It's a business plain and simple, and the learning curve to master processes (once you're in) can be steeper than many folks can handle.

But to try and convince new wholesalers they don't need a buyers list first, is just plain wrong. 

It made me a little sick to know that the seller picked this thing up for 100K less only about 6 months before i bought it but I purchased anyway because if Ive learned anything as an investor it is to run by numbers and not emotions.

Even with smaller appreciation you would see some equity growth on the pay-down of your loan, rather than spending it all on rent.... as an agent in western Washington I have given the same advice to a few buyers who were struggling with the competitive market, but realizing they were sick of paying rent....

Cash is king.thank you and I understand what you're saying, but this is my situation. this is my third lender, and i'm sick of having my credit hit by hard inquiries. we need a place to live before i start working in stl right before christmas. this got me a closing three weeks before christmas. ive already got the HELOC, its drawn about $14,000. if you know a bank that would lend me $200K on $42k base pay W2 and close by 12/2, id be happy to talk to them. i'm just wondering if its better to use my HELOC for a bigger down payment to make my loan smaller, or not, as far as making monthly payments goes.

Their hope being you’ll get sick of paying for the hotel room for your tenant and simply go with someone else out of your pocket.  

They see you as an RE Investor or just plain Investor. 

The current owners wife has been sick the last few years and passed away last week, along with a realtor that acted as a property manager sometimes collecting cash, there was a lot of unpaid or 'lost' rent and no action taken.

I've told my lender in plain language what our plan is.

They should be in plain English.