I always try to use an Affidavit Memorandum on my deals. That way it protects me from being cut out of the deal and the deal only goes through me. Love your work Lili.
Great info Lili. Hi Mohammad, brother I was wondering if you’re willing to share some info on the Virtual Wholesaling or be my mentor then Please DM. Looking forward to hear from you.
We're not bad people at all. We actually help the people real estate agents Dont want any parts of. I'm 8 houses in. might need to get a license but I'm ALSO GOING TO WHOLESALE. Period 😁
I really like your content, keep up the good work. This happens a lot and one of the biggest reasons I don't wholesale. Now I purchase and just list in the MLS (Wholetail) you make more money.
Good points... it’s been a mental struggle for me. I’ve dealt with so many sleazy wholesalers and I’m so done with that! I don’t even accept that label. I never call myself a wholesaler ever!
I first heard you on the wholesaling inc podcast and I loved it! I’m binge watching all your videos to learn as much as possible. Thanks for sharing your knowledge and experience.
Sad to find out that Illinois has so many restrictions on it. I have to get my real estate license in order to do it. I did so much research on wholesaling for like a whole week to find out I’m not able to do it in my state
I got into Real Estate by learning wholesaling first and then decided to go ahead and get my license. Your point of view is pretty unique when it comes to wholesaling.... Some of the most popular wholesalers are adamant about not disclosing the fact that they’re wholesalers and they pretty much think that the less the home owner knows the better... I agree with you when you say that it doesn’t have to be that way... A good salesperson should be able to put the facts on the table and give the home owner the option to make sound decisions... Wholesalers being anti disclosure & the Real Estate commissions being full Disclosure is the root of the problem. But as you said it doesn’t necessarily have to be that way... All it would take is some slight changes in the approach toward the homeowners...
@@vilheard3030 Real Estate School for me took about 3 weeks. Then once you finish the school sponsors you to take the test. In NJ the test takes around 3 to 4 hrs
I love the transparency. I was just wondering what I could say to a seller once I get started. It’s OK to say that you are the deal finder. That way people will have more trust in you.
Deliberately overbidding to lock everyone out is a HUGE problem and the agents I'm working with can't stand wholesalers. They get the contract and then hard sell dropping the price to where the rest of us were bidding.
Great video Lili! I am a licensed RE in Florida whose interested in wholesaling. Most agents don't like wholesalers lol but I see the value in it and want to incorporate BOTH :) $$
Great video!!!!! I actually seen on the news that wholesalers in Philly will need a license which cost $200 a year and will need insurance for the business.
Part of the problem is who the property goes to after it's renovated...if they are mostly rentals(brings down community value or decreases chances of first time home owners getting a property and starting to build wealth in what should be an affordable neighborhood) or price neighbors who have kept up their properties way out of the market through higher taxes or foreclosure ...in a way that is squeezing equity out of whole communities and concentrating wealth in the hands of fewer and fewer people
Hi Lili am jammie am not a regular drop by on your channel but I really like your content and it has helped me make some sound decision in real estate here in Kenya..I would like to really thank you so much so so much ..may you have in abundance...in the last year I have been able to purchase 3 property..thank you so much
Next time To put a halt on it ... (Another person taking your deal) Affidavit of Memorandum... fill it out... submit it to the court. That will lock up your deal.
@@entrepreneur1013 It's a form that you (AND ONLY YOU.... the seller and prospective buyer need not sign it or even know about it) fill out notarize it and submit it to the court house. It will basically block the seller from going with another buyer or wholesaler once you have them under contract. Why because with that form submitted to the court if the seller try to go with some ones else and when things goes to title, the title company will see that the property is already under contract with someone else. And only you can release the block if you want so the seller can go with someone else. Jerry Norton on TH-cam is better in going into detail on it. And he wont leave you guessing on certain topics like LiLi does. Here is a link to Jerry's video ( th-cam.com/video/HRb0DbjTEK0/w-d-xo.html ) and he gives you the form to download free.
I appreciate your professionalism Lili. You have excellent content detailing the hustle and it's also entertaining seeing the process come to life. You have inspired me to explore the process further. However, the main issues I see concerning REA's (real estate agents) and Ws's (wholesalers) are: 1) As a profession, licensed agents have taken many costly hours in Principles, Law, Contracts, Forms, and Finance and are required to continue educating, whereas Ws's have no requirements/obligations to any state or nationally regulated education (just learning the loophole strategies). 2) In order to serve clients in a professional capacity, real estate agents have applied for the licensing, been fingerprinted, and background checked by the FBI. Who vets the Ws's background? It just seems that there are double standards in regard to earning commissions in a real estate transaction for those who have done the tedious work and are legally allowed to take fair "pay" and those who haven't and "earned" that massive "fee." Just my opinion...
