Wholesaling for deal flow

[Jocelyn Borg]

Hello, BP collective!

I'd love to hear your thoughts on my moral quandary here:

After researching quite a bit on wholesaling, I am really on the fence about going forward with it. It is fraught with ethical grey areas and something about it doesn't jive with my moral code. However, I would love to set up a system for finding off market deals which my husband and I could purchase for investments. Some of the deals that arise will work for us, many will not. What do I do with those other deals? I am not really interested in becoming a "wholesaler" per se, I simply want to find off market deals for personal investment. I feel however that if an individual reaches out to me with a property they need to sell quickly that I am obligated to help in some way. Could I simply refer them to other wholesalers in the area whom I know are more interested in the game than I? Has anybody else in a similar situation found a win-win solution?

Thanks in advance for your thoughts; any and all advice is always very appreciated!

[John Thedford]

Originally posted by @Jocelyn Borg:

@Larry Turowski, @Neil Goradia

Guys, thank you for your words of encouragement and for putting it in perspective! I agree that there are good and bad ways to go about doing this. 

@Jack Douglas my primary concerns are 

a) I am operating in the state of MD, 

b) My husband has his real estate license, 

c) I/we are not trying to start a wholesaling business for the sake of wholesaling, we are trying to unearth otherwise unavailable opportunities 

I guess the no brainer thing to do would be to get on a few wholesalers lists, but that would be the easy way and I typically prefer to reinvent the wheel.

I would love to hear the thoughts of two voices I have come across time and again on this topic in the forum.

Thanks again!

 I have no clue of your state laws. I have been called "the wholesaler hunter" LOL as well as the "wholesaler hater" LOL. My biggest issue with many of these operators is signing contracts with no intention of closing, or not finding a REAL buyer and then using BS escape clauses to get out of the contract. In reality, I believe few make any real money assigning contracts. Although I now have a brokers license, my main focus is investing. I have found that to be profitable and has given me a LOT of freedom. 

p.s.--your statement about it being fraught with ethical issues is right on target!

FYI..i have gotten several good deals off of CL, have purchased homes right before foreclosure, and have purchased homes right before a tax deed sale.