All Forum Posts by: Brett Schoenfelder

Justin,

Am I understanding correctly... hypothetically... you are going to bust your butt finding these folks "wholesale" deals on the MLS, collect a teensy weensy commission off the tiny purchase price. Help them wholesale it to a flipper (with no guarantee of the listing on the back end) and no commission? All because you want to get a commission on possible, but not guaranteed rentals down the road?

Just STOP right where you are!... and ask yourself... "If I find a deal on the MLS and successfully negotiate down to pennies on the dollar, WHY am I letting someone else make all this profit?!? Why don't I flip the property myself?!? I'm the one doing all the hard work!!"

Google or Youtube Search "how to build my buyer's list wholesaling real estate" There are SOOOO many resources out there for this question. And always search the forums because I guarantee this has been asked before and people have already responded. 

• Put an ad on craigslist
• Join every REI facebook group, wholesale real estate group, etc on Facebook and post there.
• Once you're in the facebook groups go through and scrub every single post for cash buyers. Every time someone poasts a good deal, people are reply "inbox me" or posting their email. Go FB message them and email them.
• Go to your REIA, stand up and tell everybody about your deal
• Put up bandit signs
• Pull a list of cash transactions in the last 6 mos (or 1 year) from the MLS if you have access or ask Realtor friend to. Then mail them snail mail. Or skip trace and call them.
• Alternatively, you can call those Realtor's who worked with the above cash buyers. Their #'s will be online. 
• Personally attend live auctions (foreclosure/deed or tax) at the county courthouse - See who's bidding. The people there are cash buyers. Introduce yourself after (or before) the auction. 
• Cold call
  • craigslist landlords
  • rehabber's
  • other wholesalers
  • top agents in town 

We got so off track from the original question. She was basically asking how to get a copy of the signed contract to the seller once the deal was done. 

Short answer... just get them a copy later and don't worry about it.

Long answer:

1. Leave the contract in the car

2. Bring a note pad to take notes while speaking to the seller

3. Bring a heart to help the seller. Be genuine. Focus on finding out how you can add value to their situation and solve their problem. If you can do that you'll get the deal and make money in the process. 

4. Understand what value you provide. You aren't the highest priced option. Instead, you offer speed and convenience. 

5. Be transparent. Don't hide the fact that the seller might make more money by listing, but let them know the tradeoff is they'll have to wait for the sale and possibly do a bunch of cleaning up and maybe some updates to get the most amount of money. 

Oh and if you find a win-win solution for the seller and you... be sure to market the contract and not the property. That way, the Mr. Thedfords of the world can't report you. But to be safe, consult an actual attorney... not one of these agents engaging in the unauthorized practice of law. 

Brittany, How did your meeting go?

Since my first observation of irony was lost on the non-attorney real estate agents in the room who seemed to be too busy practicing law... I’ll make another:

In keeping with the theme of ethics... I wonder how many agents (real estate salesmen) who complain about unethical wholesalers have they themselves for the sake of “getting a sale” either

• a) Pushed for a seller to accept an offer a little lower than what they could have received if they waited (see Freakonomics pg 7-9)

Or

• b) Let a buyer purchase above asking price... because “it’s a competitive, hot, sellers, etc market and we need to make a strong offer in order to win!”

Or how many agents warned their clients in the mid 2000’s to rent instead of buy because of how overinflated the market was? Judging by the number of foreclosures that followed... almost NONE. They were too busy seeing $$$ with all those sales.

What’s the verse in the bible that says not to be concerned with the speck in your brother’s eye when you have a beam in your own? 

The irony... 

Attorneys hate real estate agents because "agents are Unauthorized Practitioners of Law."

Real estate agents hate wholesalers because a "wholesaler is an Unlicensed Practitioner of Real Estate."