusion that wholesaling is a good place to start, because that's what the gurus say, and the truth is you can literally put a home under contract with a $1 deposit , never intend to buy it, and assign it an end buyer for a fee.  The reality being it's possible, yet darn more difficult than some would lead newbies to believe.

Wholesaling is basically an outside sales job driven by converting leads produced by marketing.  The marketing can be bought or produced.    

"I want grow up and be a salesperson"

Said no one, ever.   

Do you want to be a sales person?  Do you have experience in sales? What do you know about marketing?  If you don't have seed money, you'll have to produce leads rather than buy them, so you'll have to figure out what works and what doesn't in your marketplace.    Is there maybe another sales and marketing opportunity for you to earn money in a sales position to gain the experience and also build some equity towards a down payment or deposit or marketing for sellers?  

Wholesaling might be the perfect thing for you.  Maybe not.  Hopefully asking these question will help you make that decision for yourself.  I always think that finding someone to partner with, or show you the ropes of you bring them the deals is the best way to get started.

Happy to answer any questions you have in the future.  Regarding the specifics of executing a wholesale deal when you have one in front of you, use the search function you'll find a years worth of reading material on the subject.    Actually getting one in front of you is the key to the whole game.

Yea, you can wholesale with no money and no credit, I kind of thought that was the whole point of wholesaling? Not needing the money to buy, renovate etc. Like others have said, you'll have to make up for the lack of money in effort. In other words rather than buying a list and mailing yellow letters you'll have to drive for dollars and door knock, just as one example. You might be best served finding another investor and trying to partner with them in some way. You'll most likely have to prove yourself to them over time since there is no shortage of people with no money and no credit that claim they want to be in real estate and promise to be an asset but just never pan out and end up being a waste of their time once they realize real estate is not fun and games and cashing rent checks but hard work with a lot of rejection along the way.

Can you be a little more specific about how they aren't acting fast enough? Are you calling them to set up a showing and they aren't responding only to see theb house sell that day? Have any agents actually showed you a property? And do you keep calling new agents on every home? The issue isn't the agents. It's the fact you haven't found the right agent. Once you find an agent, and remain loyal to them, they should be calling you the minute the home hits the market to see when your available to go through. I'm notified at the same time my buyers are when a home hits the market I. Their price range and criteria so we are bother seeing it real time and can act accordingly. Or you can get your own license. I thought that comment was a joke to be honest. It took me 6 months to get mine....

So wet me get this straight, they haven't paid rent for 2 whole months, and your debating over the date the 5 day notice was delivered? Yikes! It might be worth contacting an attorney. They clearly found council that is going to drag you through the legal process for as long as they can. I thought they were leaving at the end of April? It's June. A poster a while back said you should send them on their way into the sunset of something along those lines which I actually thought to be great advice rather than squabble over getting paid for the bed bugs. Much easier to have them leave April 31 then to have them drag you through the tenant friendly court process. Now here we are and they are living rent free... Best of luck, tenants like this can really suck the fun out of real estate investing.

Is this deal new to the market? Wholesaling MLS deals has never made Much sense to me, but I'm sure it works for some. I just don't see how I could sell a home for more money to a smaller buyer pool than what the MLS provides. Or don't your investors search the MLS on their own? Best of luck if you pull the trigger.