Exactly what I'm doing too start my real estate classes in 2 months and so far I'm the youngest person in the class at age 21 based off the roster they put out
Can someone correct me if I'm wrong on this. But isn't it legal to put a property under contract without "intent to buy" with no license. Isn't that why a lot of wholesalers don't disclose they are the middleman?
No it's illegal to MARKET a property you don't intend to buy. People get selling houses and selling contracts as something interchangeable. RE agents sell houses, wholesalers sell contracts. RE market houses, which they have a legal contract In place that says they intend to market your property for sale on your behalf. Wholesalers however DO NOT have the right to market the home for sale on their own behalf. That illegal, all though many wholesales do this. THEY SHOULDN'T, post any pictures of someone else's house on facebook, or craigslist. Even if they have a contract. Because you don't have the RIGHT to sell someone's house. ONLY your contract aka your equitable interest. Your EMD is your intent to buy.
When you secure a deal on a home do you tell the home owner how much you plan on making? Taking advantage of a distressed home is much different from taking advantage of a distressed seller.
This is so true. I Love the content & the breakdown of what's going on. People water down the ethics of this business because of bad numbers, & unethical behaviour. RealEstate Agents are just mad!
Thank you so much for the information! I am actually trying to get started in wholesaling and I've really enjoyed your content! Ironically, I'm in Tulsa as well!
Wanna why that is cause a lot people are doing it like finding a loophole if u keep it by urself it won’t explode but if u share it on social media it will get a lot of attention that’s why Philadelphia past that law now who knows how many more states will do that
Stay informed... be transparent... disclosure is key. Know your states real estate laws and statutes. Keep yourself surrounded with solid people in the industry and prosper !!!
I’m new to the game, but I’m ready to jump right in and get started! I plan on purchasing your class on tomorrow! I know you’re consistently growing, but will I still be able to get the “practice one-on-one time” for certain?
That’s why when I send it to groups I file an affidavit & memorandum of agreement. Basically no one can sell it but you even if the seller breaches the contract. Cost $25 and no one can steal nothing.
There’s nothing unethical about wholesaling. It’s a way of life. 🤓 You have taught me a lot in this space and I’m stoked to learn more about it & how to help wholesaling create a better name in the industry, if it remains. Keep doing your thing girl! Your videos are much appreciated.
I can understand the push to regulate the industry when I come to youtube to educate my see videos of wholesalers boasting about such lucrative spreads on small deals when agents are only allowed to collect a small percentage of the actually sale. One such video was of a guy who made a whooping 97k on a deal.
With no money involved. While us, the ones with the Bj's, carrying all the stress, expense, liability and production of a rehab , have to wait until someone lets go of a deal or actually comes up with something decent that has some meat left in the bones. I had been wondering how long it was gonna take for the government to regulate this.
I live in California. I have a real estate license and just joined a realtor association. But, I am working as a realtor. How should I contact the listing agent to do deal with them as a wholesaler or an agent? What contract should I sign with them with a contracted deal? So, I can go to find a buyer. How should I approach the listing agent when I don't have a buyer for that house.
Justin good point! That would be work around since your're taking ownership. Sounds Philly wants you to improve it first. But I don't think there was a definition of improvements.
The problem is that there's too many doing it and hold properties hostage without being able to move them because they dont know what to do. That hurts people like me who are real investors with a lot of money in the game.
My experience with wholesale properties as a licensed real estate agent is mixed . Some deals went smooth others crashed and burned. We have license laws and ethic requirements as a licensed agent for a reason .
It needs to be regulated big time. It's too loose right now and there's some unscrupulous people out there giving homeowners 20k while keeping 50k. Idk how they sleep at night.
We need to limit our exposure to government They need to start working for us, as we hired them. They seem to forget, Gov needs to stay out of business, period. In the meantime they can explain to us how are they have 5MM dollar homes on 130k a year salary.
Lili yre the bomb girl! But tht story of that fraudulent cashbuyer stealing yr deal right from under you was nasty, you should put his name out there! Itll all come back to him. You go girl!
Being forth right upfront show integrity may also build trust secondly, I would not be surprised if Law Officials limit how much a WS can charge that could end up at the bare minimum low % personally I think in some cases Assignment fee/ charges does not have a cap WS can profit more money than what the Seller walks away with.
