All Forum Posts by: Randall E Collins

I'm a wholesaler with three years of experience. First, let me say this because you're new. I noticed several real estate agents post a reply on this forum. In my opinion, they should stay off of this forum if they are not a wholesaler themself. Because all they do is attempt to discredit or discourage wholesaling with information that isn't exactly correct. There is a forum on BP for real estate agents, they should stick to posing on it instead. Secondly, wholesaling is simple to learn but not simple to do. Locating property and investors who are interested in the property is a challenge but not impossible. I believe the best rule of thumb is to not draft a contract without an investor on the sidelines waiting to take over the contract. Thirdly, full disclosure with the seller is a must. They must be fully aware you will be assigning the contract. I don't know about other states, only what I've read on BP. In Texas, wholesaling is fully legal. You do not need a realtor's license and you do not have to pay any earnest money as others have mentioned. That's the sweet thing about wholesaling, it can be done with no out-of-pocket funds. Stay with it Evan, you're on the correct path.

A good friend of mine has a Farm/Ranch he's wanted to sell for several years. The problem is it's very expensive, I mean to the tone of 6m. It is well worth the price. The property has been appraised at more than that. I am not a real estate agent, only a wholesaler. I am not trying to wholesale it but because he's a good friend I just wanted to help him. Should I maybe suggest he try syndication or even a lease-to-own option? He's been wanting to sell as FSBO or even owner finance. I simply don't know how I can help him. Does anyone have a suggestion?

 That would be the contract that you use to start. Then you'll need an assignment contract.  Send me a DM, I think I still have a copy of the one I used.

You're in San Francisco and I'm a local in the area that Conner mentioned. Would you be willing to connect me to the contacts you mentioned in my area?

Thank you, Joe, for your reply and your concern. I understand you are only trying to help. The thing I forgot to mention is that I'm living on a small fixed income. And my wife passed away about one year ago. Because of that I lost her income. In short, I can't afford PropStream or any other subscription that would likely help me. As such, I need some free resources to get started again.

As a wholesaler, the main problem I've encountered is in locating distressed properties online. Due to my health, I had to trade my boots on the ground for a wheelchair. I am diligently attempting to continue doing business online since driving for dollars is out the door. Besides, I found DFD to not be very profitable and aggravating. One website I've researched that's supposed to list strictly wholesale properties. When I contact the seller, the property has been sold or is listed by another wholesaler. I've encountered the same with Craigslist. Does anyone know of any good, reliable websites or resources for locating distressed property? At this point, I'm ready to stop attempting wholesale entirely.

Constructive criticism, if received, is always a good thing. Good ethics and integrity apply to any and all business pro's not just wholesalers. But I believe the question was what do investors look for? Not what to look out for or what turns them off.

 Glad to meet someone in the area. I live at Cedar Creek Lake, Gun Barrel City, which is about halfway between Dallas and Tyler. I'll send you a DM.

Some find it profitable, me not so much. I focus mostly on property that's already for sale, off-market, FSBO, and the like.