All Forum Posts by: Nathan Paisley

Also tell them to keep the contract as short as possible 3-6 pages with language in there explaining that your not buying the property yourself your assigning it to someone else to buy. Put in there that you can market the property as well. There is a lot to learn but if you give it 100% like you said you were going to do then you should have no problem succeeding in this biz. Just keep learning as much as possible everyday.

http://www.biggerpockets.com/topics/6100-how-about-a-course-or-book-on-wholesaling-but-something-?forum_id=79&page=2

Read all these links but mostly just read Ryan Webbers take on everything. Then listen to Sean Terry's podcasts (free) he's got like 80 some podcasts going through step by step scenarios. Then call a bunch of RE attorney's in your area and tell them exactly what you do. Tell them you need a few diff. contracts one for buying and selling. Tell them you need to put certain clauses to protect you. Also ask them if they know of a REALLY GOOD title company that acts fast and can do assignments and double closings.

Once you do these all these things you should have a firm grasp upon what's expected of you as a wholesaler. If you truly want it you're gonna have to work for it. Good luck!

I wouldn't say you're doing anything wrong. You said it already, it's a numbers game plain and simple. You need hundreds of phone calls a month if not more than that to succeed. Hundreds more letters! You gotta think bigger more volume. Try marketing to diff. People?
Inheritance, fsbo, preforeclosures, bandit signs... Keep trying it'll pay off. Good luck!

In short do a double close. You'll need to show the bank you have the funds to close. So get a proof of funds letter for 1 day. Then get a buyer with proof of funds as well. Find a investor friendly title agency and tell them exactly what your doing. They'll do the rest.

Good, so we can all agree the main goal for all of us on BP is to help one another grow
and become more knowledgeable about RE!!

I'm just stating that there is good and bad people out there including REA's.
It was said somewhere in here that wholesalers are unethical if they don't have a buyer before they buy a property. I'm saying it's the same thing, like an agent not putting forth the effort to sell a probate or inheritance property because it's in disarray. Yet they're practically stealing money off the back end without the seller knowing about it until they close on the property shortly after the contract (supposedly) expired.

Let me get this straight... It's "unethical" to not have buyer for an exit. Yet it's OK for an REA to tell a seller they will sell their property in 9-12 months or however stated , make no effort besides putting it on the mls and do zero marketing to sell it. Then the contract expires, now the seller is stuck/tied up with the property, with someone who SAID they would sell it. BUT the seller gets tired of waiting 300+ days for the (licensed person who is supposedly working in the best interest of the seller) not marketing the property. The seller says I'm tired of waiting so the call a wholesaler to buy it quickly and bam! The seller finds out that the realtor put a 90 clause in the contract stating they still get their commission if sold within 90 days after contract.

Anyone wanna clear this up? Or is this ethical?

I've heard a lot of stories like this and actually know of one personally. If an (agent) says they are gonna sell it but puts no effort into it because they know it's a beat up property and nobody is gonna buy it (except a wholesaler) why would they sign a contract stating so?

I'm just trying to state that not every person in the business is looking out for the seller. We're all in it for one reason and one reason only , money. Why I wholesale or why you're an agent doesn't matter. Everybody on this forum is doing the same EXACT thing, just using different methods.

To answer the question about why wholesale and not buy/hold or flip. Most that start out wholesaling don't have the capital or knowledge to do a full rehab, flip or even be a landlord... If you can make 3-10k + in 1 deal and walk away from it never to look back and never stress every night about the weather, sub contractors, money and time... Wholesaling sounds a little bit easier in the beginning right?

Let me get this straight... It's "unethical" to not have buyer for an exit. Yet it's OK for an REA to tell a seller they will sell their property in 6 months , make no effort besides putting it on the mls and do zero marketing to sell it. Then it expires, so seller is stuck with the property from someone who SAID they would sell it. BUT th seller gets tired of waiting 300+ days on the market. Finds a wholesaler to buy it quickly and bam! Thy find Out the realtor put a 90 clause in the contract stating they still get their commission if sold after the original date s

I'm sorry some of you have had such experiences with some wholesalers. That stinks. But like in any profession there's good and not so good people out there. Policemen, doctors, public workers, security guards and last but not least lawyers (no offense if anyone on here is a lawyer).

;)

You can filter out the bad wholesalers and only deal with ones that bring you the killer deals. The numbers are all that matters in the end.
IMO it doesn't matter if you have a buyer lined up or not. I wouldn't have put all my time, money and effort in a deal if it wasn't a deal. It has to have tons of equity in it for me to even look at it. If it really is a deal it'll sell itself.

I go back to my example from before... buying and selling cars without a license is the exact same thing. If you think about it, some peoples car insurance + car payments exceed their mortgage payments! So if there is equity and intent then it's perfectly legal if they sign the napkin, notepad or 30 page hud.

People have been wholesaling houses, cars, motorcycles you name it it's been done. I just think to group ALL wholesalers into 1 category of bottom feeders is wrong. Everyone has to start somewhere...

This topic will be going on FOREVER haha!

At the end of the day, I'm just thankful I have the opportunity and freedom to write on this forum and try to better myself. To make good money and provide for my family and future family.

GOD BLESS AMERICA!!

Hey guy's first time poster but been on here reading for months! AMAZING info on here must say thank you BP!!

Anyway I'm new to wholesaling and I have 1 under contract and about to have 2 more. I look at it like this (tell me if I'm way off) If I see a used pickup on the side of the road that needs new tires, paint, tune up and a new windshield. The man selling it, has a second car and is tired of paying insurance for 2 vehicles. So talk him down from the asking price because it obviously needs quite a bit of work. He agrees and he signs the title over to me. I then take it to the DMV (aka title agency) and pay the fees (closing costs) to change all the info over.

I turn around and sell it for a higher price and make couple hundred bucks.

What's the difference? I didn't have a license...

I know plenty of REA's that would do WHATEVER it takes to sell a property (use your imagination...). There are a lot of good and bad people in every profession.

Personally, I tend to get the feeling that REA's think we are stealing properties from them that they could of sold... but they COULDN'T because they never looked for it. I feel like a GOOD wholesaler is out there MAKING a deal. Rather then waiting for someone to call them to sell their property. I will eventually get my license at some point but I'm in no rush.

I do have a backround in rehabbing houses, cars and anything with moving parts. So I def. know what it takes to evaluate a house for repairs. I've also done my homework. I do use the 65-70% ARV method. The one contract I have I'm only gonna make like 5-10k. The other potential deals I'm gonna make 10k each. But my buyer is gonna make 30-60k on each one. I want him to make lots of money. If he's happy I'm happy!

Maybe everyone is mad at the "gurus" for telling people it's so easy and that anyone can do it. But I think it comes down to it's a business. Money can drive people to do crazy things. Some care, some don't.

Sry for babbling on! I'm prob. gonna get torn apart by you guy's... Cheers!!