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Wholesaling
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Updated about 3 years ago on . Most recent reply

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Joe Stone
  • Investor
  • Portland Or.
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Looking to hear the good stuff

Joe Stone
  • Investor
  • Portland Or.
Posted

Hello, Can anyone share any stories about how buying off market has added value or truly helped the seller. Im in a debate about how wholesaling is a predatory practice. 

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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
Replied

All off-market isn't wholesaling. Plenty of us are just buying for ourselves or sourcing deals for investors. I found a family in pre-foreclosure. They owed 207. I paid them 225 so they had some money to move. All other investors or wholesalers were trying to pay just what they owed. I flipped it and sold it for 405k. Made about 100k. The wife came to the flip Open House and loved it. Win.

I don't like wholesaling, but for some people who have high volume intake, they have to wholesale some to help all the clients since they can't buy all the deals. If you explain the process to the seller and they understand that you are the conduit to them getting it sold since they don't know anyone, you will have better mental success wrapping your head around the idea. But most people are right about wholesaling because most wholesalers are garbage.

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