I was interested at one point....but not anymore. After learning about all the problems, and how much wholesalers are hated... I am not going to bother. Now government regulators are making it illegal. Seems scammy to me.
I think people are over reacting over this ,my opinion is if a law is made in ur state abide with it nd get ur lisence and keep making ur money period.
@DLO 06 A few things. When a home owner is ready to sell. They are ready to sell. They tend to have this preconceived notion that they are going to get ripped off by agents but 9 times out of 10 they always end up coming back to agents.. I have snatched away many a deals from wholesalers. Also many state are moving towards making wholesaling illegal. Lets look at it for what it is. You selling real estate without a license. I have never met a wholesaler who was entirely honest about the process. I know of multiple law suits against wholesalers who did not fully disclose to homeowner they where selling their homes. Even though they signed the contract the homers are stating that the wholesaler promised to help them get the home back at a later date. And the deals have a name on the licensed side. They are called "NETE LISTINGS". So If Homeowner and I agree to listing a home at 500k and it sells for 800k I keep everything over asking. If I can do it how can somebody who is not licensed do it? and those Net listings are illegal now in all 50 states.
@DLO 06 In a lot of states yes it becoming illegal. Buddy. Google Illinois law on wholesaling. And Other states are following. There currently 7 states with laws on wholesaling pending. Google that buddy...LOL I know its a double close but it is still selling real estate
@@Liliinvests they can break a contract- not a memorandum of agreement. - the title company will NEVER be able to sell it through that wholesaler but you. As long as you show that you had a contract signed.
in one video you said that you try to get to deals as soon as they hit the market, sometimes before pictures are uploaded. How do you access to the MLS?
Yup I live in Philadelphia, where the market is in very high demand and as of January of this year, wholesalers are REQUIRED to obtain a wholesalers license. It's really just a $200 fee for a legal piece of 📃 🙄 No classes or exams, as the wholesalers does not have the same ethical practices as agents and brokers. Philadelphia is an area of rapid gentrification and,, now with over 3billion in commercial and residential real estate, invested in just the last 2years, the city is cracking down and passing new legislations left and right 😒
Okay so question.... I have no license or certification behind me. So. With wholesaling real estate am I able to “just get started” one day ... ? Let’s say I’ve researched enough online to where I feel confident to start. What do I do first .... just ... start by finding a house and snowball from there ... ? Thanks in advance.
Philadelphia the same city that is more willing to sale undeveloped land to new business owners while the old buildings on land deteriorate beside new business and two blocks away.
Can somebody help me understand this please 😅 so don't even worry about wholesaling? Do it but disclose what you're doing and be honest? (Which I was going to anyway) or just get a real estate license and if allowed, wholesale with the license!? Am I understanding this right?
Other than your videos, I don't know much about wholesaling, but it doesn't seem inherently unethical. Similarly, being a landlord is also often seen as unethical, but I don't think it has to be if you provide reasonable priced, well-maintained housing.
Wholesalers are needed to help buyers who are having hard time finding homes and homeowners having hard time finding buyers due to the distress of the houses..
i want to start wholesaling, and love your video. numbers are super important, but what do you do with so much competition. I think when you do the numbers right, then you will be outbidden every time.
The agent will get a commission for representing the seller as an agent also get commission for representing her as a “buyer”. That’s “double dipping” for the agent.
True that BUB 200... They still PU$Y footing around on this second stimulus. Making excuses claiming it's the Dems that wont do a good stim package... It's the Repub's that wont do a good stim package bickering back and forth while people starve. But you will see head Dem's and head Repub's riding around in a new Roles Royce. Just look at these Second Stimulus Update videos. People Starve and go homeless while the Gov' leaders pocket left over Stimulus funds and buy a new mansion. (Most Likely). it's like they are stalling and putting on a show and dance till the vaccine gets handed out so they can keep the stimulus money for them selves
Nah goes to show you may not know how government works. Its called lobbyist my friend and the real estate industry has them and they get laws passed by giving in kind campaign donations ( legal bribes). You get the government you can buy not vote in..
@@jarvisaddison8560 Exactly, realtors are not happy with the wholesaling thing. I have spoke to a few and from different states, they all agree with the same, the houses are being held by wholesalers. I think wholesaler need to use the thousands made and start flipping.Some skin in the game dont hurt anyone.
