Money Lenders? Say what?

[Account Closed]

Goodmorning BP family. I came across a HUGE DEAL. Of course I’m thinking about wholesaling it but the seller asked me “Do you have a lender yet” ... say what?! Nobody talks about that on YouTube University!!! I have absolutely no idea what to do any advice? I would be a fool if I lost this deal.

[Charlie MacPherson]

@Account Closed  You're not kidding.  

I've had dozens of conversations with "new investors" who want to wholesale here in MA.  To market - and that means even discussing - the sale of a property for another person, with the expectation of receiving anything in return, flat out requires a real estate license.

They tell me over and over that the seminar they just took told them that wholesaling is absolutely legal.  It's just not.

If you truly found a killer deal, I'd dig in deeper to see if it really is.  Those are very few and far between.  I'd recommend connecting with an investor-friendly Realtor in your local market.

If it is, write up a pro forma and talk to a lender to see if you can get financed for it.  And if you can, and you've really done your due diligence, pull the trigger on it!

PS - any lender who gives you a pre-approval before they have reviewed your pay stubs, bank statements, tax returns, etc is giving you what's commonly called a "pre-qualification".  

It's worthless because without reviewing your supporting documents, they have no idea of whether you can actually buy that property.  

Good luck!