Wholesaling: Difficulty Finding Reliable Corporate Cash Buyers

[Christine Garnier]

Hi Everyone,

I am a professional wholesaler and property locator, I locate property on/off market, do a full due diligence on title, encumbrances, taxes ect... I negotiate at 70% ARV so the deals I bring are solid and I'd love to work with one single corporate cash buyer that is able to close on several deals a month.

The issue I have is that I am struggling to find serious partners to work with. When I started, I  submitted great deals to a corporate cash buyer,  they went behind my back and secure the deals with the sellers, after the  contracts expired. The next one was also a corporate cash buyer and after our second call, the acquisition manager confessed to me that he just got the job and asked me if I could train him on how to evaluate a deal!!!

Then, here comes the icing on the cake...

I answered to a few corporate cash buyers ads who needed wholesalers, some do not even answer. Then, I spoke with several acquisition managers with very limited knowledge on how to evaluate a deal but this time, the company they were working for was sued by multiple homeowners for fraud. When doing a full due diligence on these companies, I found out that their trustpilot rating was 1 star and read several lawsuits filed against them, by multiple homeowners. I will avoid sharing names, some of them contacted me here on BP, so they know who they are. 

Some go out of business. The last one I dealt with for the past two weeks, is a large corporate cash buyer that just admitted that they need 90-180 days to close on a deal!

My questions are:

1  - How do you find a reliable corporate cash buyer to work with? Is it better to be  referred to one than to continue wasting time looking for one?

2  - I often read about some wholesalers lack of knowledge and I must agree that sometimes, it is very true. However, what about these corporate cash buyers that lack integrity, knowledge and professionalism? Can we talk about it?

I'd  love to hear your feedback and experience if you have any. I also understand that some cash buyers, unlike many of those motivated by greed, are honest and knowledgeable, however I find it difficult to identify them.