Lili, delete Mark Jones' comment, but make sure to block every single commenter in the thread who mentions bitcoin. They're all scammers for the same guy.
I’d like to wholesale houses are there are any different laws in California that may be a problem for me? If not I’m ready to join the boot camp April 17, 202. Hopefully I can come back to this comment and let everyone in on my success. Thanks for all the info you’re easily one of the most informative in the game!!
Is the wholesale market in California even worth it?? I live in the Bay Area but I assume that the prices are already so high how can you even make a profit??? Genuine question
Imo I think it's all flippers, investor etc. Who are butthurt that wholesalers sometimes can make more money without having to do anything to the house! They get salty when they see how much you're going to make and don't like it!
They wouldn’t make it illegal. They would just set restrictions to avoid mishaps and prevent unethical practices. Such as forcing us to disclose who we are. That is something that would help the wholesaling community.
Wholesalers help stabilize the market by resetting property values, they aid the investors in mending a forever eroding infrastructure. Buyers don't want to spend time searching for good deals. I'm curious to see how states that adopt such laws will be affected in the long run.
Just remember that you cant do both, if you are called as a realtor you cant wholesale. It's unethical. Make sure your state allows to play both roles.
I always try to use an Affidavit Memorandum on my deals. That way it protects me from being cut out of the deal and the deal only goes through me. Love your work Lili.
Great info Lili. Hi Mohammad, brother I was wondering if you’re willing to share some info on the Virtual Wholesaling or be my mentor then Please DM. Looking forward to hear from you.
Let me know what market you’re in. I am a cash buyer.
@@kashchange4289 what market are you in?
@@vilheard3030 currently virtually in Indiana and Maryland (Baltimore), but I am based out of San Diego California.
@@kashchange4289 ahh ok gotcha.
Honesty, honesty, honesty...always pays off!
We're not bad people at all. We actually help the people real estate agents Dont want any parts of. I'm 8 houses in. might need to get a license but I'm ALSO GOING TO WHOLESALE. Period 😁
I had the same idea. 💯
I'mma keep wholesaling
What state do you wholesale in?
@@kashchange4289 Baltimore
what state are you in, you a reall hustle
I really like your content, keep up the good work. This happens a lot and one of the biggest reasons I don't wholesale. Now I purchase and just list in the MLS (Wholetail) you make more money.
Do you actually purchase, or put them under contract?
Good points... it’s been a mental struggle for me. I’ve dealt with so many sleazy wholesalers and I’m so done with that! I don’t even accept that label. I never call myself a wholesaler ever!
Don’t call yourself wholesaler. (Investor) We don’t solicit off market. Our focus on market with Realestate agents. Very successful.
I GUESS YOU MET ALL IMPLACABLE REAL ESTATES AGENTS PLSSS.
I first heard you on the wholesaling inc podcast and I loved it! I’m binge watching all your videos to learn as much as possible. Thanks for sharing your knowledge and experience.
Your voice is great, very easy to follow and precise. Keep up the good work! Definitely worth a sub.
Sad to find out that Illinois has so many restrictions on it. I have to get my real estate license in order to do it. I did so much research on wholesaling for like a whole week to find out I’m not able to do it in my state
@DLO 06 you can get away with one deal but any more than that you need ine
I got into Real Estate by learning wholesaling first and then decided to go ahead and get my license. Your point of view is pretty unique when it comes to wholesaling.... Some of the most popular wholesalers are adamant about not disclosing the fact that they’re wholesalers and they pretty much think that the less the home owner knows the better... I agree with you when you say that it doesn’t have to be that way... A good salesperson should be able to put the facts on the table and give the home owner the option to make sound decisions... Wholesalers being anti disclosure & the Real Estate commissions being full Disclosure is the root of the problem. But as you said it doesn’t necessarily have to be that way... All it would take is some slight changes in the approach toward the homeowners...
Well said,how long does it take to get your real estate license?I've been thinking about getting my license anyway.
@@vilheard3030 Real Estate School for me took about 3 weeks. Then once you finish the school sponsors you to take the test. In NJ the test takes around 3 to 4 hrs
@@mrobinson7750ok that's not bad,I guess I'll be going to real estate school soon.
@@vilheard3030 It won’t hurt to have the added credentials.
@@mrobinson7750 exactly and it's way less than I expected it to be.Thanks for info!
I love the transparency. I was just wondering what I could say to a seller once I get started. It’s OK to say that you are the deal finder. That way people will have more trust in you.
