6 crucial keys to being an ETHICAL real estate wholesaler?
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- Опубликовано: 1 окт 2024
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Have you ever wondered is wholesaling real estate legal, or even is wholesaling real estate ethical? Today’s video is PART TWO in our short series on the ethics and legalities of wholesaling real estate. If you want to wholesale real estate or even just get into real estate investing for beginners, you'll definitely want to watch this video and make sure you start your real estate wholesaling business the right way!
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![Are real estate wholesalers HORRIBLE people? [2023 Laws Against Wholesaling]](http://i.ytimg.com/vi/wdqbLihtiZU/mqdefault.jpg)
I am so excited to hear you plan on buying property in the Black Wall Street area. That's going to be so dope!
Bottom line BE ETHICAL and HONEST!!!!
I love everything you said making sure you educate yourself first #1, everyone wants to list to all these grus out here and spending a lot of money.
If you want a truly legit business to create financial freedom for your family and to help your community it starts with you being honest, having character, integrity. Also blessing others by giving free content good content from step one to the finish. I also believe you can't give everything away because some people are going to stay stuck and not do anything UNTIL IT COST THEM MONEY BUT NOT 5,000 to start out with and outdated information. Thanks! Lil, I really appreciate your honesty, character, interergrity sharing with the community by taking us alone the joining building wholesaling business the right way. I'm not here to tooth your horn just keep it 🙏🏾❤️🙌🏾
I’m a newbie and just digesting all I can about real estate wholesaling before I jump into it. While it’s fascinating and there is lots of info out there, your videos are the most informative and helpful I’ve seen. You answer a lot of questions that no one else has. Thank you for being you. Keep up the great work. Wishing you great success!
I think that wholesaling real estate is perfectly fine, especially for people who need to try and sell fast. Imagine being stuck in the 1031 exchange after a sell and you have to buy within a few days. Yeah it makes sense to have wholesales
Of course you do... listen and try to learn something, sheesh anything
I use "and/or designated entities" instead of "and/or assigns". I have a clause in my contract that lists exactly who those "designated entities" might be. I have another clause in my contract in black and white (with a space for the seller to initial their acknowledgement) that I'm an investor, I'm not a real estate agent, and that I may exercise my right to sell the contract to another business for a profit. I'm very up front with it. So far only one seller has made any fuss over it at all. My inspection period is 14 business days. I pay the earnest money at the end of the inspection period. By day 3 or 4 I'll know if my buyers will bite. They're pay me enough to cover that earnest money.
Bottom line: Don't be a bum. Be honest with your seller. Behave ethically at all times. And pay for a lawyer to draft your purchase and sale contract and your assignment contract for you instead of downloading one at random from the Internet.
So based on your comment above, are you saying that by the time you've entered into the contract & signed it, you already know who your buyer is and their info is included on the contract?
@@nonayaa565 yes and no. Yes, I already have a list of buyers in the area who I will market the contract to once me and the seller sign the purchase and sale agreement. If I don't have such a list I can make one either by searching through real estate investing groups on Facebook, or paying to use CashBuyersDataFeed, or using the "Buyers" button on Propstream. No, the end buyers info is not on the purchase and sale agreement that the seller and I sign. My info is. Because I am the buyer of the property on the purchase and sale agreement.
I hope WS is regulated. Too many channels giving out this information....
Since you pursue on-market deals to wholesale what do you do when the broker/agent asks you for your proof of funds letter to be provided with your cash offer ? Have you done a video about that ?
That’s why it’s great to learn different strategies in real estate, people just learn wholesaling and that it.
I’m sitting outside a house right now. It’s 50k I just got my verbal offer of of 35k submitted and they said yes 🙌🏽 now just gotta get the contract signed and so forth
Would it be easy to contact cash buyers first and figure out there expectations and let them know you want to work with them? I was thinking do that first. Just a thought
Thanks for the sneak peek can't wait to see you're next video!
I think you're doing a great job at explaining everything! You're setting a great example for other wholesalers! Keep it up!
