I got my 1st virtual wholesale contract now what?😰

Wholesaling
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I got my 1st virtual wholesale contract now what?😰

Luis Serrano
Rental Property Investor · Nyc · Member since 2020 · 51 posts · 72 votes

I’m from NYC and I got into virtual wholesaling. I got a property under contract in kiln, Mississippi with a nice spread... I’m sourcing a way to market this property to investors.... any suggestions?

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Frank Raciti
Investor · Whitehouse Station NJ · Member since 2020 · 12 posts · 76 votes
5y

Doing deals virtually, sight-un-seen is here to stay. Last I checked, Mississippi isn't on Mars. Every market has it own idiosyncrasies. Hopefully someone from the area will offer to help a fellow investor out in stead of telling you what a mistake you've made.

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  • Sam Shueh
    Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
    5y

    Suggest local real estate listing. You can put it on websites and only get realtors want to list your property. This is winter.

    1Reply
  • John Mucilli
    Investor · Yonkers, NY · Member since 2019 · 101 posts · 44 votes
    5y

    @Luis Serrano Hey Luis, what is the status of this deal??

    1Reply
  • Luis Serrano
    OP
    Rental Property Investor · Nyc · Member since 2020 · 51 posts · 72 votes
    5y

    @Nick C. I was thinking about this option too. Great point.

    0Reply
  • Luis Serrano
    OP
    Rental Property Investor · Nyc · Member since 2020 · 51 posts · 72 votes
    5y

    @John Mucilli I got a few eyes on it, nothing solid yet.

    1Reply
  • John Mucilli
    Investor · Yonkers, NY · Member since 2019 · 101 posts · 44 votes
    5y

    @Luis Serrano what method did you use to reach cash buyers so far ?

    0Reply
  • Cody Z.
    Real Estate Agent · Belmar, NJ · Member since 2017 · 370 posts · 200 votes
    5y

    @Luis Serrano

    Craigslist for cash buyers works really well

    2Reply
  • Cody Z.
    Real Estate Agent · Belmar, NJ · Member since 2017 · 370 posts · 200 votes
    5y

    @Susan Maneck

    Great points but how do you know he doesn’t have a due diligence period on his contract? I’ve wholesaled properties and told the sellers that I will assign the contract and have been provided access for my buyers for inspections/DD. It doesn’t mean the price will get walked down from what they find but it still occurs. Just food for thought ...

    1Reply
  • Luis Serrano
    OP
    Rental Property Investor · Nyc · Member since 2020 · 51 posts · 72 votes
    5y

    @Cody Z. 15 day 👌🏼 and 45 days to close 💪🏼

    1Reply
  • Luis Serrano
    OP
    Rental Property Investor · Nyc · Member since 2020 · 51 posts · 72 votes
    5y

    @John Mucilli connecting Investor app, Facebook market, local reia group, started calling realtors

    0Reply
  • Cody Z.
    Real Estate Agent · Belmar, NJ · Member since 2017 · 370 posts · 200 votes
    5y
    Originally posted by @Luis Serrano:

    @Cody Z. 15 day 👌🏼 and 45 days to close 💪🏼

     Good for you man - Good luck!

    1Reply
  • Anna L.
    Investor · Philadelphia, PA · Member since 2016 · 73 posts · 43 votes
    5y

    Don't listen to the negative comments as some people that lack experience will always want to advice against. I agree with Facebook market place in the local market, craigslist, propstream the area around this house and find recently flipped houses on the market for sale - these are the flippers that are looking for a new project. Also, see if there is a KeyGlee franchise in that market. You can reach out to them and ask for cash offer. That way you can verify your numbers too. 

    I also have a great mastermind group with national presence. I can ask around if anyone is buying. PM if you want me to ask.

    Good luck! 

    2Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    5y
    Originally posted by @Luis Serrano:

    @John Mucilli connecting Investor app, Facebook market, local reia group, started calling realtors

     Those activities are all marketing the property. Does Mississippi require a license to market a property?

    1Reply
  • Luis Serrano
    OP
    Rental Property Investor · Nyc · Member since 2020 · 51 posts · 72 votes
    5y

    @Anna L. Thank you I requested to connect

    0Reply
  • Luis Serrano
    OP
    Rental Property Investor · Nyc · Member since 2020 · 51 posts · 72 votes
    5y

    @Joe Splitrock good question... did not think of that as been an issue, I do see alit of people marketing that way in that area.

    0Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    5y
    Originally posted by @Luis Serrano:

    @Joe Splitrock good question... did not think of that as been an issue, I do see alit of people marketing that way in that area.

     In most every state, you cannot market a property that you do not own without your license. I know wholesaler gurus say "you are selling the contract not the property", but you are marketing the property. Marketing involves any sales or advertising activity. Technically even sending e-mails to a buyers list is marketing, although it is private so you are less likely to get caught. Some people don't care about the law and do it anyways. That is a personal choice, just putting the warning out there.

