im a wholesaler and im was looking for new buyers and i noticed ive been getting lots of phone calls from other wholesalers, how exactly does that work when your wholesaling a property to another wholesaler,and how do i know they wont steal my deal??..
Having a wholesaler as your end buyer is no different than anyone else. You just name your price and they either take the deal or they don’t. If they are a wholesaler at least they will know the rules of the double close and shouldn’t ask dumb questions.
You can file a memorandum agreement with the clerks office in the county that the property is in and that will tie up the property so no one will steal it out from under you. Where I come from wholesalers don’t steal properties from other wholesalers or they will be out of business quickly. Word spreads quick.
thanks, also do you think its good to tell other wholesalers im wholesaling properties?. should i tell them its under contract ?..
Why not? It’s good to develop a relationship with as many people in the biz as possible so be honest. Let them know who you are and what you do and when a deal comes your way let them know.
Its a great way to make money, every week I call every wholesaler I know and ask what they have. I negioate what they’ll give me for
finding a buyer and then I call my investor list and sell it. Whole sale
to whole sale accounts for over 25% of my business. I would do it.
thanks alot for the info , i was curious about doing bisiness that way with other wholesalers…
ONE LAST QUESTION…I DO DOUBLE CLOSINGS ALL THE TIME AND IM PRETTY SURE THE OTHER WHOLESALER WILL DO ASSIGN SINCE THEY ARE FINDING BUYERS FOR ME, NOW WILL I STILL BE ABLE TO CLOSE WITH MY OWN ATTORNEY HOW WILL THEY GET THERE PROFIT? AND FROM WHO?.
Eman82,
It’s pretty simple. If your doing a double closing you will enter into
a purchase contract with your wholesaler for the same day
as your agreement with the vendor. if your doin double closings already
then your understand this part so far, right?
Nothing changes on your part. You will close on the specified day with
your attorney. Your other wholesaler has a choice a. he can assign
his contract. This will replace his name with the new buyer of his
choice and you will close with that person. or b. He can choose
to do a double closing with his buyer. Which means you will still
close the deal with your wholesaler and he in turn will close the deal
with his buyer all on the same day. Kind of like a triple closing if you
will. Nothing really changes on your end. Does that answer your question?