I spoke to Nicole Espinosa over the summer because they were looking for leads. When I was vetting her and asked if she had proof of funds and asked for a few addresses of properties she bought like Rick & Zach teaches, she got very defensive and asked who told you to say that? I said, 'Partners I work with'. She replied, 'Find another way to vet buyers' and never sent the properties' address. After that, I stopped watching her videos and now know why she didn't like Rick's PASAR vetting questions.
@NicoleJack-ub8tg Robbing from Peter to pay Paul, only gets You "so much" Liquidity...until someone else doesn't pay You, then a few other somebodys are late paying you, then...them Fellows start sending you Bills at about the same time....
Rick, I'm a little confused, the Short Sale Queen wasn't wholesaling short sales, she was falsifying documents, putting straw buyers in place, then having these straw buyers back out the contract then re-listing the properties on MLS to sell to legit buyers and collect listing fees as an agent on these deals, which caused the lenders to lose legal fees in charges the would of accrued had it went through in the first place., Did I miss something from the court fillings?
Great post! Main factor - don’t be stupid and always do what’s right by the seller and definitely according to the laws. Find legal solutions that are good for all parties and always use attorneys and title companies.
I didn’t see in the indictment that she was being charged with wholesaling short sales as a crime, rather she is accused of falsifying and forging documents to defraud financial institutions. Am I missing something? Short selling is legal.
Short sales give me massive anxiety for this very reason. She was forging signatures just to try and get it done. Just STAY AWAY from short sales and REO houses.
Realtor here... I love doing short sales as a realtor but always use a lawyer that specializes in short sales for the seller. There is so much paperwork and hoops to jump through but it works for sellers/buyers but more so on the traditional side. This is also the problem i see with sub to in the future, it just doesn't pass the sniff test!
oh? "in the future"? then let me ask you this. how were homes bought and sold before the advent of banks, traditional loans? hint hint seller finance and subject to existing debt. hence why subto is perfectly legal and will remain so. only reason it has negative connotation is a whole LOT of newbies are tossing it around without understanding the nuances and actual process. have bought, sold, and wholesale properties via subto, wraps, and seller finance
@@TD-gt8ko again, why? Let me guess, you believe in the extremely common but incorrect assumption that if you sell via subto you cannot get another loan because of DTI issues?
I followed her for a while. Short sales are challenging and honestly it makes more sense to partner with an investor that can take over the note if you can’t sell The house. It’s better for the client anyways since it won’t effect their credit.
🥺🥺25:56 wow wow dealing with this right now with a family member wanting me to sell a vehicle that my late uncle has and AI don't feel comfortable.Greed is what I felt and you said it.I said if I go though with it only because I feel pressured and I get caught it's on me I go to jail and I wont here from him. I like to follow the law.
Thanks for The heads up I’m getting back into wholesaling and refreshing my memory on some stuff and I’m not the one who does all the number crunching. I do all the cold calling but eventually the business is going to be turned over to me and it’s good to know this stuff. Thank you.
You almost got the lights perfected!🎉 you just need to move the one outside the range of the whiteboard. When you set up your camera and your lights walk around the backside of Camera and take a look through the viewer. You should be able to see the light in there. The one on the left looks really good because you can’t see it one on the right snuck in there on you 😂. You will get it I have faith in you..
Long time ago, I watched an interview where she said, that wholesaling short sale is not allowed to do that. Correct me if I'm wrong, I don't remember the link, but if you look in ytube, maybe it can be found, and not as a title is in the middle of a conversation. Maybe she want to be creative, who knows, before doing something have to check with the law.
Not really. Everything he is saying applies to all real estate transactions except the deed restriction. Its nothing new. Paying cash for a property doesn;t exempt you from any legal recourse if you did fraud. (like in this case signing someone's name. ) This applies to all transactions. Instead of focusing on not doing short sales he should be focusing more on doing things legally and following the rules.
Rick, you said all the details must be transparent, so are blind huds and dbl closings illegal in wholesaling and should we avoid REO deals, if we have a cash buyers?
Wholesaling shortsale is illegal that's what he is saying. Unless you are buying in cash. If you misrepresent anything the fed will come after you. And that's what she was doing. You are already getting a hair cut. Arms length, POFf,PSA. I could not even do escalation clause. There is a 90 day deed restriction so you can not double close
When will people learn. You can't do the very SAME THINGS that those devils do! "Fraud" is what "they" do and will arrest you if you domwhat theyndomall the time! Unbelievable!
Not really that tough if you just simply do the right thing,. Everything he is saying applies to all real estate transactions except the deed restriction. Its nothing new. Paying cash for a property doesn't exempt you from any legal recourse if you did fraud. (like in this case signing someone's name. ) This applies to all transactions. Instead of focusing on not doing short sales he should be focusing more on doing things legally and following the rules.
