All Forum Posts by: Account Closed

Eric F. That drama statement is more directed to the seller. For example let's say you find a good off market deal from a grandma, do you know how many times a grandma changes her mind even after signing a contract? More than I could count cause in this market it happen to me so why not just buy the property yourself, eliminate the stressful seller and deal with another kind of stress with 75% you mention. In this business your always going to have some sort of stress but I believe getting stress from agents wasting your time is much more better stress than sellers constantly changing thier mind and inflicting false hope that your might or might not have a deal.

Here is a recent forum a wholesaler who went bankrupt doing so. It seems taking a gamble on a property that's not even yours seems to be a high risk financially. http://www.biggerpockets.com/forums/12/topics/380162-went-bankrupt-trying-to-wholesale-heres-my-sage-advice

Kevin Siedlecki what if you don't use the MLS, and have your buyers/investors list, don't you think it would be less stressful, less time and work to sell your own property that your wholesaling rather then someone else's property whole could change their mind at any given moment?

Stephen Anderson yes and that old strategy seems to lead to many bad experiences from what I read through some forums here on BP, why not change the wholesaling game where the success rate is much higher.

I am not a wholesaler or a beginner investor but I do think i have abetter strategy for wholesaling and would like your input.

I am very familiar how wholesaling works, I have never wholesale but I have purchase deals from wholesalers. This strategy implies to the New York and New Jersey Market, every market is different and these two are the only ones i know and can speak off. You do need capital to make this work but loans can also be done. 

SOLUTION: Why not just purchase the deal yourself and sell it after close? post it up on the MLS for a one time fee (On my flip properties I paid that one time MLS fee and saved 3% by eliminating the listing agent) the MLS will get you max exposure bidding wars which would maximize your profit in comparing to just selling to a group of buyers in a buyers list. This method would have you close on the property in 1-2 weeks max rather than 30 days if your buyer has to use a hard money loan or going through the re-assigning contracts of other investors.

Wholesaling is not an easy job and alot of drama and games are played behind the scene and many deals have falling apart because of it. I believe that if a wholesaler purchases the off market deal or even an auction deal, he/she could eliminated all the stress and games involve and just re-sell fast. Technically this is consider flipping but your not doing any renovation so I call it hybrid flipping. The flaw you have to pay closing cost and capital gains but the better profit makes up for it and wholesalers do pay self employment tax because they get issue a 1099-tax form so its almost even.

Whats your opinion on this?

Stephanie Martin I am no longer investing in Newark and have no interest. That was an old post and at that time I didn't know enough than what I know now. If by any chance I do invest in Newark, it would be with a partnership that lives in Newark, as for now I have been focusing on Elizabeth City and other class C & B areas. By no means do I say Newark is a bad place to invest but I see better opportunities in other surrounding areas for an experience investor like myself that's coming from NYC.

In NYC you need to take the test, pay high fees, insurance and headaches. In NJ is very simple and I'm close to getting mines, just waiting on it.

Shyla Hyde entitle direct is the cheapest that I have used.

Thank you Jessica Zolotorofe that was really useful information. Forming an LLC makes thing harder to refinance, take out loans and HELOC at a good rate so for now I just have high umbrella insurance.

HELOC is best, they usually pay for your closing cost, interest rate is low and much faster approval rate but utilize a credit union rather than a public bank in my opinion. Welcome to BP and best of luck.