OfflineI am new and working to get that first deal. I contacted a real estate office with a bunch of foreclosure and fixer upper listings and asked who to send offers into as there was no agents name next to the individual properties.
I then got grilled on where the money was coming from, who's name would be on the offer contracts and when I said I had investors so it would either be my LLC or another company or investor they got all weird and said they had never dealt with a "middleman" before. I find that REALLY hard to believe that they don't ever deal with wholesalers who flip properties to other investors.
I finally just gave up and said it didn't look like they wanted to work with investors and hung up.
I'm really frustrated, why does it matter as long as they get paid? I don't feel comfortable lying and saying I am the one with all the money and my name will be on all the contracts as II am a representative for investors. Have any of you run into this?
Advice anyone?
Lyca
Lyca,
So you know I have done wholesale 8 deals & we can't tell the agents we are doing that bc many of them do not know what that is. We are getting the properties under contract & then selling that contract or wholesaling it, you have to stay away from that word actually except for her on dg.com
All it will do is confuse the agent, all you tell them is that you want deals, listings to make offers on, that you are the investor ok. You are not being dishonest you are going to wholesale that deal to you buyers & they will close on on the deal.
The agent doesn't need to know what your exit strategy is, as long as you have a solid buyers list though. YOu have to make sure you have at least 5 solid buyers before you start offering on props. So keep that you are wholesaling to yourself & the agent doesn't care actually as long as the deal closes & they get paid.
when that happens they will be your best friend, as long as somebody closes on the deal, it doesn't have to be you, so dont worry that your name wont be on the closing doc's, actually they will be if you are going to double close a deal-you are actually closing on the deal(and then an hr later turning around & selling the deal to another investor:) so you may close on it if you decide to double close bc it is a bank owned prop or fanny mae or freddie mac or HUd bc they wont let you assign the deal-so dont' stress you may close on the deal yourself-but with your buyers funds-not you so dont freak out right now:)
Its a dry double close, that is what that is called. so you see you are not lying you are creatively investing in real estate, wholesaling properties to buyers who want them & everyone gets paid, the agent, you, your buyer, title escrow the seller, all are happy.
Hope this helped.
Tony
Go faster do more! GFDM!