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Drew McAllister | CRE
Drew McAllister | CRE@DMAC_19·
Seen this blow up the last few days and get dunked on. Resi real estate is a foreign land to me. Especially wholesalers. Doesn’t exist in CRE - guy would never see another deal again. More savvy people involved and cost of reputation damage not worth the act I presume?
Jacob Naviaux@Jacob_Naviaux

Fixer upper gets listed for $250k. I offer $180k with 3% commission — I’m a licensed agent and my company is the buyer. Plan is to wholesale it for $190k. Needs $75k in work and will be worth $320k after repairs. Listing agent says too low. 4 weeks later our CRM notifies me the list price dropped to $225k. I follow up. Agent still says $180k is too low. Another month goes by. CRM notifies me again — price drops to $210k. I follow up. Agent says they think it’ll work. I draft the offer, send it over, and it gets accepted. We price the deal at $190k and sell it — signed contract and EMD in hand. While we’re still in DD, I tell the agent my buyer needs a $20k price reduction to move forward, but they’re ready to wire EM and waive the rest of DD. Seller meets us halfway. Price drops to $170k. We make $25k. That’s the exact play we run wholesaling MLS properties.

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Ronald Rohde Law
Ronald Rohde Law@rohde88·
@DMAC_19 There’s definitely wholesalers in CRE. But I think they have the equity to take down the deal if they can’t find any buyers.
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poised.sol
poised.sol@PoisedM1·
@DMAC_19 Happens in commercial every day and I think your overall read is wrong
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John
John@JohnPrince37·
@DMAC_19 I don't know. I'm only involved in larger land / development deals and Im pretty sure I've been re-traded on every single transaction for almost 5 years. It's pretty standard in my opinion. Doesn't mean I like it but I would say most seasoned sellers are expecting it.
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Matrix Denier
Matrix Denier@MatrixDenier613·
@DMAC_19 Are you living under a rock? Plenty of people Wholesale commercial
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NYC RE Development Manager
NYC RE Development Manager@REDevManager·
@DMAC_19 I bid on deals from CRE wholesalers probably every 8-12 weeks. It’s usually direct to seller though. And I’m happy to pay their fee bc I will make money too
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Mark Havel
Mark Havel@LeConneatois·
@DMAC_19 Jacob conducted an arms length transaction. The seller, and his professional representative agreed to the new terms. The property was clearly not in a good marketable condition , and he facilitated it's disposition for profit. The seller was satisfied to be rid of it.
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Serene Investor
Serene Investor@SereneInvesting·
@DMAC_19 It's incredible to post about doing this on X. Him admitting that he wouldn't do this to existing relationships tells you he's fully aware that this isn't as kosher as he says, but still he had no problem admitting to it and defending it on X, despite all the pushback.
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David Protein
David Protein@david_protein·
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