All Forum Posts by: Shannon Oakley

@Alex Grosvenor it’s the way he gave his answers. It’s all about out delivery. He wasn’t friendly, I don’t care who you are you can be blunt and bot be rude and assuming someone else is I competent based off the tone in which you respond.

But thanks for your response, and the helpful info!

@Joe Villeneuve listen, this original post was not for the sake of arguing. I’ll always have a lot to learn and I’m open to all kinds of mentorship. The key is to always learn.

Now, the problem isn’t the market, it’s the investors not bending to the market. Never asked or want an investor to bend for me, it’s important that you know that the market doesn’t bend for you. Every investor has a formula tailored to them. That’s how we go into our deals...and then you bend to the seller. Even you know that I’m sure if you’ve ever had to bid higher than AP for example just to get what you wanted. So you got what you wanted b it you still had to sacrifice something.

This isn’t about the investors who understand. This is about dealing with investors that don’t. Relax. It’s not personal.

@Joe Villeneuve right, that’s my point, but when dealing with some investors who don’t understand that, it makes wholesaling difficult. Because now we are here yet again where the market is being flipped.

And to you statement “what the heck does that mean” it means investors are asking for comparable prices to remodeled homes but in some areas that’s difficult to determine because all of the recently sold homes in that area are “sold AS-IS” and haven’t been put back on the market so please don’t take that out of context.

Right now it’s a sellers market. I see you also let that statement go over your head.

Clearly your sensitivity to my statement shows on your answers but thank you fir your feedback.

@Wale Lawal you are right, but the fact that investors feel as if they don’t is also a problem

I have questions for any investors and wholesalers willing to participate....What is your buying criteria? How much do you actually expect to spend on a home wether off market or on market? How much do you expect to spend on a fix and flip? What is your buy and hold criteria?

I feel as if investors are missing out on great opportunities in the market by wanting the cheapest deals without realizing some of those come with major rehab. The market is flipping upside down and evolving. What the market was is currently not what it is anymore. ARV is harder to calculate in certain areas because homes are being purchased at asking price or 10,000 or more just to beat out the competition. Also, statistics are showing in most areas recent home purchases, and those homes haven't been put back on the market. Property values are going up, so fixer uppers are no longer only 70k or less. With developers flopping into cities that have been ignored for years expectations are different. We have known Houston, Dallas, LA, Miami, The five boroughs of NY, Washington D.C, Chicago, Atlanta, St.Louis, Detroit, and a few other cities to be the only major cities. That no longer holds true!!! Cities that have been ignored for so long are now evolving at fast rates and development is happening everywhere!

I find this very frustrating dealing with investors who seem to not understand that the bigger risks they take the higher the reward will be and that right now.....depending on rehab the BUYERS are determining the NEW MARKET VALUE!!! The market seems to be in favor of sellers right now with investors having to bend, but it seems as if old ways, outdated info, and old thinking habits from investors are making deals difficult for wholesalers. It seems as if they also don’t see and I mean really see what’s happening in today’s market. What we once could afford, we will have to pay more for. I just really want to hear from investors because it makes wholesaling extremely difficult at times. Some of us do extreme due diligence on our properties as if WE ARE PURCHASING THEM FOR OURSELVES !!! So that when assigning these contracts, the investor is running into little to no surprises, although inevitably there will be some during rehab! This is a career and not a hustle for a lot of us. I’d love to hear thoughts about this.

@Isaac El thank you!

As a wholesaler I absolutely love this business! I love it! I love to see my investors light up with a great deal, I love to work with listing agents! I prefer working with them! It expands our reach!!!!

I just want to know...as an agent...as an investor, what turns you off from us? Is it presentation? Is it that the POF isn't coming directly from us, have you been lied to? What is it? It seems that agents more than anything just don't like us. Not all of course because that's very subjective to who you meet. I just would love to expand my team, and I want to know what stops you guys especially agents from partnering...

You know I work in another state, but I find homes all over the U.S. for my investors.....I just want to say that wholesalers get a bad rep because there are so many who ....

1. Do not understand their markets.

2. Do not understand how to calculate MAO, ARV, or even know the difference between REHAB, RENOVATION, COSMETIC REPAIR costs....then there's full and partial renovations that go anywhere between $15-$60 per sqft. House may need to be brought up to code which is considered in most cases full renovation.

3. Purchasing lots is another ball game!!!!! Cities require approvals for cite plans which will more than likely get denied in the city because homes must look a certain way! Combines lots need to be vacated and certain lines across and back to build on, laterals, etc. These are things you need to present to your investor!

4. Understanding the contract: I am not an attorney this was the hardest part for me. :( Spending endless hours googling real estate definitions of terms and making sure you are filling out a purchase agreement that does not only benefit you as the wholesaler but most importantly your investor!

5. Fear! Some if not a lot of wholesalers DIDNT just pick this up! Some of us have worked on homes for years, assisted on all kinds of commercial and residential cites, have been mentored by agents with enough skin in the industry, and absolutely love to see everyone win! We love what we do, we love the hussle, we love the game, we love working on our teams!

In closing I just want to say I hate to hear investors talk about never trusting us again and talk bad about who we are and our knowledge of industries! You may come a wholesaler who knows more than you by experience they just don’t have the real estate license to prove it!!!! You may find one who knows nothing about a particular area but knows everything about everything else! I’m sure you didn’t know everything when you first started! Books teach most, but experience in some cases teach better and I have learned more from my losses and mistakes than my wins in this industry!!! That’s why teams are so important, building a trusting interpersonal relationship with your investors are soooo important!!!! I have walked away from homes and told my investors who are from other states ABSOLUTELY NOT!!!! Would not want to put them in a situation that put any stops in their production! We are not all bad!

@Dan Powers There is so much happening in the business and I think they are trying to make wholesaling a "legal" profession and deem it as illegal in some way unless you are licensed. Now they want to tax the profession. Wholesaling is getting bigger, we work hard on behalf of our investors to get the lowest MAO possible without them having to. There's so many discrepancies in the industry among agents, owners who are being told their home is worth way more than what it is, and now there is scamming going on in the industry as people are posing as wholesalers to steal from investors! I mean, they may find some way for the third party person "wholesaler " to provide proof of license, and make it so that agents have to ask for that or they are required by law to cancel the contract or not go forth with one. Whatever the case may be, you have typically 5 days to get approved for a loan for the home, when showing soft POF. Not sure how this will go forward but we will see.

@Jay Hinrichs you have so much wisdom I mean your response is gold!!!!