Getting into wholesaling...help!

[aaronbuyshouses]

I am looking to start wholesaling properties. The one problem I have, is how do prove to the seller that I am able to close on the deal? The real reason I am doing wholesaling instead of flipping is to be able to build some capital and some knowledge and then advance to rehab for rental later on.

So, right now, lets say I find a property on the MLS, and the numbers work. If I submit an all cash offer, wont they want to see proof of funds? Should I have a pre-approval letter from a HML or a traditional lender to submit with the offer?

Thanks, looking to get started here, just a couple of outstanding questions.

[exec927]

Aaron,

Having a pre-approval letter will work wonders for you with MLS deals. I have not touched an MLS deal for the last 2 years, but no doubt there are some hidden deals on the MLS. In this market we are in, finding the deals that are not listed on the MLS is pretty simple.

When going into a wholesale deal, some gurus say if you cannot find a buyer to go ahead and close on the deal yourself or don't even start wholesaling. My opinion is different. You should tell the seller upfront of your intentions, let them know if you cannot find a buyer or none of the buyers on your lists are not interested, then you part as friends. So if you don't find a buyer, then you simply void the contract and walk away.

Make sure to always tell the seller that you expect to make a profit and if they are ok with this. If not, move on as most of the time, you will have problems with the seller when it gets time for you to collect your money.

Feel free to ask any other questions that you may have about wholesaling or anything else.

[TommyOH]

I agree for the most part. I wouldn't use a proof of funds unless I was actually willing to go through with the closing if I had to. Honesty is the best policy. If you can get them to go with what exec suggested, that would be great. If not, then you have to decide if you are willing to close it yourself or not. If so, get the proof of funds, if not, move to the next deal. There are plenty out there.

[Wholesaler]

I am looking to start wholesaling properties. The one problem I have, is how do prove to the seller that I am able to close on the deal? The real reason I am doing wholesaling instead of flipping is to be able to build some capital and some knowledge and then advance to rehab for rental later on.

So, right now, lets say I find a property on the MLS, and the numbers work. If I submit an all cash offer, wont they want to see proof of funds? Should I have a pre-approval letter from a HML or a traditional lender to submit with the offer?

Thanks, looking to get started here, just a couple of outstanding questions.

I have something where you can find leads on your own FOR FREE. Check out this website http://onlinerealestateriches.com/discount.htm

[Invstr73]

I have something where you can find leads on your own FOR FREE. Check out this website http://onlinerealestateriches.com/discount.htm


What has been your experience with this course thus far Wholsaler?

[Jim FL]

What has been your experience with this course thus far Wholsaler?


73,
I have a feeling this was drive by spam.
The person 'wholesaler' seemed to post the same response to several threads the other day.


Perhaps they'll answer up, but I'd not hold my breath waiting.

Take care,
Jim FL

[TommyOH]

It's a pitch for a discount on some course, it's not free. There are sites like ReMax that let you access limited MLS information for free. There are also free foreclosure listing sites that you can browse. The best I've seen for REO's is emailforeclosures.com. You can set your area and criteria, and they'll email you any matches current or future, all for free.

[Wholesaler]

73,
I have a feeling this was drive by spam.
The person 'wholesaler' seemed to post the same response to several threads the other day.


Perhaps they'll answer up, but I'd not hold my breath waiting.

Take care,
Jim FL

here's my answer. I won't be available until tomorrow. Let me know what you know what you are looking for.
Greg Felt