Yes I heard that’s called getting “back doored” and there is a clause you can place in your contract to prevent it from happening.
Deliberately overbidding to lock everyone out is a HUGE problem and the agents I'm working with can't stand wholesalers. They get the contract and then hard sell dropping the price to where the rest of us were bidding.
Great video Lili! I am a licensed RE in Florida whose interested in wholesaling. Most agents don't like wholesalers lol but I see the value in it and want to incorporate BOTH :) $$
I heard that you cannot be both.
Os true but just you need to in active your license and thats it, ;)
Great video!!!!! I actually seen on the news that wholesalers in Philly will need a license which cost $200 a year and will need insurance for the business.
That’s pennies when you consider the possible return.
@@richie5959 exactly. Two hundred a year for a license when you could be making twenty grand a deal? It's nothing.
@@richie5959 you sound just like my mentor lol,true though.
It's just words on paper. If you don't have proof of funds, anyone can circumvent you.
Part of the problem is who the property goes to after it's renovated...if they are mostly rentals(brings down community value or decreases chances of first time home owners getting a property and starting to build wealth in what should be an affordable neighborhood) or price neighbors who have kept up their properties way out of the market through higher taxes or foreclosure ...in a way that is squeezing equity out of whole communities and concentrating wealth in the hands of fewer and fewer people
Hi Lili am jammie am not a regular drop by on your channel but I really like your content and it has helped me make some sound decision in real estate here in Kenya..I would like to really thank you so much so so much ..may you have in abundance...in the last year I have been able to purchase 3 property..thank you so much
Next time To put a halt on it ... (Another person taking your deal) Affidavit of Memorandum... fill it out... submit it to the court. That will lock up your deal.
whats is a affidavit of memorandum
@@entrepreneur1013 It's a form that you (AND ONLY YOU.... the seller and prospective buyer need not sign it or even know about it) fill out notarize it and submit it to the court house. It will basically block the seller from going with another buyer or wholesaler once you have them under contract. Why because with that form submitted to the court if the seller try to go with some ones else and when things goes to title, the title company will see that the property is already under contract with someone else. And only you can release the block if you want so the seller can go with someone else.
Jerry Norton on TH-cam is better in going into detail on it. And he wont leave you guessing on certain topics like LiLi does. Here is a link to Jerry's video ( th-cam.com/video/HRb0DbjTEK0/w-d-xo.html ) and he gives you the form to download free.
@@nickbutter9270 good information, i see you been in business for awhile to know that
I appreciate your professionalism Lili. You have excellent content detailing the hustle and it's also entertaining seeing the process come to life. You have inspired me to explore the process further. However, the main issues I see concerning REA's (real estate agents) and Ws's (wholesalers) are: 1) As a profession, licensed agents have taken many costly hours in Principles, Law, Contracts, Forms, and Finance and are required to continue educating, whereas Ws's have no requirements/obligations to any state or nationally regulated education (just learning the loophole strategies). 2) In order to serve clients in a professional capacity, real estate agents have applied for the licensing, been fingerprinted, and background checked by the FBI. Who vets the Ws's background? It just seems that there are double standards in regard to earning commissions in a real estate transaction for those who have done the tedious work and are legally allowed to take fair "pay" and those who haven't and "earned" that massive "fee." Just my opinion...
So its a good thing that I want to do both? (wholesale+real estate agent)
Exactly what I'm doing too start my real estate classes in 2 months and so far I'm the youngest person in the class at age 21 based off the roster they put out
Can someone correct me if I'm wrong on this. But isn't it legal to put a property under contract without "intent to buy" with no license. Isn't that why a lot of wholesalers don't disclose they are the middleman?
No it's illegal to MARKET a property you don't intend to buy. People get selling houses and selling contracts as something interchangeable. RE agents sell houses, wholesalers sell contracts. RE market houses, which they have a legal contract In place that says they intend to market your property for sale on your behalf.
Wholesalers however DO NOT have the right to market the home for sale on their own behalf. That illegal, all though many wholesales do this. THEY SHOULDN'T, post any pictures of someone else's house on facebook, or craigslist. Even if they have a contract.
Because you don't have the RIGHT to sell someone's house. ONLY your contract aka your equitable interest. Your EMD is your intent to buy.
@@VanityLuxe Thank you for the clarification. I appreciate it!
Keep going LILI!!!! You’re killin it!
When you secure a deal on a home do you tell the home owner how much you plan on making? Taking advantage of a distressed home is much different from taking advantage of a distressed seller.
