Steps buying from a wholesaler.

[James Grant]

I have been trying to network as much as possible locally. Meetups locally are few. I have only found 1 that happens maybe every month. The 1 investor I have been able to sit down with is more of a "traditional"investor. And I showed him a deal from a wholesaler that i thought was a homerun. 3 doors total, 2 need light/medium rehab, 1 full rehab. For under 60k. Today was the last day the wholesaler was accepting offers. And closing is 2 weeks from tomorrow. The investor I talked with feels this is all way to fast. 

So I am trying to learn or understand the actual process buying from a wholesaler. The wholesaler has been a bit vague on details. After speaking with him I am a bit discouraged along with not being able to find a private investor, since hard money won't loan to this low of a purchase price and traditional is a no go.

[Juss Kitaa]

Quote from @James Grant:

I have been trying to network as much as possible locally. Meetups locally are few. I have only found 1 that happens maybe every month. The 1 investor I have been able to sit down with is more of a "traditional"investor. And I showed him a deal from a wholesaler that i thought was a homerun. 3 doors total, 2 need light/medium rehab, 1 full rehab. For under 60k. Today was the last day the wholesaler was accepting offers. And closing is 2 weeks from tomorrow. The investor I talked with feels this is all way to fast. 

So I am trying to learn or understand the actual process buying from a wholesaler. The wholesaler has been a bit vague on details. After speaking with him I am a bit discouraged along with not being able to find a private investor, since hard money won't loan to this low of a purchase price and traditional is a no go.

Hi James! I’m a wholesaler! Essentially when I assign my agreement to the end buyer that buyer would do due diligence to inspect the property. Once inspected and ready to move forward, the purchase agreement (seller+me) and assignment agreement (me+buyer) are both sent to a titling company who then handles the rest of the transaction.

As far as them being vague I’d assume that’s a terrible wholesaler and go find another deal with a wholesaler that you can communicate effectively with.

Im also curious as to why you need a private investor? Are you a wholesaler? If the deal makes sense the buyers typically buy it immediately. I’d market my deals everywhere. What may not be the buyer for one may be for some others.