Drew McAllister | CRE
7.2K posts
Drew McAllister | CRE
@DMAC_19
NRE Commercial | eXp | DRE 01946829 Husband & Father of Three - USC Graduate & Former Athlete
Los Angeles, CA Katılım Haziran 2010
1.4K Takip Edilen3.2K Takipçiler
@DMAC_19 Are you living under a rock? Plenty of people Wholesale commercial
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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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@JohnPrince37 For sure. Due diligence is one thing. Especially when it comes to land. That’s a different animal. A ton can be discovered in DD in land deals.
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@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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@ThinkAppraiser Incredible. I’m extremely fortunate as well. Got married at the cathedral in DT LA and then reception at the Vibiana.
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@DMAC_19 Definitely a very special day, feel pretty fortunate to have gotten married there
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@ThinkAppraiser That’s amazing! Beautiful wedding venue.
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@DMAC_19 I was lucky enough to get married here
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A wedding for 185 people would probably set you back between $220,000 and $260,000 if you got married here today
Drew McAllister | CRE@DMAC_19
California’s terrible.
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My message didn’t have any meaningful take on whether it was right or wrong.
Simply saying I don’t see it as much at the deal size I’m usually involved in. I’ve run into maybe one of them in my career and I don’t think it was ever actually assigned.
Fell out of contract and died. Seller kept the property.
Just not as prominent to see wholesalers tying up 2M, 5M or 10M deals around here.
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@DMAC_19 What Robbie described is happening every day in resi. During Covid like CRAZY
Seems like a lot of sellers agents are virtue signaling on here because this is a trigger for them
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@PoisedM1 Don’t see it here locally here in socal as much.
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@DMAC_19 Happens in commercial every day and I think your overall read is wrong
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@Snowball_Dev @rohde88 How much of a discount did you end up getting compared to when you first saw it from the wholesaler?
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@rohde88 Don’t see it a lot in SoCal. Maybe in other smaller markets it’s more prevalent?
Average deal size here is a couple million.
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@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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Retrading due to condition and due diligence is one thing.
Or even trying to retrade to test the sellers limits while under contract still happens all the time.
There are always people who love the retrade.
It seems the premise of this and the wholesaling aspect of it is a completely different animal altogether.
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@thmoneycircle Anything under 4% is an asset not a liability
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I hate to see people think that paying off their 3.75% rate is a good thing
Blows my mind 🤦♂️
Would you pay this off??
Bird Man🦉@HooterTrades
@BullTradeFinder Nothing!!!! A paid off mortgage is not worth betting it on 💯
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@Old_Jeff_Landis Stayed at the pool with the kids all day. Haven’t played the course in a few years.
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@DMAC_19 Love that course. Don’t love the traffic or crowds.
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