All Forum Posts by: Jesse LeBlanc

Good Afternoon @Alfred Sharty,
    You can use your own bank statement, your buyers bank statement or you can get a free LEGIT one from my website.  It's ONLY meant for wholesalers to use for situations like this and NOT for flip/rehab loan purposes.  

And BTW, yes, buying on market listed properties are a different beast, but I buy from wholesalers who negotiate with agents and sellers ALL the time.  So it is a niche, HOWEVER you need to be TRANSPARENT with the agent/buyer and negotiate a price with them CONTINGENT on your buyer first.  You can negotiate a price, but don't sign a contract until you know your buyer is good, then you can double close or you can sign an amendment or add in special stipulations that the original agents contract IS ASSIGNABLE as a way around and make all things legal and transparent. 

Don't listen to all the negative folks that might think there is only one way of operating as a wholesaler.

Click on my website in my signature for that POF. :)

@Avrom W. Smith If you could throw my company name out in the mix too in the future ;)  I've got over 80 ALL 5 Star Google Reviews with amazing customer service and 100% success on our loans with wholesalers.  

I fire clients regularly.  I CANNOT stand when someone isn't transparent and or tries to hide anything from me.  That is usually the last time I work with them.  ANY client that is like that to others will likely be the same way to you at some point.  So I steer clear of them and instruct my team to pass those people along to me to handle.

I also have nothing more than my word and all of our 80+ all 5 star reviews.  Anything less than that is either because the client never clearly understood the loan type we offer or something we did wrong.  Only the first can be corrected, but us making a mistake and getting anything less than 5 star review is stricly unacceptable in my eyes and my team also has a strong sense of ownership in their position and loyalty to my company.   I always make sure to help the team but also support them while giving them room to make the position theirs, get them to realize they are part of the company, not just an employee.  I make sure that they help in creating new systems and processes, always asking for their advice.  

I'm a leader, not a boss, but they see and hear far more than I do so I'd be an idiot not to listen to my team.

I think as you grow and expand, you too will do the same whether as a Transactional Lender or anything else you do.  Sounds like you have a badass mindset and exactly what you need to succeed! :)

 A LOT of marketing & referrals.  Non stop action taking and never giving up plus always making sure we give our absolute best to clients and always reply never making anyone wait and go to a competitor :) 

I have Ads, I have a lot of social media posts and updates on all social media platforms daily.  I am constantly reaching out to provide value to other wholesalers out there and in turn others see my company name.  I work with a lot of other real estate related businesses and closing teams that refer business to us.  We have blogs and articles out there working for us.  CONSTANT non stop SEO.

99% identical to Joe above, only difference is we use loan docs vs an agreement with wholesaler.  We don't have them recorded, just signed as another layer of protection. However, i'll likely be looking at additional ways down the road to be even more secure for a backup what if scenario.  

I concur with @Joe Davis and do the same with my company, however I refer other loan types outside of Transactional Funding loans to others. Only difference is that California I have 1.5% or $1500 min vs every state as Joe mentioned is the same.

@Nik Frid i'm assuming your friend is a wholesaler? If so, sure, he can use any funds for this. Could be his friends or family, or a lender. I do have a referral to a friend who lends $ for EMD. I only fund 100% of the double closing AB side, but I don't offer EMD lending.

There are a LOT of people out there who do lend EMD but rates & fees are crazy high!  I would suggest seeing if he can borrow from a friend, family, or even use CC cash back for example AS LONG as he makes sure that he's secure in his deal and not going to lose the $!!  That would then be highly irresponsible.

Heck yah!!!  I guess you beat me to the punch then since you already emailed Michelle LOL  Yah if you hittup the website again, click on "I don't have have a deal" so we can send you one email with the future requirements and give you a little more info about us etc.  Then once you have a deal and legit need us, it will be easy to find us searching your email. ;)  

Congrats on getting starting and doing all of your homework.  BUT also don't try to be perfect.  I mean yes on perfect integrity and perfect ethically, but don't try to be perfect when you're looking for buyers, sellers or the full process.  YOU'LL NEVER GET STARTED...learn along the way and it seems you are doing just that.  so KUDOS to you my friend. :)

Have an awesome weekend.  I'm about to walk out the door to enjoy a dinner and show with the Mrs. :)

We have clients reach out to us on MANY occasions to double close.  That doesn't stop you from working in other markets either if you chose.  I mean commonly it's "easier" to start in your own backyard for most.

I would highly suggest that you find some very solid buyers first.  Build a relationship with them, find out what they are looking for, what their criteria is then start looking for that.  Once you find something, get them to review the property and tell you what their price would be.  Then all you'll need to do is negotiate with the seller a lower price to create your spread.  You can then double close if you choose. :)

But feel free to check out my company online, I've got 80 ALL 5 Star Google Reviews and would love to help out anytime you ever need in the future @Mason Edwards. :)

Wholesalers Transactional Funding

The PRIMARY reason this was created was for another great revenue stream for Pace Morby.  Secondary would be for all of the clients, "Gators" who follow his program and use it.

MAJORITY of the clients don't even have a little capital, enough to fund the first EMD deal and come back to the group for funding. In the program they can bring their deals back to the program and allow "Pace" to fund while keeping the bulk of the profit leaving a little for the "gator". Meanwhile, Paces clients very slowly build up their capital, but we all know the majority will spend it and come right back to the group to let Paces organization fund it so he continues building his wealth from all of these "gators".

Do I get annoyed hearing about this every day..YES..Do I think it was a great form of revenue for Pace..YES. Do I feel that over 80% never will do a deal and or don't know what the F they are doing..YES which makes it even more annoying. However, those few who are financially saavy and have integrity and grit I believe will benefit from it until they are able to have enough experience to go off and do their own thing, charge less fees and be able to have more repeat business while keeping a much higher ROI themselves.

And NO, i've never been in this program, been around much longer than he even thought of this revenue stream.  But I do refer any EMD request over to a contact of mine who happens to be one of those 20%.  He's used the program to learn but wise enough to realize his own potential and live within his means while stepping away from his W2 and becoming an entrepreneur.  I'm all for seeing others get away from the rat race and have the grit to fight and create their own success story.

@Scott Walker I personally charge 1% in all states while CA is 1.5%.  However I see others charge up to 3 points.  I believe most common fee is around 1% though.  Some will charge MORE points the higher the amount needed. I've heard some of them feel like the client doesn't have the money, more desperate the higher the amount needed and will charger higher points.