Amen sweetie !! THAT’S IT , HONESTY is the best way to do any type of business, PERIOD, there is a lot of illegal and shady investors out there, you better know the law in your state on these contracts and practices.. they can and do regulate wholesale practices to protect the principle (which is the seller) ppl bottom line don’t be deceptive and dishonest., it can come back and bite ur A’’ss, jus real food for thought, love ya Lily 😊❤️
I’ve been watching your videos and your remind me of Jerry Norton! You give great advise! Thanks for all your hard work!
Hi lili,
I have a contract in Tulsa, OK and the title company said the same thing your saying here, so now I have to go look for a Title company that can assign. Unless someone knows a Title company that does in Tulsa, Ok?
Apex title
@@TBizzIzDaShiz have you heard of first title?
I have but I haven't used them. I think another that'll work is executive title. But you'll have to call and ask
@@TBizzIzDaShiz thank you
Correct me if I’m wrong but I would look for some cash buyers first and find an title company then cold call off market sellers and if I can find on market I’ll talk to some sellers agents thanks
If I'm in California and I want to wholesale in Ohio, am I considered a California wholesaler or Ohio wholesaler? Would I have to pay more attention to the California laws or the Ohio laws regarding wholesaling?
I got my first contract, but was advised to not sign it. I didn't have my numbers right and though the market in my area is hot right now, I wouldn't have had the ability to assign it quickly. Honestly it scared me a bit to where I'm nervous seeing how real it gets so quickly. Your advice helps a lot cause you show your progress. Thank you for that. I enjoy watching your growth, it inspires me to keep working on this!
Congrats jazz. Keep grinding
@@ChrisAllenJ Thanks! I'm trying XD
What are good title companies?
I've been loving your content recently and I've learned so much. I was wondering if you could make a video on proof of funds if you don't have the funds to cash buy since you will be assigning it. Is this something you would have to be worried about coming across when wholesaling with a sellers agent?
Also none of your free recourses links are working for me. I click on the links and it loads for a while then fails. Am I the only one having an issue with this?
Are you reading frim a script?? Your delivery of the is smooth..its hard to imagine u recently started wholesaling...salute to you Queen...
Being a Stanford scholar athlete probably helps - media training. She also runs tutorials and classes so she gets to repeat info. May also come from articulate engaging family🙂
Thanks for sharing your opinions Lili. Amazing video. Would love to collaborate with your channel one day
YOU ARE AWESOME =)
I'm so happy I found your channel. I love your clarity, and your ethics. YES to investing near Black Wall Street and in the community!
It’s like you got a brain transplant from Max Maxwell or somethin🧠📚
Lili but how do I place a offer if when I call the listing agent before I can even state my offer they get mad at me and don’t even want to put
My offer in cause they already know it will be low?
Hey Lili Do you have any downloadable contracts
From what I understand with the new laws, if your state requires a license you need to get one and when doing deals just be honest. Everything is basically the same just need to be straight up with the seller
Does it matter what title company you use?
Thank you for sharing your honest opinion. This helps.
Want the seller get mad wen they see u making a lot
Are your days in the inspection period calendar or business days?
I use business days.
Nice 👍🏾
Amazing
Notifications squad #1st comment 💙
You're the best!
When dealing with on market properties, do you place offers on platforms like Zillow, Redfin, or Realtor? Or do you always speak to the listing agent 1st?
If it's listed by an agent you must go through them.
@@jalabi99 Thanks. I completely understand that part. Now, Is it common to submit offers using the platforms "submit offer", "contact", or "message" features? Do you always talk via phone with the agent or do you communicate with email to initiate negotiating?
@@juwilliams7459 I don't know how common it is or not. The contact information for the agent is right there on the listing so I always pick up the phone & call the listing agent. It lets me get right to the point and I don't need to waste time waiting for the agent to check their email.
@@jalabi99 thanks. That's what I do for the most part. There have been a few times when I see a new listing between 11pm-6am. I'm thinking should I reach out using the "contact agent" option on the platform or just wait until the next day to call in those situations? Or when you can't get a hold of the agent.
@@juwilliams7459 As soon as you see the listing, use the wholesale formula and call the agent. You wait to the next day and someone else will call them and get the deal. Only email them if you see the listing after 9 pm which is the latest you can call someone if you haven't contacted them before.
Thank you so much h for posting these great videos!! you are great!