All Forum Posts by: Chinmay J.

@Chinmay J. What could possibly go wrong?

@Chinmay J. yes if I were a seller and found out my house sold for 20k above the contracted price, I'd be pissed. But from my understanding, these "motivated" sellers don't really care. They understand that investors are in it to make a profit and are okay with that. They just want out of their current situation which is why they are motivated. And also from my understanding, wouldn't all of this be disclosed to the seller? What's the harm if every intent is in the seller's best interest and they are made aware of all of their options? If a seller has a problem, and I find a solution to their problem, what's the harm in that? And why can't I be compensated for the time it took me to find the seller, their solution, and the resources I used to find it? This is some good conversation. I probably sound like such a rookie but I'm learning quite a bit. 

Just trying to get opinions on someone convicted of man slaughter about 10 yrs ago. Is it risky or does enough change after 10 years?

I didn't realize that this was such a touchy subject. I am new to ALL of this and am just looking to get my feet wet a bit and learn along the way. I'm not looking to con anyone, I am not shady, and I have morals. I don't want to be a broker or a realtor. I want to buy ugly houses and make them pretty again. Wholesaling seemed like a good way to raise some capital to get me to where I want to be. @Lydia R. and @Michael Ealy I really appreciate your thoughtful insights. 

@Chinmay J. the OP can close on a deal and re-sell it if she chooses and be perfectly within the confines of the law. Perhaps instead of contributing negativity you could contribute education to the OP who clearly posted looking for information. You made generalizations about wholesaling in general. Had you qualified your statements by specifically referring to OH this would have been an entirely different conversation because I am aware of the strictness of OH laws regarding wholesaling.

When did Bigger Pockets become the place to belittle and criticize those who are here to ask questions, gather information and get advice? If I was a pro member I would be asking for a refund.

@Chinmay J. its legal here in TX. And I have the funds to close on anything I put under contract. If I have the intention and ability to close a deal that I put under contract and then I choose to sell my equitable interest in that contract to someone else who also has the ability and intention to close then I am not brokering a transaction. You are more than welcome to call and speak to my attorney, Im sure he would be thrilled to learn something new from someone like you! 😂😂

@Carmen Lewis I guess I will be the one to give a helpful answer here. If you have the property under contract and one of your potential buyers goes around you then you have cause to sue them since you were under contract with the seller prior to their hijacking of your deal. Typically the guys who do that take advantage of the fact that you are new and you probably dont actually have the money to sue them. In that case you are SOL, its like having a gun and no bullets. I would suggest working with reputable buyers until you have the money/confidence to defend yourself as needed.

Yes sometimes sellers will get cold feet/get offered more money and try to back out of your contract. Again you have to made the decision on whether its worth it to take legal action against them. If you have a good relationship with the seller and you do everything you have told them you would do, you maintain communication/updates on progress throughout the deal and you havent strong armed them into selling for next to nothing then they are much less likely to back out of the deal.

Protection? You wont like my answer but here it is. Wholesalers dont have much risk in their deals if they are doing assignments. Therefore there isnt a whole lot of actual protection if you cannot truly defend yourself. Being a wholesaler with out some kind of funding behind you is like having a gun without bullets. You are defending yourself with a bluff. Sometimes it works sometimes it doesnt. Deal with reputable people, dont be shady and you will more than likely have more positive experiences than negative ones. But negative experiences come with the territory. You have to determine if thats something you can handle or not. Most newbie wholesalers give up/quit/lose money within the first 12 months. This is just my advice/insight. Do with it what you will. Good luck!!!

I am looking into my first deal. Let's say a seller agrees to sell me their house. I get the property under contract. I reach out to some cash buyers. What is stopping a buyer from going around me and buying directly from the seller? Do sellers ever default on a purchase and sales agreement, and what happens if they do? What are some ways I can protect myself as a wholesaler so that I don't get screwed?...