All Forum Posts by: Nick Stango

Unsuspecting sellers would fall under my unethical category, full disclosure come first. If I ever do a wholesale deal, my first question to the seller would be, why don't use just list your property with a realtor?

Thanks for your reply @Jay Hinrichs great to have the opinion of a seasoned pro.

@John Thedford Thanks for the reply John, as a contractor wannabe investor, I feel I can benefit from both realtors and wholesalers, as long as they are working ethically and can provide me with good deals in a timely manor. Thanks for the stats!

@Michael Askew @Micah Copeland @Jeff G. @Brent Coombs Okay, so I talked to the 1st wholesaler the on that showed me the property, and I asked if he new about the other wholesaler and he said yes, and that he is just helping him sell the property. He asked me what he had it listed for so I told him 69k (not 67k like I previously posted) and he was like wow! But didn't seem to care all that much. I'm tempted to see if I could find a buyer for 45k and then go to the first buyer to see if I could get 3-5k out of it, why not jump on the band wagon right? If I do this, what type of signed agreement should I have in place? 

@Jeff G. Don't worry about your first reply, I've been know to stick my foot in my mouth on may occasions, usually after to much alcohol though, JK, not really!

@Brent Coombs I'm not sure about anything at this point! 

@John Thedford I understand how some RE agents might feel that wholesalers are not good for the seller, but keep in mind a good wholesaler has some positives to offer a seller in distress. Most motivated sellers are not going to want to market their property or pay a realtor to market it. And keep in mind there are good and bad RE agents too. A good wholesaler will have a nice list of investors they can market the property to, who can pay cash and close quickly, take a fee for their services and everyone is happy. As investors (or soon to be investors) we all want to buy low and sell high, that's just how we make money. Anyone who could legally help out in that process should be welcome in that picture, In my opinion. I've never done a deal yet, and my goal is to fix and flip my first deal, but if I knew i could wholesale a deal and make a quick $5-10K I would gladly pay a seasoned wholesaler to help me with the process or I could just come here and get the info I need to do it myself, being that some wholesalers might not like me moving in on their turf. I'm using a realtor tomorrow to look at a foreclosure, I just want to get a first deal going soon. My wife is getting her 75hrs of RE schooling started in April, maybe she will have her license by the time I need to sell my first flip. That would be nice. Ok so sorry about rabbling on and again thank you to everyone for your thoughts on this matter, It's always nice to here different opinions.

@Kyle Bigger Yep, I think this is a hands off situation unless I was absolutely sure of everything that was going on. Even if it was a bad situation, I wouldn't want to put myself into that mess especially if it turned into a legal one. Homeowners need to do their due diligence just as investors do. I'm not a lawyer and I don't know the seller from Adam, so why would I want to go behind anyones back especially wholesalers that I may do future business with. It's my job to make sure the wholesalers I'm dealing with are doing business in an ethical manor. So talking to both wholesaler to see what up with this deal and who actually has the contract, asking for references from them by other investors who have done business with them would be a start. Checking them out on a Google search or on a rip off report site would be another thing that I would do before signing any type of contracts with these guys. Having a RE lawyer look over the contracts, going to the county courthouse to look at anything I could find out about the property/owner/leans would be all good due diligence on my part, not sure about going to the homeowner who potentially has a contract with a wholesaler. Communication and information first, accusations after proof of wrong doing next, and i'll leave that to the lawyers and stay as far out of it as possible. The first thing I need to know is can I buy the house for the price I want to pay, the answer was no, so I'll just move on and look for one that is, when I find one that is I will make sure everything is in order before I sign. I'm still a newb so I don't want to get burned on my first deal. But thank you to all who have expressed their concerns, and keep the discussion going. Nothing like a little point-counterpoint, and I'm not trying to be an instigator either. Fight nice!!!;)

I think it's just a situation where one wholesaler is helping the other, i've dealt with both of these guys before, but didn't know that they were in cahoots with each other. The homeowner has lived there for two years it's been in his family since forever it was his aunts house. I talked to the homeowner when the first wholesaler showed it to me. I am probably going to pass on this deal anyway being that I would have to pay 40,000 for it and it would need at least 40,000 worth of work and I'd be lucky if I could get 120k, after closing cost and loan fees and other fees it's cutting it really close plus the neighborhood is not good, someone already broke in once and stole all that stuff I wouldn't want that to happen to me after repairs.  I'm looking at another deal tomorrow. 

@Jeff G. I didn't laugh too loudly but I did laugh a little :) by the looks of this seller I wouldn't be surprised. He got there late because he forgot the key, then he got there and still didn't have the right key, so he had to clime in through the basement window where someone had already broke in and stole are the wire and the copper pipes.