Investors with 15+ Years in the Biz

[Duncan Hayes]

A year ago I completed my first wholesale deal. It was in CA and I made $7k. Gave $1.5k to the realtor that gave me the deal. Left way too much on the table, my buyers flipped it 27 days later and pocketed $63k. Learned a lot from that deal lol And have learned a lot in the last year.

For you guys that have made it and have a decade or two in the biz, what would you change? What do you wish you had done that you didn’t, or what didn’t you do that you wish you had? Anything you would have waited on or did quicker?

I understand that wealthier guys have less time to spend on frivolous things, but it’d be greatly appreciated by myself and other newer investors if you gave us a bit!

Thanks in advance!

[Lydia R.]

@Duncan Hayes The most common reason for leaving money on the table the way you described is the wholesaler not knowing their numbers. While its more common to see a wholesaler over inflate the ARV and under estimate the rehab (which leads to no buyer and wholesaler backing out of deal) but when the opposite happens the wholesaler leaves money on the table that couldve gone into their pocket. Make sure you are calculating your ARV correctly. I try to be a little conservative ex: if ARV is probably 200k I call it 180k just to give a little cushion. Make sure you are getting good rehab estimates. If the property needs less work than what you have calculated then you are leaving money on the table. Be fair to your seller, leave profit in the deal for your buyer but also dont short change yourself.