All Forum Posts by: Hasan Hamdan

@James Green @Kelly A. Thanks! We email. The problem here James is I do not know who it was. The seller hasn't told me...this was someone she met before me. They went back to her after they got the email. 

Thank you all for your responses!

Just to clear things up, I am licensed. But as @Dev Horn mentioned it is not the same thing. And the whole point of wholesaling is you are assigning or "selling" the contract. We have our trusted buyers. We market the deal to test the market of buyers and at the same time we prefer wholesale. This buyer was on our list but I have no idea who it is. They went BACK to the seller letting them know we are trying to sell, they were on of the original people trying to get the deal, but I beat them out. @Russell Brazil you are 100% correct, and I explained it is up to our discretion what we do with it and all they need to worry about is our agreement which does not change. 

@Richard C. mostly right but the type of investing I am speaking of is tried and true. My main point/question to all was not  "I'm so mad be mad with me"....I know it can and will be done....the question here was if anyone else has experienced this and how did they deal with the home seller and/or the investor if they found out who it is.

At the same time I should have given more detail as this does include the law, where I understand once AR is complete it doesn't matter what anyone does to sabotage the deal. In addition there is no operation outside of the law as some people have mentioned, wholesaling is perfectly legal when done right. We went under contract and will close, whether its a double close, a LLC sale, or whatever.

What does everyone here think about investors who try to cut you out of the deal you're wholesaling? I personally think they are a disgrace to our industry. Although its technically legal there should be a moral code among investors IMHO. This would be the second time this year an investor goes direct to seller and shows them we are marketing the property. This has caused me to believe we should end our advertising and market privately only to those who have done business with us or have a very strong referral.

At the same time, deals come and go, but any advice/suggestions on how to handle the seller? They understand its a cash deal and knew it would be discounted but when they see you trying selling their property for more they feel they are leaving money on the table (among other things).

Try doorknocking the new address or taping something on the front door.

@William Hochstedler

 @Ron S.

Thank you all - let me clarify. Yes I do mean a discharged bk. Also I am in New Jersey if that makes a difference law-wise Paul. William, the sellers are not making payments. As Paul said they did bk but house stays in their name, so they don't owe money on the mortgage but they are tied to the house until it is foreclosed. In addition, laws continue changing so doing a short sale cuts those ties to the house, but 7,8,9 years later by doing nothing a foreclosure can pop up and who knows what the banks will do at that point. 

I have completed short sales after clients have done bk. I actually deal more with people who have done bk than people who haven't. The question here was how can it benefit them, because it clearly doesn't hurt them. They have no financial liability, they don't pay me, but I want an extra short sale in my pipeline. Since they have no reason to care, how can I keep them motivated throughout the process, its more for me than for them, but the reason I asked is if there are any benefits I am unaware of, I can start telling my sellers. Some clearly state they are doing it to help me out because they know it doesn't really affect them.

In another forum the best answer I got was in regards to whether or not they plan to purchase a house in the next few years or future, in that case, a short sale is a much better bet.

What do you say to a seller when they ask how does a short sale benefit me after I've done bankruptcy? Are there even any benefits? What I've been saying mainly is that its added protection and gets your name out of it, but it doesn't work on every seller.

If he wants to sell then it depends on what it is zoned for as that will determine the value based on what buyers would pay in that area. That is just one aspect.

Could you clarify on what your friend is interested in doing?

Fully agree with @Jeff Copeland

One of the reasons investors buy properties with negative cashflow is becuase reporting that loss may be better for tax purposes and they could save money. In addition it could be in an up and coming area so eventually it could turn into positive cashflow as well.

I used it briefly, from what I saw it pulls public records and puts them all in one place. We did a cash buyer campaign from it and it wasn't that successful but there are other parts to the service that I did not use so I cannot comment on that.

In regards to the cash buyer campaign, I believe they cross referenced cash sales with tax records for owner address, but it could be inaccurate because if the actual end buyer bought through LLC or never recorded the deed the records may not be updated with their actual address.

I believe there is a trial that gives you ability to use all services for some amount of time (I can't remember) so I would try that and see, it could have changed since I used it.

I definitely suggest both!

A license will give you access to the MLS for comps and other great benefits, and you can always have that hat to wear if you need it. For instance if you meet a seller who really is more of a listing than an investment type deal, bam! You're an agent that can list it for them and collect that commision.

Most of the (big) investors in NJ that I know started out with getting licenses due to the many benefits. I have been investing for years now and I recently started a course to get my license, I wish I did it sooner.

In regards to being a realtor or investor, I say be an investor with a license for a good 1-2 punch so you can approach sellers with all options under your belt! Its also great that you already have the contractor part of it down.

Come out to the meetups and you'll learn a ton and can make a better decision and learn from more people, all I've said is from my opinion and what I've experienced/learned....our company just spoke at Chris Goodsons event last night. Theres NJRESN, NJREIA, and NJREIC. Tons of investors/realtors/attorneys under one roof learning and networking.