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Updated over 8 years ago on . Most recent reply

User Stats

51
Posts
12
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Peter Grote
  • Investor
  • Seattle, WA
12
Votes |
51
Posts

Working with a wholesaler

Peter Grote
  • Investor
  • Seattle, WA
Posted

How does one go about finding a wholesaler to buy a property from? I'm a new part time investor and am intrigued by wholesaling but don't have the time currently to put in to it. I wondered if purchasing from a wholesaler rather than the MLS might be a better way to go for getting a good deal for a next property. Does anyone have experience finding and buying from a wholesaler. Thanks.

Most Popular Reply

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9,365
Posts
6,551
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John Thedford#5 Wholesaling Contributor
  • Real Estate Broker
  • Naples, FL
6,551
Votes |
9,365
Posts
John Thedford#5 Wholesaling Contributor
  • Real Estate Broker
  • Naples, FL
Replied

A few thoughts
Most are not licensed. They have no accountability. 
If they give you ARV numbers, make them PROVE them with CMA's
If they give you costs to rehab, make them PROVE it with WRITTEN bids from contractors
See if they have E&O insurance if things go wrong. Bet they don't.
NEVER give them cash

Most are fly by night. One of the most common reasons agents get sued is fraud. What protects you from these guys? Another common reason agents get sued is misrepresentation of value. What protects you from these guys? Most of these guys are "wholesalers" because they don't want to get an education and they don't want to be held accountable. Most have no money and this seemed like the EASY way to cash.

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