All Forum Posts by: Abby Ruppert

@Jay Hinrichs my question to you is. How a wholesaler can show POF when they are just assigning contracts? I ask because I recently saw a property that I like and I was ask for POF. I am new in the business.

@Tirzo Quintero:

This is what so many here on BiggerPockets get wrong. Wholesaling is a sales technique, not a buying technique. When buying, wholesalers absolutely DO close on the purchase. They then own the property and resell it - usually quickly and for a mark-up that is still well below ARV.

When you assign contracts, that is called an assignment. Assignments and wholesales are NOT the same process or technique at all.

Wholesaling = you buy, close, then resell a property. You go on title.

Assignment = you get a property under contract and assign the contract only, never owning the property, never being on title.

Exactly Karen! Thank you for clarifying this common misconception.

1 Vote

Originally posted by @Tirzo Quintero:

Not all wholesalers assign, some double close. So if the wholesaler is marketing themselves as a cash buyer, they should be able to show proof of funds that they will close on the front side of the transaction.

2 Votes

Originally posted by @Misty James:

Hello Everyone. I am looking at working with my first wholesaler to acquire a property (by way of a tip sent to me by a friend on fb). The wholesaler's page is general directed towards RE. The wholesaler is requesting pof as a way to prove that I'm serious. I've never acquired property this way, so is this normal procedure for wholesalers? Is there anyway to verify the wholesalers credentials? I believe I read somewhere that they do not have to be licensed real estate agents, so before I get caught up, is there a way to determine that they are on the up and up?

Thanks in advance.

Asking for proof of funds is standard. It is just a quick way to measure if someone is a qualified buyer. For you to qualify the wholesaler, you could always ask for example of deals they have done in the past or for references. As a wholesaler, I would never turn down someone's request to look at my past deals. Good luck to you!

2 Votes

Originally posted by @Caleb Heimsoth:

@Misty James. Wholesalers have no licenses or governing body like real estate agents.

Verify all their numbers on their own, that’s really all you can do.

Having a license is not required to wholesale, however, some wholesalers do have real estate licenses. For example, I work at a nationwide wholesale brokerage and we are all required to have real estate licenses and loan originator licenses.

1 Vote

Originally posted by @Jason D.:

@Andrew Commins be careful.... most "deals" that a wholesaler will send you has probably already been passed on by experienced investors.

I beg to differ! Just get yourself a better wholesaler 😉

2 Votes

I work for a wholesale brokerage and our in house hard money lender REQUIRES an appraisal. Without it, they will not lend. I would be very weary of any lender, hard money or not, who does not order an appraisal.

1 Vote

I agree, Reece. I have investors buying properties in these areas ALL the time.

0 Votes

Great post Jorge!!

1 Vote

Follow the Starbucks, I like it!

Originally posted by @Eric Delcol:

Originally posted by @Kevin Mathew Galang:

1. What do you do with this type of information as an investor? / How does it impact your strategy?

Several years ago we were looking for a new market to invest in.

For us, the water street project was a contributing factor for us choosing to invest in Tampa Bay.

If you invest where the big players are building you're more likely to do well.

Starbucks sets up shop in areas that are growing. Our properties are always close to one.

1 Vote

Originally posted by @Zilma Yotte-Johnson:

Originally posted by @Austin Hammond:

@Zilma Yotte-Johnson have you found there to be any good groups or meet ups in our area?

I’ve only found one group online and their next meeting isn’t until mid-September. If you know any, please let me know.

Zilma & Austin, go to Meetup.com and look there. There are meet ups nearly every day in Hillsborough & Pinellas county hosted by either REIAs or other real estate related groups. They are a great resource!

1 Vote

All Forum Posts by: Abby Ruppert

Abby Ruppert has started 1 posts and replied 28 times.

Post: Working with wholesalers

Post: Working with wholesalers

Post: Working with wholesalers

Post: Working with wholesalers

Post: Using a wholesaler starting out?

Post: Appraisal when buying from a wholesaler using hard money

Post: Tampa Rental Submarkets/Neighboorhoods

Post: Tampa 5 – 10 Years in the Future – Economic Investment

Post: Tampa 5 – 10 Years in the Future – Economic Investment

Post: Starting in Tampa, FL area. Any advice, groups, recommendations!