This is so true. I Love the content & the breakdown of what's going on. People water down the ethics of this business because of bad numbers, & unethical behaviour. RealEstate Agents are just mad!
I've actually put a stipulation in my contacts avoiding this from happening..love your vids
Omg Lili I knew you looked so familiar. Definitely have seen some of your college basketball games. Just looked up your stats! good 3pt shooter!
I KNEW SHE COULD PLAY BALL!!
Thank you so much for the information! I am actually trying to get started in wholesaling and I've really enjoyed your content! Ironically, I'm in Tulsa as well!
It will NOT become “illegal” but I think we need to regulate and police ourselves better...
I love how you explain everything. To the point! Subscribed!
Wanna why that is cause a lot people are doing it like finding a loophole if u keep it by urself it won’t explode but if u share it on social media it will get a lot of attention that’s why Philadelphia past that law now who knows how many more states will do that
Why wouldn’t you sign memorandum protect deal?
Stay informed... be transparent... disclosure is key. Know your states real estate laws and statutes.
Keep yourself surrounded with solid people in the industry and prosper !!!
I’m new to the game, but I’m ready to jump right in and get started! I plan on purchasing your class on tomorrow! I know you’re consistently growing, but will I still be able to get the “practice one-on-one time” for certain?
Just subscribed 🙌🏾🙌🏾 I’m jumping on the train here in Texas ! Still learning the ins&outs.
New SUBBIE! Please keep on with these videos and your 5-day bootcamp. I'm saving money so I can RSVP for the next one. Thanks Lili!
Good Video! Yeah cold calling is a good idea.
That’s why when I send it to groups I file an affidavit & memorandum of agreement.
Basically no one can sell it but you even if the seller breaches the contract. Cost $25 and no one can steal nothing.
There’s nothing unethical about wholesaling. It’s a way of life. 🤓
You have taught me a lot in this space and I’m stoked to learn more about it & how to help wholesaling create a better name in the industry, if it remains.
Keep doing your thing girl! Your videos are much appreciated.
I can understand the push to regulate the industry when I come to youtube to educate my see videos of wholesalers boasting about such lucrative spreads on small deals when agents are only allowed to collect a small percentage of the actually sale. One such video was of a guy who made a whooping 97k on a deal.
With no money involved. While us, the ones with the Bj's, carrying all the stress, expense, liability and production of a rehab , have to wait until someone lets go of a deal or actually comes up with something decent that has some meat left in the bones. I had been wondering how long it was gonna take for the government to regulate this.
you are so inspiring!!! , I'm learning all I can and hopefully soon will be able to attend your beginners boot camp
I live in California. I have a real estate license and just joined a realtor association. But, I am working as a realtor. How should I contact the listing agent to do deal with them as a wholesaler or an agent? What contract should I sign with them with a contracted deal? So, I can go to find a buyer. How should I approach the listing agent when I don't have a buyer for that house.
One way you can work around this is wholetailing right? Also using short term loans( transactional funding)
Justin good point! That would be work around since your're taking ownership. Sounds Philly wants you to improve it first. But I don't think there was a definition of improvements.
I have been contemplating to whole sale on the side. But always been like ehh how do I even start.
TH-cam TTP Brent Daniels
The problem is that there's too many doing it and hold properties hostage without being able to move them because they dont know what to do. That hurts people like me who are real investors with a lot of money in the game.
@@c.m.2747 yup that’s what I figured
My experience with wholesale properties as a licensed real estate agent is mixed . Some deals went smooth others crashed and burned. We have license laws and ethic requirements as a licensed agent for a reason .
It needs to be regulated big time. It's too loose right now and there's some unscrupulous people out there giving homeowners 20k while keeping 50k. Idk how they sleep at night.
I freaking love you. You explain everything so well. 🙏🏼🙌🏼🙌🏼🙌🏼
Really great video! I love the honesty and you speak very well 💯
Where is your video about disclosing that you're a wholesaler? What is it called?
We need to limit our exposure to government They need to start working for us, as we hired them. They seem to forget, Gov needs to stay out of business, period. In the meantime they can explain to us how are they have 5MM dollar homes on 130k a year salary.
I love how teach women keep up the great work
You are an ANGEL for sharing this information. Thank you!
great stuff lili in gonna wholessali in 2021
Lili yre the bomb girl! But tht story of that fraudulent cashbuyer stealing yr deal right from under you was nasty, you should put his name out there! Itll all come back to him. You go girl!
