All Forum Posts by: Jeremy Jones

@Will Barnard Thanks for reaching out. So, as a wholesaler I do understand that the best practice is for off-market properties. In this instance, this is an heir property and all 3 owners have agreed to sell the property, thus the MLS listing. The price that they are asking for is $60K, well overpriced for the neighborhood they are in. I'm guessing this is why its been on the market for so long. From the pictures and what the agent has told me, very little repairs are needed. Certainly no major repairs that I can see. So once I saw the listing I decided to take a swing at it and yes, the agent surprisingly agreed to meet with me. So in this instance, this is a stroke of luck if the owners are willing to take less and are ok with me assigning the contract to an end buyer. I did however notify the agent that I was looking to assign the contract. Working with agents isn't illegal, just frowned upon from what I can see. As far as the advice on the proof of funds, I will certainly put it to use. It sounds super beneficial and hopefully the buyer is in agreement with it once presented. Thanks Will.

@Don Konipol thanks for the insight. I have disclosed to the agent my intentions to wholesale the property. The property in question has been on the market for some time now and is headed towards failure. The agent is willing to work with me because the seller is very motivated to sell. Wholesalers (At least in Tennessee) require no licensing as the likes of agents. I do understand that it is the agent's objective to get the seller the price that they are asking for on the property. In this situation however, the agent is willing to work with me due to the fact that the seller is very motivated to sell. Although what I'm stepping into isn't regulated by NAR or anyone, it is my goal and outright intentions to be as truthful and as ethical as I can, not just on a business level but on a personal level. I do appreciate the input. Failure is only a concept...as well as success!

Hey guys, I'm just starting out into real estate and wholesaling is the entry method I chose to use to get into the game and learn all about the market, the lingo, the bylaws etc...so I've been learning from Youtube and talking to licensed agents that I know for a little over 2 months now. I recently bought Propstream and so far its been very useful. I actually was able to find an on-market property and the agent is willing to actually work with me or hear my offer at least.

So here lies the problem. I'm meeting with the agent this Saturday to walk the property. I have done some homework on the property from afar and I'd love to have an offer and contract in hand the day I meet with her. The problem is, I know of a cash buyer or two that might be willing to take the deal but I'm pretty sure the agent will want a proof of funds letter upon me offering the contract yes? So if she does ask for it and decides to not accept the offer until I can prove that I have the funds, how do I get one from a cash buyer without giving them the address of the property or them wanting to know the address of the property? I'm trying to protect myself to make sure the potential cash buyer just doesn't go behind my back and cut me out of the deal completely. You know, since I won't have the property under contract to protect my interests in the deal.

This could possibly be my first wholesale deal.  Just trying to limit as many mistakes as I can early on. Thanks guys.