All Forum Posts by: Pratik P.

It's not worth it. Appreciation is just icing on the cake. If the numbers don't work as they are right now, then it's not a good deal. Also, they are building 10k homes right by Costco so I don't see existing home values going up much with the big increase in supply. 

I grew up in Folsom and my parents live there now. Your ROI is likely to be negative if your plan is to buy something there at market value and rent it out. Folsom, EDH, Granite Bay, etc are all high end areas and usually won't cash flow.

I honestly can't tell if you're being serious or trolling us

This happened recently with a seller I was working with. She tells me that she accepted a higher offer than mine and then I find the property listed on the MLS for 20k more than her contract. She was understandably shocked when I told her.

Like others have said, have the buyer release the EMD to you and also report this to the board. I don't think it's worth hiring an attorney for this.

Most don't have a clue what they're doing and some are unethical. Wholesaling has always been in a gray area in real estate so there's lots of controversy and frankly a lot of people don't understand the business. For example, some people here think it's okay to wholesale if you have a license which is a big NO. You can't represent the seller and also negotiate against them at the same time...conflict of interest. That is why net listings are not allowed in most places. 

@Caleb Heimsoth The moment I got my license, I started getting advertising and cold calls from all kinds of brokerages, marketing consultants and CRM companies. How did they get my brand new email address? 

Why are you offering her anything. She didn't have authorization to allow someone to see your property after you both signed the release. YOU found the buyer. Give yourself that giftcard for doing what the agent couldn't lol

If your lender backs out on a deal because of an assignment fee someone is making, then you need to find another HML. If my HML canceled on one of my deals because of THAT kind of reason, that would be last time I worked with them.

Also, no one here has a clue what the circumstances were for the seller to accept the offer. We all think about money because we're investors, but sellers have lots of other things on their minds that we may not be able to rationalize. You also don't know how much marketing $$$ this person had to spend to find the deal. Stop making assumptions, stop worrying about other people's money and worry about growing your business. 

@Chris DeSisto I have a friend leaving a certain brokerage and coming to mine because they won't let him flip houses while he's an agent with them. I think it's ridiculous that he can't buy for investment/profit even if he discloses that he's not representing anyone.

We've been getting those same leads. People calling us from direct mail or online advertising about their house that's just sitting on the market for months. People think MLS is the magical answer for getting a house sold, which isn't necessarily the case. A lot of my serious buyers don't even look on the MLS for their deals. They get deals brought to them by wholesalers and marketing.

If it makes everyone more comfortable with wholesaling, flipping, etc, I wouldn't care much especially since I'm licensed. But no one should be representing a seller with their license AND wholesaling at the same time. That's a huge conflict of interest and violation of their fiduciary duty. Lot of people seem to think wholesaling is the same as being an agent, it's definitely not.