I wish more wholesalers would be charged for fraud. It is a hoghly fraudulent side of real estate. Just get an re license and list the property publicly.
Simple math…banks run Trillions of dollars through the markets each and every day. You are NOT going to finesse them out of their money with cheap guru tactics 🙄 Be safe out here in these investment streets people 🫵🏾🗣️
You almost got the lights perfected!🎉 you just need to move the one outside the range of the whiteboard. When you set up your camera and your lights walk around the backside of Camera and take a look through the viewer. You should be able to see the light in there. The one on the left looks really good because you can’t see it one on the right snuck in there on you 😂. You will get it I have faith in you..
I spoke to Nicole Espinosa over the summer because they were looking for leads. When I was vetting her and asked if she had proof of funds and asked for a few addresses of properties she bought like Rick & Zach teaches, she got very defensive and asked who told you to say that? I said, 'Partners I work with'. She replied, 'Find another way to vet buyers' and never sent the properties' address. After that, I stopped watching her videos and now know why she didn't like Rick's PASAR vetting questions.
Wow
Wow 😮
@NicoleJack-ub8tg Robbing from Peter to pay Paul, only gets You "so much" Liquidity...until someone else doesn't pay You, then a few other somebodys are late paying you, then...them Fellows start sending you Bills at about the same time....
Rick, I'm a little confused, the Short Sale Queen wasn't wholesaling short sales, she was falsifying documents, putting straw buyers in place, then having these straw buyers back out the contract then re-listing the properties on MLS to sell to legit buyers and collect listing fees as an agent on these deals, which caused the lenders to lose legal fees in charges the would of accrued had it went through in the first place., Did I miss something from the court fillings?
You just saved me 30mins, thank you
Yea, it's clickbait. These guys are grifters 😢
Great post!
Main factor - don’t be stupid and always do what’s right by the seller and definitely according to the laws.
Find legal solutions that are good for all parties and always use attorneys and title companies.
I didn’t see in the indictment that she was being charged with wholesaling short sales as a crime, rather she is accused of falsifying and forging documents to defraud financial institutions. Am I missing something? Short selling is legal.
same.
Exactly his title is BS
Thank you Rick, great info!!
This video is on point! I watched this as
I am taking a break from my Continuing Education to renew my R/E license. Well Done.
Gotta get that CE In, Realtor from Bmore
Short sales give me massive anxiety for this very reason. She was forging signatures just to try and get it done. Just STAY AWAY from short sales and REO houses.
REO Houses?
How you know that ?
Agreed
Forgery is a crime
Wow . We spoke to her once but felt like she wasn't clear .that was 2021. Smh wow
Thanks for the info rick!
This is scary stuff! I think I'll keep driving a truck for a living! Thanks Rick!😊
Thanks Rick, for all you do. God bless☦️
Great info Rick!
There is no need to go after short sales as a wholesaler...they are difficult deals and there are plenty of deals that are easier.
Agreed
Realtor here... I love doing short sales as a realtor but always use a lawyer that specializes in short sales for the seller. There is so much paperwork and hoops to jump through but it works for sellers/buyers but more so on the traditional side. This is also the problem i see with sub to in the future, it just doesn't pass the sniff test!
Agreed!
oh? "in the future"? then let me ask you this. how were homes bought and sold before the advent of banks, traditional loans? hint hint seller finance and subject to existing debt. hence why subto is perfectly legal and will remain so. only reason it has negative connotation is a whole LOT of newbies are tossing it around without understanding the nuances and actual process. have bought, sold, and wholesale properties via subto, wraps, and seller finance
@@REIwAlexY You can argue whatever you want, but long term sub to will be an issue.
@@TD-gt8ko again, why? Let me guess, you believe in the extremely common but incorrect assumption that if you sell via subto you cannot get another loan because of DTI issues?
Great break down of the situation
Solid info thanks rick!
Rick, you should make a disclaimer up front that you are not an attorney.
That's a Given!
Thank you for all this great information❗️
I followed her for a while. Short sales are challenging and honestly it makes more sense to partner with an investor that can take over the note if you can’t sell
The house. It’s better for the client anyways since it won’t effect their credit.
Yes there is statute of limitations! This isn't murder! It's fraud, but not murder!!
🥺🥺25:56 wow wow dealing with this right now with a family member wanting me to sell a vehicle that my late uncle has and AI don't feel comfortable.Greed is what I felt and you said it.I said if I go though with it only because I feel pressured and I get caught it's on me I go to jail and I wont here from him. I like to follow the law.
