All Forum Posts by: Account Closed

I have a great opportunity for any interested parties looking for a fixer upper in the Dupage county area.  PM me or email for more information

Thank you

@Ben Leybovich
Thanks for the clarification, Ben. I completely agree that being untruthful is immoral and gives wholesaling a bad name. For future purposes, what would be the legal and proper way to go about a deal? Inform the seller that I have 0 intentions of closing on the property personally and that I am just helping them sell the property for a finders fee (essentially) ? Wouldn't this being practice real estate without a license? Going back to my initial question, even if my seller was aware of my intentions real estate attorneys still seem to want nothing to do with wholesaling. 

@Ryan Dossey what would be your definition?

My comment of wholesalers giving themselves a bad rep through their title alone was directly to Ben lebovich as a theoretical counter argument to his claim that I, specifically, was giving wholesalers a bad rep by using an assignment contract.

@Ben Leybovich Wholesaling is the strategy of assigning a contract (without closing). Wholesalers don't close and then sell the property. That would be called flipping. These are 2 different strategies. Therefore,  wholesalers give themselves a bad rep just by having the title. 

@Account Closed

Great example. The more I read into it and see experienced perspectives, the more immoral the whole idea of it seems. If someone can convince me otherwise, I'm going to steer away from the wholesaling "strategy" all together. 

@Account Closed What I'm wondering is when you explain the process clearly to real estate agents or attorney's it's like their so opposed to it for some reason.. just my experience.

I believe the reason is because they recognize the possibility of the deal not closing in which case they won't get paid, and also the immoral aspect of deceiving the seller into believing you as the wholesaler will close. I was told these exact responses from attorneys who drew no interest in doing business with me. 

@Ryan Dossey "Promising to close yourself and doing an assignment. I see the morale qualm. Being upfront and honest... I sleep great at night."

Ryan, this is the main issue. Unfortunately I don't have the capital to close on the property as a Plan B. The standard wholesale structure would typically use an assignment contract. I was under the impression that this is what makes a wholesaler a wholesaler. If you close, you would fit more appropriately in a different category. In most instances, if you're upfront and try to explain what you are doing a typical seller will not understand and will be driven away from doing business, especially if you bring up the possibility of not closing.

Bashing wholesaling or not, I'm sure a lot of new wholesalers could educate themselves on the moral aspects of the business through this thread. Although, that wasn't my intention. 

I genuinely appreciate your input though

I appreciate the helpful input from everyone and would be more than happy to hear more

Thanks

Tim G. gave great encouragement and I agree with everything he has to say. Although, if sellers recognize the possibility of you not closing the property in the end, they will be highly unlikely to do business you. Therefore, you're going to have to mislead the seller that you will close in order to get a signed contract?

Chris emerald has had a full inbox of messages and a vacant office since '92