This reminds me of Uber and Taxi/Cab beef
Sooo true because I used to be in that business lol
No dislikes.... let’s keep it that way! Love the video keep up the great work ! #oneLove
Being forth right upfront show integrity may also build trust secondly, I would not be surprised if Law Officials limit how much a WS can charge that could end up at the bare minimum low % personally I think in some cases Assignment fee/ charges does not have a cap WS can profit more money than what the Seller walks away with.
I was interested at one point....but not anymore. After learning about all the problems, and how much wholesalers are hated... I am not going to bother. Now government regulators are making it illegal.
Seems scammy to me.
I love your channel I even have a whole playlist of your videos.......................
I think people are over reacting over this ,my opinion is if a law is made in ur state abide with it nd get ur lisence and keep making ur money period.
RIGHT SO YOU SAY UNTILL THEY FIND SOMETHING ELSE AND MAKE US SIGN IT.
Wholesaling works different from being a real estate agent
Wholesaling real estate is just like being a Freight broker, there’s always a middle man. Great video!
Yes it’s is ...they need need to start signing petitions and shit to put a stop to that now !!!
thats why they should get real estate licenses
Just starting great advice
@DLO 06 A few things. When a home owner is ready to sell. They are ready to sell. They tend to have this preconceived notion that they are going to get ripped off by agents but 9 times out of 10 they always end up coming back to agents.. I have snatched away many a deals from wholesalers. Also many state are moving towards making wholesaling illegal. Lets look at it for what it is. You selling real estate without a license. I have never met a wholesaler who was entirely honest about the process. I know of multiple law suits against wholesalers who did not fully disclose to homeowner they where selling their homes. Even though they signed the contract the homers are stating that the wholesaler promised to help them get the home back at a later date. And the deals have a name on the licensed side. They are called "NETE LISTINGS". So If Homeowner and I agree to listing a home at 500k and it sells for 800k I keep everything over asking. If I can do it how can somebody who is not licensed do it? and those Net listings are illegal now in all 50 states.
@DLO 06 In a lot of states yes it becoming illegal. Buddy. Google Illinois law on wholesaling. And Other states are following. There currently 7 states with laws on wholesaling pending. Google that buddy...LOL I know its a double
close but it is still selling real estate
You should have used an affidavit & memorandum of agreement
They broke it
@@Liliinvests What do you mean they broke it?
@@Liliinvests they can break a contract- not a memorandum of agreement. - the title company will NEVER be able to sell it through that wholesaler but you. As long as you show that you had a contract signed.
in one video you said that you try to get to deals as soon as they hit the market, sometimes before pictures are uploaded. How do you access to the MLS?
Very valuable info I'm thankful for you and your content
Yup I live in Philadelphia, where the market is in very high demand and as of January of this year, wholesalers are REQUIRED to obtain a wholesalers license.
It's really just a $200 fee for a legal piece of 📃 🙄
No classes or exams, as the wholesalers does not have the same ethical practices as agents and brokers.
Philadelphia is an area of rapid gentrification and,, now with over 3billion in commercial and residential real estate, invested in just the last 2years, the city is cracking down and passing new legislations left and right 😒
Okay so question.... I have no license or certification behind me. So. With wholesaling real estate am I able to “just get started” one day ... ? Let’s say I’ve researched enough online to where I feel confident to start. What do I do first .... just ... start by finding a house and snowball from there ... ? Thanks in advance.
I tried looking up the wholesaling laws for Ohio, but I found little to no information. Do you know anything about Ohio
I'm looking to start birddoging soon. Also a great way to get into real estate!!
Philadelphia the same city that is more willing to sale undeveloped land to new business owners while the old buildings on land deteriorate beside new business and two blocks away.
Can somebody help me understand this please 😅 so don't even worry about wholesaling? Do it but disclose what you're doing and be honest? (Which I was going to anyway) or just get a real estate license and if allowed, wholesale with the license!? Am I understanding this right?
Great video 👍
HelloLili Young Lady keep doing what your doing And God Bless
Other than your videos, I don't know much about wholesaling, but it doesn't seem inherently unethical. Similarly, being a landlord is also often seen as unethical, but I don't think it has to be if you provide reasonable priced, well-maintained housing.
Wholesalers are needed to help buyers who are having hard time finding homes and homeowners having hard time finding buyers due to the distress of the houses..
i dont thinks its going to be illegal but different for sure as far as how you do wholesaling. but it will always be a need for wholesaling.
i want to start wholesaling, and love your video. numbers are super important, but what do you do with so much competition. I think when you do the numbers right, then you will be outbidden every time.
