All Forum Posts by: Nicole Starnes

Does anyone know the qualifying criteria for private loans for real estate deals? Does personal credit matter? 

Thanks all for responding to my 3am rant! I'm good now, lol. Going to check out the resources posted.

I definitely am motivated to stick with it and I love to learn. It's the occasional bash that's irritating because not all wholesalers are the same. Some think they know it all and others, like myself, are willing to learn.

Lol, I have no idea how that got sent with a connect request @Jade Davis.

I have. I have met a seller. We're actually friends from working with his property for a while.

I was speaking on the possibility of doing deals virtually. I totally agree that seeing the seller in person is valuable and they feel more comfortable. When that's not possible, as in virtual wholesale deals, there's ways to connect otherwise, though.

I am a new wholesaler... Well, have been learning for a while but I'm in the first stages of taking action. I come to biggerpockets to learn. Unfortunately I've come across a lot of discussions that have smart behind comments bashing wholesalers. I read a lot of questions where it wouldn't take too much effort to just answer the question. Instead, what's posted is a smart behind remark from some REI who thinks he's/she's above the rest.

Ok, there's a lot of misinformation out there... The gurus have made this seem easy... Lots of people are in it for the wrong reasons... Not everyone is doing things properly. I get that... But instead of bashing wholesalers, can the experienced REI who actually flip properties offer some well meaning advice instead of saying that a newbie has no business wholesaling? No, I don't know how to properly estimate rehab costs... So... when I ask, if you're going to comment, TEACH ME... don't bash me for trying to get into something I love. My goal is to provide those which are truely deals in order to get started. If a wholesaler is doing something wrong, there's a good chance that they're unaware of it. I'm pretty sure no one wakes up in the morning and says "ok so today, I'm going to present the crappiest deal possible and try to get away with it". REI are too busy bashing and "not even looking"... Why don't you say something like "hey, I think your rehab estimate is way off... Here's why... And this is what you should do next time"... If you take the time out to share information (isn't that why we're here?) , that wholesaler that you're telling everyone not to work with could end up being an amazing wholesaler with the right knowledge of what they're doing wrong and how to get it right.

All the "wholesaler's have no business in this business " posts out there make a newbie want to run for the hills. It's literally disheartening to know that I'm being looked down upon before I even get started. What's the point in putting in all the hard work and finding great deals and learning how to estimate rehab costs when all I hear is that I don't belong in REI as a wholesaler? Learning everything is challenging enough, (an endeavor I'm willing to go through because I truely do love the investing side of real estate). A little bit of encouragement for those whom are greatly misinformed or just starting out would be awesome.

I'm  kind of curious as to why everyone is recommending to start locally...I can see it for familiarity purposes but if you plan on wholesaling in other markets (I think a wholesaler would be limiting themselves if they didn't) then why does it matter WHEN you start? This is my understanding:

Negotiations between you and the seller are done over the phone. You ask the seller detailed questions about the property and ask if they happen to have any pictures (they usually say "well...ummm...no, but I'm sure I can take some, what would you like to see?). Make sure they take pics of anything significant that they describe. Once an agreement is made, the contract can be either mailed / emailed / faxed to seller with instructions on how to review and sign...leave # in case they have questions. Once you get the contract back, market for a buyer. Once you find a buyer, do the same paperwork process with him/her. Find out which company they're using to close and send all documents there...money can very easily be exchanged from afar also.

Am I missing something? I've actually done this locally. Never met seller or buyer in person but we communicated very well. I'm just curious about other wholesaler's views on what the hiccups of this process are and can be.

Programs like SignNow make it totally paperless. Just discovered this this morning actually. All your recipient needs is an email address.

Thanks so much.  That makes sense.  I would think that a seller would be OK with the way the deal is structured because there are some advantages to them as well.  

How do you feel about finding buyers for other wholesaler's deals at first to be more comfortable? 

Hey all! I started wholesaling a number of years ago and I think one of my last posts was about getting my first deal under contract. Well, I didn't end up finding a buyer for that one and I think it's because it wasn't really what investors were looking for. It was owner occupied, didn't need much repairs, and the asking price was pretty close to the ARV. I just kind of let the contract period run out and I never heard from the sellers after that...thank God.

Anyway, after that deal, I just kind of fizzled out.

I'm back with a vengeance and I'm determined to make it work this time. After so long, I still have a passion for it. The only thing holding me back, though, is the fear that I won't find a buyer for a deal and end up in deep crap because I signed a legally binding purchase and sale contract and irking the nerves of a seller after tying it up for a few months and not delivering. I know the saying is that if I find a deal that's good enough, the buyers will come. I believe that to be true...but that fear still stops me from going at it full speed ahead. So I guess what I'm asking is, what are some things I can do to protect myself in a wholesale deal in the case that I don't find an end buyer?

Thanks for all advice!

I have an older buyer's list. I won't tell you how many are on it 'cause it's pathetic, but every time I come across a deal, I send it out to them. No matter how many deals I send out, I don't usually (ok, ever) hear from any of them. What is the best way to find out if they're still buying and what their criteria is? I was thinking about sending out an email stating that I am updating my list of contacts and want to know if they're still investing and what their current criteria is. Should I do this and continue sending properties out to them or should I consider them inactive and just start fresh?

I know that having a solid list of buyers who are qualified and active is very important (especially today) so that's what I'm trying to concentrate on right now.

Hi Marvita! I am from Pennsylvania (currently live near Philly) and I'm also fairly new to real estate. I've been studying and trying to move forward with my business for about a year and a half now and finally making progress.

A tip I have for you is to stick with it and don't let anything stand in your way of success. The whole on and off thing is what's taking me so long to actually get some deals done so do whatever you can to keep things from slipping backwards.