All Forum Posts by: Will Pickering

Hey Bob, thanks for jumping in! I think I created some confusion with the "as fast as possible" piece. It wasn't as much "speed," as I think moving deals swiftly helps all parties involved if the deal makes sense. It was moreso collecting a bunch of contracts and then feeling like I had to push buyers into doing a deal which stemmed from inexperience and lack of trust in my own evaluations when I first was getting started. Just trying to help others avoid some of those pitfalls that I had to struggle through when I was pretty green to all of this

But I completely agree! The numbers have to work for all parties and if they do, the contract should move quickly anyway because it makes sense for everyone. That has been part of the growth, trusting the numbers and allowing my buyers to trust their evals of the properties

 Yes agreed there. I try to understand each of my buyers' preferences as some prefer to work on homes that only require mainly cosmetic upgrades while others don't mind gutting the whole thing everyone is different. Regardless I try to always make sure the numbers work so as to avoid what investors would consider junk

 Hey Peter, thanks for chiming in. So a few things to unpack here...

1. I really was creating this post hoping to create some conversation around the wholesaler and buyer relationship. We all take our lumps when we are new but I am hoping to help some other new folks on both sides of the fence understand how to best interact

2. It wasn't so much a worry of speed I suppose when I said "trying to go too fast." I think moving a deal quickly can be great for both sides. I think the pressure I was referring to often came from me wanting to do right by my seller and get the property sold. It also came from being a little too money focused when I was first getting my feet wet. That would sometimes lead to me trying to push too hard on a buyer and ruining a potential relationship, or creating bidding war situations which would also upset folks I was working with. Neither were helpful to me, the buyers or my seller.

3. Honesty is the best policy. I always try to be transparent on anything regarding the deal and also try to be as close as I can in my repair estimate.

4. My business really began to improve when I took the money out of the equation and started focusing on really helping people in tough situations and then on the other side, really serving my buyers so that they were getting something worth their investment and time

Thanks again and wish you the best in your real estate dealings!

 Thanks for the reply Alan. I'm glad you feel that way. My wholesale business mightly improved when I started allowing my buyers to provide their own inspection or send their contractors. I do some flipping myself so in my wholesale I try to be as close as I can on my estimated rehab numbers but every investor does things how the prefer so I learned to let them take my number and decide if it fit for them or not

As a wholesaler I often found myself feeling the pressure to offload contracts as fast as possible when I was first getting started. I realized quickly, that was not helpful to me or the prospective buyers/investors I was marketing too.

So as an investor...what are the top one to two items your looking for or info your are seeking when you are looking at potentially contracting on a property sourced by a wholesaler? How can a wholesaler really provide value to you beyond just finding potential deals?

Let me know! Hoping I can improve my service personally and hopefully other folks can pick up some tips too!

Hey Alex, thank you for the response. I would be interested potentially if you’re willing to share! Are they Nebraska specific or just general?

I was curious what the official legal form is that is used for the contracts on wholesale deals in NE. I just moved here from TX and in TX we used a legal document called a TREC form that acted as the contract on both ends of the deal.

It seems that there are more regulations around wholesaling here so I want to make sure that I am using the proper form.

Thank you!

Does that change at all if it is an active mls listing rather than off market?

Thank you!

Hello,

I am new to real estate and wholesaling. I've been fortunate enough to find a mentor who is showing me the ropes and is basically giving me cuts of his deals that I am working for him but we're going about it as a JV, as it's allowing me to learn the process of the sale, getting a contract, etc.

I am also currently in the process of buying my first home and the loan application is in the process of underwriting.

My question is, if I get a contract on a wholesale deal (still working on closing my first deal) and the take that to title, will that affect my loan process on my primary residence? I am under the impression that in a wholesale situation, that property would not actually ever be considered to be in my ownership, but I want to make sure of that so that I don’t screw up my ability to purchase my home.

Any advice is welcome! Thank you in advance!