Thanks for The heads up I’m getting back into wholesaling and refreshing my memory on some stuff and I’m not the one who does all the number crunching. I do all the cold calling but eventually the business is going to be turned over to me and it’s good to know this stuff. Thank you.
I hear you loud and clear!
I like this format of video 👌🏻👌🏻
She wasn’t arrested for wholesaling Rick , she was arrested for fraud. Get your facts straight.-
It’s just for clicks lol
Wholesaling a Short Sale, that’s insane! That’s like ripping off the bank, why mot wait for the REO.
Shorting the government, especially over and over, ain't such a bright idea, lol
You almost got the lights perfected!🎉 you just need to move the one outside the range of the whiteboard. When you set up your camera and your lights walk around the backside of Camera and take a look through the viewer. You should be able to see the light in there. The one on the left looks really good because you can’t see it one on the right snuck in there on you 😂. You will get it I have faith in you..
Who's the victim? The bank.....Gimmie a break. A greenback is worthless note to begin with.😒
A honest statement is the same for ever.
Long time ago, I watched an interview where she said, that wholesaling short sale is not allowed to do that. Correct me if I'm wrong, I don't remember the link, but if you look in ytube, maybe it can be found, and not as a title is in the middle of a conversation. Maybe she want to be creative, who knows, before doing something have to check with the law.
Dang ! This is a wake up call 😅
Not really. Everything he is saying applies to all real estate transactions except the deed restriction. Its nothing new. Paying cash for a property doesn;t exempt you from any legal recourse if you did fraud. (like in this case signing someone's name. ) This applies to all transactions. Instead of focusing on not doing short sales he should be focusing more on doing things legally and following the rules.
Will people go to jail for regular wholesaling in SC?
Rick, you said all the details must be transparent, so are blind huds and dbl closings illegal in wholesaling and should we avoid REO deals, if we have a cash buyers?
Wholesaling shortsale is illegal that's what he is saying. Unless you are buying in cash. If you misrepresent anything the fed will come after you. And that's what she was doing. You are already getting a hair cut. Arms length, POFf,PSA. I could not even do escalation clause. There is a 90 day deed restriction so you can not double close
She was not really wholesaling, she was committing fraud.
virtually every wholesaler i have dealt with advertises pictures.
When will people learn. You can't do the very SAME THINGS that those devils do! "Fraud" is what "they" do and will arrest you if you domwhat theyndomall the time! Unbelievable!
Texas has laws on wholesaling that are strict
Whaaaaaaaat 😮😮😮 Espinoza 😢 Wow
In an ideal world the government isn't involved in mortgages any longer.
and Wallstreet, and Private Equity
😂😂😂go to India, the meca of the scammer spirit,
Can’t you just get the proof of funds from the buyer?
That right no cut and paste not. Heck don’t even use white out.
Is sub2 fraud??
Where tf is she getting leads man. No one is selling right now.
Not really that tough if you just simply do the right thing,. Everything he is saying applies to all real estate transactions except the deed restriction. Its nothing new. Paying cash for a property doesn't exempt you from any legal recourse if you did fraud. (like in this case signing someone's name. ) This applies to all transactions. Instead of focusing on not doing short sales he should be focusing more on doing things legally and following the rules.
Why all the gurus (not you Rick) saying bla bla now, if they know this now why didn’t any guru warn her?
At the end of the day it’s ALL RISKY 😂
So I guess Reverse Flipping is some what illegal.
If it involves FRAUD then YES.
wow
I’ll stick to day trading lmao😂
all those are slander of title. bush league. i have seen folks do this to sellers total BS
Wholesaling will be illegal
👀
I wish more wholesalers would be charged for fraud. It is a hoghly fraudulent side of real estate. Just get an re license and list the property publicly.
🇺🇸🇺🇸🇺🇸"UFC style Training.🇺🇸🇺🇸🇺🇸
She wasn't wholesaling you goof
Watch the entire video, YES she even made videos on how to Wholesale shortsales goof!
watch your language young man
@@FlipWithRick "Arrested for wholesaling" is this not your thumbnail🤡
@@ryleyr9305 basically wholesaling Short sales
You can't even wholesale a short sale lol
Simple math…banks run Trillions of dollars through the markets each and every day. You are NOT going to finesse them out of their money with cheap guru tactics 🙄 Be safe out here in these investment streets people 🫵🏾🗣️
You almost got the lights perfected!🎉 you just need to move the one outside the range of the whiteboard. When you set up your camera and your lights walk around the backside of Camera and take a look through the viewer. You should be able to see the light in there. The one on the left looks really good because you can’t see it one on the right snuck in there on you 😂. You will get it I have faith in you..
Thanks for the tips!