Respect for showing the shark aspect of things
So, how does the agent get paid when double dipping. Not out of my portion? @lili thompson
The agent will get a commission for representing the seller as an agent also get commission for representing her as a “buyer”. That’s “double dipping” for the agent.
Can someone just help me understand where to start researching? I know absolutely nothing about real estate.
This just goes to show how much your govt doesnt want you to be successful
True that BUB 200... They still PU$Y footing around on this second stimulus. Making excuses claiming it's the Dems that wont do a good stim package... It's the Repub's that wont do a good stim package bickering back and forth while people starve. But you will see head Dem's and head Repub's riding around in a new Roles Royce. Just look at these Second Stimulus Update videos. People Starve and go homeless while the Gov' leaders pocket left over Stimulus funds and buy a new mansion. (Most Likely). it's like they are stalling and putting on a show and dance till the vaccine gets handed out so they can keep the stimulus money for them selves
Nah goes to show you may not know how government works. Its called lobbyist my friend and the real estate industry has them and they get laws passed by giving in kind campaign donations ( legal bribes). You get the government you can buy not vote in..
@@jarvisaddison8560 Exactly, realtors are not happy with the wholesaling thing. I have spoke to a few and from different states, they all agree with the same, the houses are being held by wholesalers. I think wholesaler need to use the thousands made and start flipping.Some skin in the game dont hurt anyone.
@@c.m.2747 yep and in this market the claws will come out!
Lili how are you able to up charge on market deals to cash buyers without rubbing them the wrong way since the price is visible online?
You're doing this business wrong lol
What????
Is it still legal to wholesale in California?
Lili, delete Mark Jones' comment, but make sure to block every single commenter in the thread who mentions bitcoin. They're all scammers for the same guy.
I’d like to wholesale houses are there are any different laws in California that may be a problem for me? If not I’m ready to join the boot camp April 17, 202. Hopefully I can come back to this comment and let everyone in on my success. Thanks for all the info you’re easily one of the most informative in the game!!
Is the wholesale market in California even worth it?? I live in the Bay Area but I assume that the prices are already so high how can you even make a profit??? Genuine question
Overall great 👍 information
Great video
Juuuust another reason to do on market deals!
Imo I think it's all flippers, investor etc. Who are butthurt that wholesalers sometimes can make more money without having to do anything to the house! They get salty when they see how much you're going to make and don't like it!
What do you think about the future of wholesaling in Cali?
As soon as I find a way to change my life I see this, that’s tough
Its just your mindset and attitude. You can still adapt and still make money and change your life ,don't give up.
So annoying
Man I just found out bout this I said the same thing
Exactly! Good to see someone can understand and relate. It’s like ppl don’t want you to make it at all in life. That’s just how I feel.
WOW! I was just thinking the same exact thing. Just stick with it, you'll be successful.
They wouldn’t make it illegal. They would just set restrictions to avoid mishaps and prevent unethical practices. Such as forcing us to disclose who we are. That is something that would help the wholesaling community.
As long as you keep it on the DL and try not to work with the same agent I mean who will really know , of course I'm in IL #FML
Same here bud! Here in IL and it’s a bit difficult
Wholesalers help stabilize the market by resetting property values, they aid the investors in mending a forever eroding infrastructure. Buyers don't want to spend time searching for good deals. I'm curious to see how states that adopt such laws will be affected in the long run.
Will you be getting your license? I planned on it just so I can also make commission on any investment property.
Just remember that you cant do both, if you are called as a realtor you cant wholesale. It's unethical. Make sure your state allows to play both roles.
Love the video by the way
have you been using the 75% formula in all markets?
Market value for a home that is deteriorating makes no sense.
How do I get on your list? I'm on So. Cali, looking to buy a cash deal
Where dis you find an investor????
God bless you for all you do to help others. 👼🏻
In Philadelphia we have to pay $200 a year for a wholesaler license 🤦🏽♀️
Not bad if you're making thousands on multiple deals!
How do i apply for the license. I switched my whole operation to elsewhere but wasted 3k in several lists on phillyy.. :( how can i apply?
@@Thenatalyteran right i don't know but it doesn't go into affect until January so do as many deals as you can
@@Thenatalyteran they suppose to let us know how to get the license
@@trinaburo7489 impossible for me to close a deal so quick...
How do I find out about wholesaling laws in my local area
Someone is pissed they can't get deals at a discount