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Channel: Whitney Nicely East
Date: 26/11/2016

So in case you don't know I run a Facebook group for cashflow queens of real estate. ok. so it's women who are in real estate, Or they want to be in real estate or they're kind of thinking they want to be in real estate and they just aren't sure yet. So if you're in that group. Great. Awesome cool. If you're not in my cashflow queens of real estate group get in there. 

It's really really fun. 

And right now it is ladies only. right now. I am strongly considering opening it up for men because it turns out men want to be real estate investors, too. and if men want to listen to me and figure out how to do real estate then I'm good. ok? 

So today's Ask Whit Wednesday, and if you have a question that comes up... ask whit wednesday... you can put it in the comments. OK. 

So that was the first question that I had today was from one of the ladies in the group and she wants to know if I have any advice for how to work with wholesalers. And I spoke to a guy today and I was talking to him and I was talking about real estate and blah blah blah. 

And I said something about wholesalers and he was like I said something about wholesalers and blah blah blah and kept going and he was like Hold on. What's a wholesaler. OK. So let's start there tonight. What is a wholesaler. And I am not a wholesaler. 

I'm a broker I'm an investor I'm a mentor. I do a lot of things in real estate except wholesale. 

And yesterday in the middle of all of the stuff I put up a post from Zillow. 

Sorry that one of my friends had put up. And what happened was I found a deal on some apartments. I was not sure that I was going to be able to complete the flip on them. So I sold them to another investor. I got the deal, got it on paperwork got it all written out signed whatever and then I sold that deal I signed that deal. 

I transferred that paper in my name with my company going to do the deal into another investors company into another investors name. ok, and that's wholesaling and usually wholesaling I say usually if Ramon or Dennis or Aunt Pam or any wholesalers are on here tonight they will tell you that wassailing has a lot of different moving parts but wholesaling is when you're going to go into a neighborhood and you're probably going to find the ugliest house in that neighborhood or if you're going into an ugly neighborhood and you just start picking up houses as far as you can go and you get when you're a wholesaler you get the rock bottom cash price not gonna take any less. 

This is it OK. 

You get that price and you get it on contract. You get on piece of paper you agree that you're going to close this deal in 30 days 60 days or 90 days at this rock bottom price as a wholesaler and then just like if you are wholesaling trees or wholesaling cars or wholesaling knitting supplies you would take your supply you take your inventory you take this house contract and you would throw it out into the world and you say alright! any investors want this deal? I've got a sweet deal. It's got it needs this much work. It's this price I'm making this much. Y'all can have it but you got to close quickly you got to come and bring me cash OK and then the wholesaler the person that found this property they get a fee they get a finder's fee they get a transfer fee they get an assignment fee they get a wholesaling fee and wholesalers do this without a license ok. 

So if you got an old junky house wholesalers probably want a deal with you. 

OK. They'll get the rock bottom price. They will just like an insurance broker they're going to shop this price out in the market. They've got cash buyers they know flippers they know investors they know people who want to have houses and so they put the deal out in front of these people and they try to make it work. 

If their cash buyer falls out the day before closing then hopefully they get another cash buyer or three lined up to take over this property. 

So that's what a wholesaler is and that's what a wholesaler does. OK. I don't wholesale I don't like it because it's just like listing a house you get paid once it's a one hit wonder. That's all you get one paycheck. And I don't like it. I'd rather get paid. You know it's usually three or four times as much money and you get paid three or four times as often.