All Forum Posts by: Chaim Shwartz

Hey guys, I wholesale full-time and recently started here in Upstate NY, I have some questions for someone familiar with real estate law/wholesale here and closings and will appreciate any help!

I started beginning of February here and now have 6 deals closed with buyers for a net of 73k profit coming in, but these deals are taking FOREVER to close. My attorney told me because we are a third party there is nothing we can do and that I am at the mercy of seller’s attorney and TC/land surveyors. I am now approaching 115+ days since assignment on my first 3 deals and because I am in NYS, my attorney tells me that I cannot even speak to buyer’s or seller’s attorneys due to “breach of contract”.

I lost my first deal in fact because we were hindering on 130 days since assignment (should have been long closed) and the city decided to demo before we closed and were able to takeover in court.

Attorney tells me we are still waiting on abstracts, surveys, etc. and that is what is holding these deals up??

Does this sound like a normal timeline for closing in NYS?

Thank you!!

Quote from @Chaim Shwartz:

Quote from @Russell Brazil:

South Carolina, Virginia, Arizona, Ohio, Illinois, Maryland, Philadelphia have all recently passed wholesaling bills. Many more states have them in the works too....and in some of those states, further legislation is in the works to fill in some of the gaps in the legislation they just passed.

So yes, it does seem like the tide is turning on this practice.

Seems like they require you to have Insurance. 

Most of you in the thread:
 

 I’m a pretty libertarian guy, in fact in my younger days I was a registered libertarian so I’m not some big government guy, however I think most regulations have an obvious cost to them, wholesaling has zero benefit to society, it’s just skimming money off the top of old people, literally these house would be sold to an investor very quickly with or without wholesalers, we know this because obviously things sell for more on assignment than on the contract the wholesaler has, if the vast majority of wholesale deals went to market they would just be sold for the assignment cost & possibly more, I don’t see any value wholesalers add to the market, they are just leaches.

@John O'Leary, thank you for the insight it has crossed my mind to hand that task off.  Thank you so much for the recommendation.

@Chaim Shwartz, I am not using a dialer.  I'm not sure what that is. My lists are coming from propstream

@Gustavo Munoz Castro, thank you.  I'll be reaching out in the next few days to learn more.

South Carolina, Virginia, Arizona, Ohio, Illinois, Maryland, Philadelphia have all recently passed wholesaling bills. Many more states have them in the works too....and in some of those states, further legislation is in the works to fill in some of the gaps in the legislation they just passed.

So yes, it does seem like the tide is turning on this practice.

You right that most attorneys will not be taking the risk of closing these as they can't prove the Wholesaler didn't advertise this somewhere.

In hindsight, my previous post was rushed… I did not have enough time to go through the training, coaching or support offered.

After completing the training - twice - I now realize the value of the program and how it can help investors acquire deals from the MLS in a systematic manner. If a wholesale deal yields $10,000 on the low end, the value here far exceeds that.

Also, I understand that Affirm is optional. As an investor, leveraging OPM (other people's money) is something that I’m used to and based on my current situation it made sense. This is beneficial to those who also want to leverage OPM in order to get started.

In summary, if I could remove my previous post I would. I must say that every person I've spoken to ( Jonathan, Abe, Tony) at Real Estate Skills team conducts themselves with integrity and provided excellent customer service. The strategy is simple to understand, straightforward to execute and taking action is required in order to see a ROI.

Any recommendations for cold calling lists for either Wholesaling, or retail selling ( I am a realtor / flipper / associate architect). I have tried calling from lists on prop stream but not getting anywhere! Any advice? Or should I just keep at it calling from the list I have.  Do you know what the conversion rate is on cold calling these lists? 

If the seller finance terms are good enough the wholesaler is likely to keep it for themselves. Your best bet is to go direct to seller. Target free and clear properties and market to them through whatever strategy works best for you. 

Has anyone had to get General Liability Insurance for their wholesaling business? Every insurance company has no idea what I'm talking about and says they don't insure it. Should I just say I'm a Real Estate Agent? Any other advice?

The new law the SC Governor just signed makes wholesaling illegal.

It has 3 parts.

You can't do a double closing because you can't market the property or contract prior to owning it.