Isn’t it better to flip properties from original homeowners than to flip properties from other wholesalers? At least I have a chance of getting the home under contract from the for sale by owner seller. Wholesalers want cash end of story. I prefer to get homes through contract rather than coming up with a way to buy homes with cash I do not have.
The only reason you would enter into a deal with another wholesaler is because you have something of value to make a quick nickel. For example, he has a property under contract, but you have a buyer, work a deal out and its a win-win.
You mean like partnerships? I am looking for partnerships right now. I may have found a partner where this person locate properties and I look for buyers. I never looked at it that way to find a buyer for the deals the wholesaler is offering. I had all my sights set on buying the homes then flipping them to another investor.
Definitely work with other wholesalers as partnerships - they have a buyer for a property you have under contract and vice versa.
Also they might have leads on preforeclosures, but they don’t want to deal with short sales or buying notes. If you want to do that, they will take a referral and walk away.
Also they might know people with cash (buyers) - work a partnership deal with these wholesalers to get together with the cash buyers and form a real estate syndication group, so you (you and the wholesalers) can buy properties on the courthouse steps and flip them, using other people’s money.
I am using all 3 scenarios above - very interesting :biggrin
I found a partner who has experience in locating residential and commercial deals, but that person is out of state. We do all of our contact over the internet. I need wholesalers in my local area to do business with. What are good ways to find cash buyers in my local area besides REIA. They only want to help if you pay membership fees. When are these properties usually sold at courthouse steps? You mean I can get properties under contract from the courthouse steps? How is that possible?
Assigning a contract to another wholesaler just spells trouble in my book, because it breaks the number one rule in wholesaling. You LOSE CONTROL OF THE DEAL. Now if the wholesaler is going to buy it, that’s a different story and is ok. You are not on the hook for anything.
All I want is a cash buyer no matter who it is. I am stuck in one spot if I can’t find any buyers soon.