All Forum Posts by: Maurice Smith

@Noesha Ferrell It's important that you consult a real estate attorney for yourself if you have legal questions. Only an attorney can give you legal advice. 

That said, in my experience Wholesaling is legal in Virginia. We for instance, use a number of title companies (run by licensed attorneys) that have their own standard wholesaling contracts that have the appropriate disclosures and close them regularly. 

You are going to find what you stated above on this platform; those that say "no" and those that say "yes." If they are not attorneys, then they are only opining and telling you what they think, or what they a have been trained, what their broker told them, or association, etc. I had some of the same questions initially.

So I sat down with an experienced real estate attorney and talked through the specifics of wholesaling, what would be considered brokering, what would not, what disclosures are appropriate, etc. I'd also recommend attending a local REIA meeting and getting to know the folks there. You will find wholesalers, buy-and-hold investors, flippers, note buyers, hard money lenders, etc.

One of the main points of contention with wholesaling is intent and ability to perform. Money follows a good deal, if you can identify a good deal and build a good network you can be successful. Take time to learn what you are doing from others.

@Taylor M. If they are willing to pay or give a portion of the assignment as compensation for your time and effort then it definitely sounds like a good opportunity.

@Danielle Jackson Excellent point. This is a great nugget and something to consider as you build your methodology.

Hey @Taylor M. Sometimes getting some practice and cold-calling for another isn't a bad idea. One of the many challenges you will have in this business is getting good seller contact information. If they are doing that part for you and you are adding value by calling to initially qualify their leads, its a win-win. You get practice and get comfortable engaging with and building rapport with sellers, and they can focus on another part of the business. We have allowed others to cold-call for our business in the past too. In exchange we share knowledge and best practices. 

There's no real difference between what the two are asking of you; they're both bringing you leads to qualify. One is coming from D4D and the other a campaign. Essentially, it boils down to where you feel you are. If you have the basics down, have a decent process to identify leads, can comp, and estimate rehab, I'd say qualify your own leads, but if you aren't there yet, then perhaps CC for another wholesalers would help you grow in experience and confidence.

It's better than paying some "trainer" thousands to teach some marketing matrix or their "patented formula." If you do it, ask if their dialer records and if they can give you feedback on your CC. 

As for conflict of interest, probably not, unless you under some sort of agreement. That said, operate with integrity. If you're going to CC for both, discuss it first, see if they have any concerns and keep your leads pristine and well organized, some leads are difficult to come by and take substantial effort to acquire. Consider your own organizational skills and whether you can keep up with multiple sets of leads for various wholesalers.

Are they offering any compensation or just value add? Just some things to think about. Much success!

@Kennith Brandon

Are you seeking assistance with finding a cash buyer or seeking feedback on the format of your marketing post? One could kind of take it either way.

I’ll note that if you have them, add in a link to pics or any video of the property for your prospective cash buyers.

Is it lite, moderate, or heavy rehab? Is the assignment you are seeking 115k or is that the total asking (including your assignment).

Last question (just because I’m in the area), what subdivision or neighborhood is this in?

@Logan Eckstein Stay encouraged. Cold calling is not easy. The main thing is to ensure you stay on the legal side of things. We subscribe directly to the DNC and scrub all our numbers against it. This helps us ensure we are not calling someone that has indicated they wish not to be contacted. If someone says take me off the list, don’t call me again, etc. we flag it in the CRM (dead lead) and keep it moving.

As stated below, SEO is the ultimate tool to generate organic leads that want to speak with you about selling a property. If you don’t have the funds to have someone build one for you or for an investor carrot site, you could build a custom WordPress site with an SEO plugin. There are more advanced things you could do to make your site rank, but it will help increase leads. We developed ours in-house and it helped a lot for warm leads.

Force yourself to cold call some more and get comfortable with it. Once you have a flow that you like for your business, get a few deals or so, then consider using VAs. That takes you out of the cold-call part of your Acquisitions apparatus.

@Amna Malik Yes sir. I’ll send you a direct message shortly.

@Lynn Knaak I would definitely encourage everyone to put a set of questions together and sit down for an hour or so, and get the basics surrounding the legality of wholesaling in your state.

That's said, if you are seeking some additional opinions for personal consumption/consideration, I'd personally recommend engaging at your local REIA. Make sure the REIA is part of the National REIA too. You will find ever sort of investor their; including, wholesalers. If your state is not wholesale-friendly you will likely find licensed individuals that wholesale as well. After all, it's just one of many exit strategies, which I am sure you are aware.

BP is a great place, but I’ve found SOME members to be particularly unwelcoming to wholesalers. I have gained a lot of value, education, and even access to capital at the local REIAs.

Lastly, get the license. It just expands the options you can offer the seller. If the property is marketable in current condition and a cash offer isn’t right for them, you can list it. One of the first conversations I had with my real estate attorney after general legalities, was about how to ethically and effectively wholesale as a licensed individual. I’d have that conversation and let an attorney give you their professional legal opinion.

@Amna Malik How are you? What market are you in?

Thanks @Brad Collins. I’ll definitely see if I can attend.