All Forum Posts by: Jesse LeBlanc

Good Afternoon @Xavier Miles  I'd love to be able to help you out, I've got over 65 all 5 star reviews, testimonial videos etc PLUS i'm based out of Atlanta although I lend nationwide.    I like the fact that you were trying to be creative and get the deal sold before having to look into double closing. wise!  :)

My information is in my signature to be safe. :)

Congrats again on your deal!!

Have your buyer first, then once you get something under contract and assign it to your end buyer, they will be the one to put down earnest money. This will also help to make sure that you aren't getting something under contract over priced and with no buyer in mind which leads to pissing off the seller when you cannot perform and it stops you from stressing out. You don't have to know ARV, don't have to learn rehab numbers, don't have to guess someone elses profit or exit strategy. Simply get the buyers price, offer a lower price to the seller, then assign, allow the buyer to deposit EMD and then close.

Make your money, seller is satisfied and your buyer comes back for more.  

If you have your buyer first @De Von Gaines, you never have to worry about not performing AND they can be the one's to put down their earnest money.  You also NEVER have to worry about comps, what the arv is etc. 

Build a relationship with buyers, market and find send sellers, then get pictures/videos to provide for your buyers.  Let them see it and give you their price or ballpark before seeing the house, then negotiate the price BELOW whatever your buyer said they'd pay. 

Now you are being transparent with everyone, once your seller agrees to a price, get it under contract and immediately assign it to your buyer and let them put the EMD down. Problem solved, nothing shady, full transparency and everyone leaves happy and you do nothing more than build relationships and keep promises.

Wecome @Adam Macias, Congrats on opening up a new leg in NC from Colorado. :)    Since the laws there are a little different than CO, if you ever need to double close vs assign and don't have the capital for your AB side, keep me posted.  I'd love to assist.  Also more than happy to refer some of the attorneys I love working with, but sounds like you most likely already have that covered. :)

And go read the book "If you can't wholesale after this, i've got nothing for you" by my good friend Todd Fleming. 

@Danny Rapczak this will shed a LOT of light on you in how to wholesale the morally and ethically CORRECT way. :)

@Danny Rapczak find your buyer first, let them tell you what they are willing to pay for the property.  Then negotiate with the seller to a price BELOW your buyer, then assign the deal.  Simple as that my friend. :)

This way you know for sure you can perform, you've provided a solution for the seller, you made a profit, the end buyer got what they need. DONE DEAL

Also the buyer can usually go up in their price from the first price they give you for the property, they rarely tell you the best they can do upfront until you build a solid relationship with them.  So again, you can usually push the buyer up a little bit and then also the seller down a bit until you get to a number that works for you all. 

Too many wholesalers just give the seller what they want to get a "deal" under contract, then go on facebook, craigslist, their buyers list etc to find a buyer and so often they never find a buyer then piss off the seller and ruin the relationship for them.  Refer to my original response for an example of what to say.

Quote from @Jeff S.:

@Danny Rapczak get a license. Get a job and qualify for financing and buy it yourself. If you want to sell RE why would you not get a license?

 This is pointless in MOST cases @Danny Rapczak, you don't need a license unless you plan on making side money from being an agent.  You don't need a license to buy property and doing so could cause you pay your broker a fee for something you want to buy on your own. 

I personally have (with exception of 2 rentals) have ZERO dollars invested in ANY rental I own.  I buy with private money, rehab, then refi within 3 months, pay off my PML and leave the closing table bringing NOTHING to closing and usually leave with a few thousand.  I've never had my license and NEVER will!

You also don't need to be a licensed agent to wholesale real estate, buy or SELL Real Estate.  There is a time and place for a wholesaler to also be licensed, but simply for one deal and then to turn around and sell it.  not good advice unfortunately here without knowing more about your situation and future goals, but certainly not because of this one deal/scenario.

The only way to be transparent is to BE TRANSPARENT!  Let him know ahead of time that you’re working with a partner or buyer who is an investor. They buy quick and then keep as a rental or flip the property, meanwhile you will collect your fee and paid by the buyer, NOT the seller.

I’m a for profit business but Mr. Seller, if we agree on a price that solves your problem and your need, isn’t it fair that I too make a profit for solving your problem and working hard to find a buyer to get you to the closing table?

ofcourse the buyer will agree as long as they get the price you guys agreed on.  Then just assign your contract. Otherwise you can still double close and keep your spread with no stress now that you were transparent with your process.

Quote from @Lydia R.:

Just an FYI in Illinois the way around the assignment limit is to double close. All you need is a transactional funding lender. 

Nailed it!!

Quote from @Doug Smith:

I'm not trying to poo-poo your deal, but what DSCR lender approved a loan for the downstroke? I would like to speak with them about brokering deals through them. I know we don't have anyone that will back a loan with a loan for a down payment. Let me know please. I would love to chat with them.

I’m sure it’s second lien after the fact, but the PML (not T. Funding) is wiring the $ needed as her down payment on her behalf and probably without the lender knowing UNLESS there was plenty of equity and then I’ve seen some accept it. I’ve done this for some folks who have seller carry back, which is the same thing here but 3rd party vs seller.