All Forum Posts by: Nolan Whitaker

As the title says I am looking for opinions on my startup company SellWell. Me and my partner were wholesalers and noticed that there are a ton of FSBO homeowners that dont want to use agents but the issue is Zillow pushes these listings to the bottom. Me, my partner, and our CTO are building a platform that utilizes AI for all people to sell and buy homes. The AI will handle contract management, offer analysis, sending out offers, contacting title, setting up home walkthroughs, etc. We essentially want to replace the realtor for these FSBO sellers and just charge 1% of the sales price. We have contacted a lot of FSBO homeowners and got their opinion on our future service and it has been well received. We will be a licensed brokerage. We will also allow a seller or buyer that already has an agent to connect with users that are using our site as their "agent". At the beginning we plan to have in house agents review any important decisions our AI makes until the variables are tweaked enough that it can be left on its own.

Again, just seeking thoughts and ways it could be improved before we hit market.

Thanks,

Nolan.

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Quote from @Joe S.:

Quote from @Nolan Whitaker:

Quote from @Joe S.:

What was the amount of earnest money deposit?

1500

Well, depending on how much your reputation is worth, I would recommend that you do your best to get him his $1500 back soon as possible and never do business with him again.
What kind of return was he going to get on his $1500?

He was going to end up making 600 on the 1500 lended. Now that he’s wanting to back out of the contract he wants both fees. So 2100.

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Quote from @Joe S.:

What was the amount of earnest money deposit?

1500

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Quote from @Guy Gimenez:

Quote from @Nolan Whitaker:

Hey everyone, me(19) and my partner(17) are new to wholesaling, we got a good seller finance property under contract and needed an EMD lender and ended up getting one. In our contract with the lender there is no timeframe stated for when the property needs to close by and the lender needs to be paid. However, getting the house sold has taken a little while longer than we expected due to a survey requested by the buyer and surveyors in the area being booked up and unable to get to the house. I now have the EMD lender blowing up my phone saying he needs to get paid and if I dont pay him by a certain period or pay more money due to the length its been he is going to "blast" me on his social media and stating he is the "last person I want to mess with", is this allowed? and how do I go about dealing with this.

If exactly as you say, your lender is either new/inexperienced or used some version of a form found on the internet rather than have a solid, attorney drafted agreement. It defies logic that the lender would not have a firm date by which they must be repaid. Can the lender "blast" you for following the terms of your agreement? Yes, but he/she could also face consequences (litigation) for defaming a person in writing (libel).

The contract didnt state anything about being paid back by a certain date, which is where I am concerned. He was threatening to "blast" us if we didnt cash them out of the deal or pay them more money to extend their lending period, which isn't stated anywhere in the contract, neither are terms for if they want to be cashed out of the deal.

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Quote from @Chris Seveney:

@Guy Gimenez

Were you required to make payments? What did the agreement state?

Yes they can blast you and say what they want, as long as it’s truthful not much you can do about it either. They also can provide an opinion on it - so yes they could blast you just like people blast Amazon or any other business

The only thing that the agreement stated was payment would be due no more than 5 days after the closing of the property or the contract between us and the seller was cancelled.

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Hey everyone, I'm 17 and looking at this property as a potential first wholesale deal, its located in Mansfield Tx. 3 bed 2 bath, 1,080 SqFt. For sale by owner posted on Zillow for 95,000 after a few price reductions. From the pictures property looks to be in very good condition(see pictures). Personally I dont understand why the price tag is as low as it is, to me if some of the wallpaper was changed and the bathrooms were rehabbed I could see it selling for $125,000 to $150,000. If I were to come in with an offer I think my offer would be around $75,000-$80,000 and find a cash buyer for $90,000 ideally. There are few nearby comps that I can compare to. Let me know what you think, thank you.