All Forum Posts by: Jon Allen

@Mark S. that's great. I hope they're getting the price they wanted. I'm not suggesting that nobody can list a distressed house on the MLS. I'm not surprised that they found a buyer that way. But when you subtract the agent's commission, holding costs of what is almost inevitably a much longer closing process, time and hassle involved in showing the place, etc, there's room to debate whether selling it on the MLS is the clear winner for everyone.

Yeah I’d be curious how wholesaling by a licensed agent is consistent with the agent’s duty to the seller.

I would want her to be POA with specific language pertaining to real estate transaction and any specific tasks you know that she will need to do on his behalf. Docusign also sounds like a good option for getting signatures.

Maybe realtors should do what some other professions do and take on some listings pro bono.

I feel like the critics of wholesaling have a different view of the kinds of houses most commonly in that market space than I do. How easy is it to get a realtor to list a house that needs new EVERYTHING, that the seller won't have the funds to spruce up at all prior to listing, to hold open houses in a place that reeks of cat urine, that will only bring in a tiny commission due to its disrepair? Does that seller want to sell it by owner and take the better part of a year or more showing the place and hearing the criticisms and disappointment? Not every place lends itself to getting multiple offers on the MLS.

Benjamin Moore Stonington Gray

He’s going to fleece the non-accredited investors in that fund. I wouldn’t touch it. I wouldn’t even touch the accredited fund and that’s a better deal. He says he’s paying north of $200,000 a door and charging like $1,600 a month. That’s not going to kick off a ton of cash after fees and investors only get 65% of that despite very likely putting in the vast majority of the equity.

Mailman

@Mary Mitchell how many truly distressed properties are you seeing on the MLS? What do you do if you let your home deteriorate, can't afford to rehab it, and need cash? Wholesalers are creating a market where one does not exist in those cases.

The question back to them is why aren’t they getting those rents now if it’s so easy.