Wholesaling madness!

[Martin Hobelman]

Hello everyone, I'm a wholesaler in Omaha, NE and recently have come across a hell of a situation. A gentleman called me the other day and wants to sell off 34 rental properties in Omaha! There's a couple catches and I'm fairly new to wholesaling so anyone with advice would be much appreciated. 1. He will not budge on price at all! He gave me his portfolio of properties along with the prices. He refuses to do owner financing and will not come down on price. 2. He's been talking to other people, as he should, about selling these properties. I don't have 30 cash buyers! Should I try to get all of these properties under contract at once to eliminate that competition? If so, any advice on how to assign 30+ properties in a month? Thanks in advance to anyone that chirps in. I love the support this community is willing to give. Martin

[Bill Gulley]

Originally posted by @Martin Hobelman:

Hello everyone,

I'm a wholesaler in Omaha, NE and recently have come across a hell of a situation. A gentleman called me the other day and wants to sell off 34 rental properties in Omaha! There's a couple catches and I'm fairly new to wholesaling so anyone with advice would be much appreciated.

1. He will not budge on price at all! He gave me his portfolio of properties along with the prices. He refuses to do owner financing and will not come down on price.

2. He's been talking to other people, as he should, about selling these properties. I don't have 30 cash buyers! Should I try to get all of these properties under contract at once to eliminate that competition? If so, any advice on how to assign 30+ properties in a month?

Thanks in advance to anyone that chirps in. I love the support this community is willing to give.

Martin

 You have elephant hunting syndrome being impressed with 30 properties which are probably overpriced while the owner is searching for a fool, that's my impression.

And, there isn't room from his price to buy and close and resell wholesaling properly but if you try the guru way, that's a big target to be noticed by regulators and a good way to get skinned with a real buyer of a portfolio. 

An owner who is not willing to negotiate is not a motivated seller. 

I suggest you not get carried away with potential deals based on expectations of making a deal out with a stubborn owner, it usually won't work. 

On such deals I simply make an offer, explain the offer and they are never just low ball offers but from qualified estimates and market conditions allowing for a profit. Take it or leave it, if they don't take it, walk and leave it, because I don't try to spin a silk purse out of a sow's ear. Waste of time. After awhile, they will often call back once they see reality. Good luck :)