Wholesaling this listed property

[Javon Dixon]

Ok, so my marketing campaign is beginning to work. Ive received a few calls so far. One was from a motivated seller that is tired of the commute to his rental property. He tells me that it is currently listed. Ive spent so much time preparing myself for dealing directly with sellers that Im somewhat stuck. The comps I tried to pull from redfin were kind of shaky. The property is currently vacant and needs updating for a buy and hold. Any advice on how to go about dealing with the listing agent? Should I get an agent Im familiar with to pull comps? I plan to contact the listing agent in the morning.

[Shaun Reilly]

Originally posted by Joe Gore:

Shaun,

Just my point put it under contract and sell the contract and leave the seller high and dry as long as you sell your contract and make a few pennies most wholesalers will never offer the seller at least a $1000 for letting the wholesaler put the home under contract because the wholesale is dishonest and only looking out for themselves. Wholesalers have a bad name in Dallas.

Joe Gore

Painting with pretty broad strokes there Joe.

Wholesalers like any business person could be highly ethical or a total scumbag and everything in between.

Any good long term wholesaler will make sure that a deal will close since it will hurt them in the long run if stuff keeps falling apart. Also they will know they will want to have good buyers so THEY can get paid. Great for the scummy ones to find some rehabbing newb they can screw over for a big fee and they don't even end up closing. Sucks for the real pro that would like to have strong buyers they can sell to over and over again.

Personally I probably would put a sizeable deposit down if I wanted to get a place under contract. However that is ONLY because I would only put something under contract that I thought was good enough to close on. Since I do rehabs and rentals myself if I didn't wholesale it (even if that was my primary exit strategy) I would just buy it and decide how to go from there.

For someone who only has a goal to wholesale and doesn't have money oozing out of their butts it is ridiculous to put a big chunk of money at risk out of some imagined fudiciary duty to the seller. Be honest and above board in your dealings but they are making choices of their own free will, and it isn't the investors responsibility to take on undue risk to protect the other party.