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Updated over 5 years ago on . Most recent reply

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Londyn Garner
  • Rental Property Investor
  • Decatur, GA
3
Votes |
12
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I met another wholesaler in my area

Londyn Garner
  • Rental Property Investor
  • Decatur, GA
Posted

I met another wholesaler in my area who is more seasoned than me and willing to work with me (I’m a “newbie”).

Tomorrow we have our first meeting, my job is to help him find cash buyers to match with some current homes he has contracts for.

I’m ecstatic of course and he knows I’m a newbie. I’m just wondering if there’s any advice anyone could give in regards to if I should bring anything, what research should I do prior to, am I thinking about it too hard? Lol

Most Popular Reply

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Mitch Messer
  • Rental Property Investor
  • Playa del Carmen, México
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Mitch Messer
  • Rental Property Investor
  • Playa del Carmen, México
Replied

Hi @Londyn Garner! Welcome to BiggerPockets and also to the wonderful world of wholesaling!

If I understand you correctly, he's already got contracts and you'll be trying to sell these deals to cash buyers. If so, you should analyze the dickens out of those contracts to ensure that they actually are deals!

You should be asking your seasoned wholesaler questions like:

  • Are these buy-and-hold deals or fix-and-flip deals?
  • How did you determine the price to pay the seller?
  • How did you determine the price you're asking from the buyer?
  • How did you determine that this deal makes sense to a buyer, from a financial standpoint? What are the specific metrics used (for example, many buy-and-hold investors look at cash-on-cash return). 
  • How much time do we have to find a buyer?

If your wholesaler can't answer questions like these, run away!

Finding serious buyers is pretty easy when you have great deals, and dang near impossible if you don't.

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