All Forum Posts by: Ryan Fitzhugh

@Jonathan Greene I see where you are coming from and I apologize for seeming fishy. I assure you I have done more than 50 wholesale deals and most of them were listed properties on the MLS. I have added a picture from MLS of solely SFR homes that I was the selling agent for, all of these were wholesaled through a double close. Some were more lucrative than others. I hope that helps with my credibility a little. If need be I can provide you with redacted HUD's and closing statements on other multifamily properties as well as off-market deals.

In regards to being new to BP, I had another account which has been deleted because it was with a wholesale company. I have been on BP since 2017, which I get is not very long, but this account is much newer. I also rarely post or comment, mostly just read. 

I do appreciate the advice though, and you brought up some great questions for me that I need to answer. Thanks. 

@Brandon Sturgill My apologizes. To be more precise. I have been looking through the tax records of all the deals I have done in the past to try and find indicators to the reason the seller was selling. Such as a deed transfer like "intrafamily dissolution", or "quit claim". Other indicators such as age of the owner, year the house was last bought, or some of the more obviously like is there delinquent taxes, a lien on the property, or pre-foreclosure. 

I want to know if this is an efficient way to create a targeted list, or is this a waste of time? Maybe there is a better targeting method for distressed sellers? Like I said before, I have done very few deals direct to seller. I am tired of JVing and I am tired of competing with other offers on properties listed on the MLS. I simply want to transition into being direct to seller, at least most of the time.

Good afternoon, 

I have done 50+ wholesale deals since starting out and have been very fortunate to have guidance from sites like this among other places. Most of my deals I have contracted directly off MLS or from other wholesalers and then either assigned to the end buyer or double closed.

I really want to get into targeting sellers directly. I have done a two direct mail campaigns and found some luck doing that. I have a few simple questions I am sure someone on here can answer. 

Should I be targeting a demographic? Such as age of owner, year the house was last bought, widowed, tax delinquent, etc?

Or should I be targeting owners with a recent deed transfer such as quit claim deed, or intrafamily transfers, etc. 

Maybe a combination of both? 

Lastly, solely looking at quit clam deeds off the property records. Is a quit claim deed typically going to be a transfer of title for the current owner to say an LLC or maybe out of the name of a spouse or sibling? Or does a quit claim usually indicate a distressed sale to an investor?

Thanks in advance for any insight. 

@Monica Silvestre

I am sorry to hear what happened, I hope you find a way to get your money back. 

Last month I was buying a property from a wholesaler that was pending on MLS. I had 5k out for earnest money, luckily at a title company. I assumed that he had a contract from the seller and I even asked the title company if his underlying was legitimate and they said yes. Closing kept on being delayed due to not being able to get a payoff amount for one of the mortgages. (3 weeks) Things were starting to seem a little fishy. Next thing I notice is the property moved to sold on MLS.

I am not sure if the wholesalers forged signatures on the contract they sent to title or what. Either way, I have decided I will always keep earnest money at title, unless it is a wholesaler I have done business with or they are licensed.