Full Disclosure
I am completely new to the wholesaling and am working on my first deal. I don't have a license and do not plan to get one When I make offers to homeowners I was told that I do not have to tell them "how" am going to buy their house (i.e pass it on to a cash buyer). Some people believe that this will kill the deal. Is this correct or do I have to disclose everything about the deal because I do not have a license? When I deal with investors, I always am upfront because we understand eachother's language and I don't want to seem like I am trying to so something below board.
What are your thoughts?
No you do not have a disclosure issue...
Unless you want to.....
There is not a disclosure issue, but you should disclose so that you are above board. I let everyone in the process know what I am doing and what I will do. I dont tell them that I will make 5k or 10k on their house, but I let them know that I will buy it sub 2, then clean it, fix it, then sell or lease option it to someone else. It builds trust with the seller. Why not disclose even if it is a flip.
I'm doing my first wholesale and had all my buyers (3 different ones) walk thru with the homeowner there. Told them they were my money partners. Now, I will do a double closing in 2 different rooms.
Same diliema...I am doing somthing "sneaky" or is it jusy that they really don't need to know?