All Forum Posts by: Shannon Oakley

@Isaac El I have POF from my investor, I provided it to her. She said I need to show POF from my own personal account.

@Mark J. And another thing!!!! Never wire money to a wholesaler that’s the biggest RED FLAG!!!! Title company or escrow should be presented in the contract! Name, address, and of course the amount in escrow!

@Mark J. Hi! Really wanted to reply to this as I’m a wholesaler in Virginia, and I personally see a lot of red flags here. However, you could be working with someone who is wholesaling for the first time and had no idea what they are doing.

1. As a wholesaler it is very important to do your due diligence and get as much information on the property as possible and/or lot before presenting it to an investor. You want to make sure the contract/assignment you are selling underprice is ready to go or as close to it when selling. Being extreme transparent with investors is key as it builds trust.

2. Wholesaling can be nerve wrecking as sometimes agents don’t understand what we do and won’t submit our offers to sellers, or cash investors are hard to find. There is so much more than getting a contract involved there is much footwork and understanding the legal documents presented. Maybe they didn’t understand how to fill it out.

3. It could be a team of wholesalers as sometimes we work together on deals. If so, there is still a professional way to present this.

4. Contingencies are important when providing and signing a purchase agreement! If there isn’t a contingency that benefits you add it in additional terms and number it! Cross out and initial terms you don’t agree with also! Sounds like this place may need to be brought up to code, or maybe has something else, outstanding taxes, liens, maybe the building has to be reassessed by a surveyor and approved by the city I mean there’s so much!!!!

5. In closing please trust your gut, especially when it’s a still voice. It never lies! If it looks sketchy it might be! People who are confident in their properties don’t mind 10 day contingencies as that’s standard! And make sure your contingencies start from your acceptance date when the offer is signed by seller!!!! If other investors are interested, they will still be around. I hope I could help!!!!

Shannon

Had an investor reach out to me about an investment opportunity if I could find another investor to work on a JV deal within the oil tank industry. Here's an example on what the ROI looks like based off the investment amount listed below:

Investment of $250k

Option 1: Double your investment within 90 days

7 month program:

Month 1: get initial investment back

Month 2-7: a rerun of $125k each month

$250k = $750,000 in 6 months guaranteed

Month 1 get your investment back

After that get 50% return on your investment for 6 months returning $750,000

Is anyone here familiar with these kinds of investments?

I'm a wholesaler and the market I'm in is really hot! Investors are swamping in from everywhere? Any advice on working with agents who don't understand how wholesalers work with investors? I had an agent tell me that I needed POF for a lot when and provided them to her already. She said it had to come directly from me and not my investor. First time dealing with this and it's so frustrating especially after spending hours on top of hours trying to assess the vacant lot and why so many investors backed out!!!!! I'm usually really good at talking to people, but it's hard to get some people to understand something they are so unfamiliar with

Good Afternoon! I’m new to this forum, and there’s a lot of information here! I’ve worked in construction on and off for my father for over 10 years, and have seen the ins and outs of what it takes to flip a commercial and residential property from that perspective. However, I’d like to dive into flipping my own homes!

What do hard money lenders look for when choosing someone to invest in? Should I find an investor first? Should I find the property first? Would it be wise to choose a rental or commercial property to invest in during these trying times? I’m eager to learn!!! Any insight and info would be more than helpful. It seems as if this is something you would have to just do!