    4Reply
  • Pat HeidingsfelderBusiness Member
    Real Estate Broker · Biloxi, MS · Member since 2016 · 169 posts · 92 votes
    5y

    Lots of virtual out of state wholesaling going on these days. Honestly it is not a good idea here on the Coast. If you really want to wholesale try your local area. 

    I’m sure you got a ‘great deal’ based on your virtual comps, once you drive through ‘the keell’ you'll understand why the sellers jumped at your offer. I do a lot of deals both on and off market. And have had to clean up the mess of other virtual wholesalers in our market. Please PM me the address and details and I'll see if I can help. But like others have said, this is a very tough market, especially for you out of state virtual wholesalers. 

    We market a TON in our area, wholesale daily, and I'm also a licensed broker.

    [email protected]228-364-1818
    MS Coast Rentals4.978 Reviews
    WebsiteView Page
    6Reply
  • Mark Lafleur
    Specialist · Miami, FL · Member since 2020 · 2 posts · 6 votes
    5y

    @Steve Morris

    Another salty broker smh

    6Reply
  • Justin Campbell
    Flipper/Rehabber · Columbus OH & Los Angeles, CA · Member since 2009 · 50 posts · 48 votes
    5y

    @Luis Serrano There’s a lot of great advice on this thread, I would just be rehashing. Implement some of these recommendations, don’t listen to the nay sayers. You will figure it out as you go along! I’ve been buying virtually for years and it takes balls. everything is possible! Keep going!

    3Reply
  • Luis Serrano
    OP
    Rental Property Investor · Nyc · Member since 2020 · 51 posts · 72 votes
    5y

    @Justin Campbell thank you... it is not easy and believe me part me want to walk away from the deal but the other part wants me to see it through... I will make it work one way or another. I do appreciate the bad and the good... but I’m a positive person and my big reason why I’m doing this goes beyond having money. 👨‍👩‍👧‍👦

    0Reply
  • Susan Maneck
    Investor · Jackson, MS · Member since 2014 · 1k+ posts · 769 votes
    5y
    Originally posted by @Cody Z.:

    @Susan Maneck

    Great points but how do you know he doesn’t have a due diligence period on his contract? I’ve wholesaled properties and told the sellers that I will assign the contract and have been provided access for my buyers for inspections/DD. It doesn’t mean the price will get walked down from what they find but it still occurs. Just food for thought ...

    How do you do a due diligence on a property you haven't even seen? He is in NYC and this property is in Mississippi. How will he provide access? 

    1Reply
  • Cody Z.
    Real Estate Agent · Belmar, NJ · Member since 2017 · 370 posts · 200 votes
    5y
    Originally posted by @Susan Maneck:
    Originally posted by @Cody Z.:

    @Susan Maneck

    Great points but how do you know he doesn’t have a due diligence period on his contract? I’ve wholesaled properties and told the sellers that I will assign the contract and have been provided access for my buyers for inspections/DD. It doesn’t mean the price will get walked down from what they find but it still occurs. Just food for thought ...

    How do you do a due diligence on a property you haven't even seen? He is in NYC and this property is in Mississippi. How will he provide access? 

    Hey Susan,

    I don't think this is as hard as it may seem. If I were doing virtual, then I would hire someone to go out to the property to take pictures/videos with a checklist of the things I want to see. Also, with that same idea in mind, once the property is under contract simply put a lockbox on the house to allow for investor showings (with POF, of course :-)) or set-up a time table with the Seller. I assume they're motivated so I doubt it would be an issue. Just thinking with an open mind.

    2Reply
  • Account Closed
    Title Representative · MI · Member since 2020 · 4 posts · 1 vote
    5y

    Hey Cody! First off... CONGRATS!! That’s a huge step! I see this is a virtual deal so I would love to hep you close this deal as I am a Title Agent at a digital Title Agency. We are wholesale friendly and I am ready to bet at your service at anytime. We also pay you a small commission to use us for the first time! 

    1Reply
  • Cody Z.
    Real Estate Agent · Belmar, NJ · Member since 2017 · 370 posts · 200 votes
    5y
    Originally posted by @Account Closed:

    Hey Cody! First off... CONGRATS!! That’s a huge step! I see this is a virtual deal so I would love to hep you close this deal as I am a Title Agent at a digital Title Agency. We are wholesale friendly and I am ready to bet at your service at anytime. We also pay you a small commission to use us for the first time! 

    Hi Victoria,

    This is not my deal, it is actually Luis's. Good luck

    0Reply
  • Steve Morris
    Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
    5y
    Originally posted by @Account Closed:

     I am a Title Agent at a digital Title Agency. We are wholesale friendly 

    OK, so you're the one that enables NOT telling the seller what his property is actually being sold for with dual escrows?  You also like to engage in the subterfuge of not letting the seller know who the true buyer is?  And you don't mind working with an unlicensed person looking to make a fee for arranging the sale of real estate

    Quite the resume.    

    2Reply
  • Steve Morris
    Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
    5y
    Originally posted by @Mark Lafleur:

    @Steve Morris

    Another salty broker smh

    Another defrauded RE seller by an unlicensed person smh.

    Brokers have a bad enough name, but wholesalers are looking up at us.

    1Reply
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