Calling all wholesalers in Tulsa!!!

[Mark Turney]

Looking for deals!! Ready to buy!!

[Account Closed]

Mark - what do you consider a deal ( $10-20,000 cash flip while in contract, 100 unit apartment house, a control and roll at public auction, tax sale wholesaling, foreclosures at the court house steps, joint ventures with other investors, friends, relatives?

Where are you looking for "deals"?

Why do you think you need a wholesaler? Wouldn't it be more profitable to cut out the middleman?

Some ideas to find that elusive "deal", that home run, that giant profit, the easy money:

• Sit in your local rent court or housing court; listen to the cases, feel the frustration of landlords trying to get rent from a non-paying tenant. Talk to the unhappy landlord in the hall, outside the court room after the judge gives his final verdict.
• Look at 50 houses in your targeted neighborhood; don't make offers but keep detailed notes of each house, the cost per S.F., condition, comments made by seller or agent. Keep a journal. By the time you perform and complete the 50 house program, you will be very aware of values. Go back to those houses in a few weeks or a month to negotiate a wholesale bargain.
• Get a fist full of "expired listings", go knocking on their doors to see if they are still interested in selling - they should be motivated by this time since it has not sold during the listing period. Always offer less (since there are no commissions now). Always ask for seller financing and contract candy (anything the seller CAN-ADD); the car in the garage, all the furniture in the house, a home warranty, cash back at settlement, a delayed settlement with right of possession, deferment in monthly payments until you clean-up or perform cosmetic repairs is competed.  
• Attend 20 public auctions, but don't bid; observe the activity and watch the bidders. Meet them and add them to your buyers list. Before you go to the auction, go to the house (outside), take some pictures and study the comps in the area. Now play a game called Guess the Hammer Price. Write down what you think the property will sell for. This is a great learning experience, it'll help you when you are really ready to bid at public auction to know and understand values.
• Find a really motivated real estate agent. Don't select a hack (an agent too old, too set in their ways, not motivated or willing to work with us cheap investors). Your best agent is going to be someone who just got their real estate license and is willing to do as you request. Pay them for any little service they provide, give the a $100.00 gas credit card, lunch, your treat.

This is what you want your new agent to do for you:

• Give expired listings
• Make offers on expired listings (no need for you to look at the property until they accept your offer or until the negotiate a counter offer. The purpose of this is to open up communication with the seller. Make sure you have all the creative clauses in your offer. You should use a "skinny contract" to accomplish the best deals.
• Have your agent search the Active MLS listings looking for listings that are in your price range and type of property you desire, but......., that have been on the market for over 100 days, look for key words like; must sell, seller motivated, owner will help with financing, won't last long, forget the price - make an offer, needs TLC or work. Your offer should be 20% below the listed price as well as asking for all the contract candy mentioned above. Your agent should be trained to do all this for you.
• Give the agent a written fiduciary buyers broker agreement; this agreement will spell out what you expect of your agent, how he is getting paid and you must make it clear that he will (his agency) be paid on all unlisted property, FSBO's and expired listings.
• Advertise on Talk Radio, brand you message and repeat as often as you can afford it. I have done cooperative partnerships with investors using my commercials - glad to let you listen to them, they are 30 and 60 seconds.  It takes awhile to pull leads, but has been working well in my community for the past 10 years.

More ways to find the deals you are looking for.

• Run ads in all of your local newspapers; Dailey's, Weekly, Penny Saver, The bargainer etc.
  • Wanted - Real Estate - Houses, Commercial and Non-Conforming. No fees, as is, all cash. A family business - call Mark 555-555-5555. ( Expand your market, let the world where you reside know that you will consider commercial real estate, businesses with real estate, lots, subdivisions and mortgage notes) If you get anything too big I am sure friends here on Bigger  Pockets as well as me will help you solve those problems.
• Farming - Walk and Talk - drive neighborhoods, look for ugly, vacant and unloved real estate. Find the owner and tell them how wonderful you are and that you can make their problems go away, why? Because you are buyer and your goal is to make a reasonable profit.

If I keep on typing I'll have to call this a book.

• Make full disclosures to sellers, agents, lenders - don't be greedy
• Be friendly
• Have fun - this is your business - enjoy it and profit
• Make reasonable offers
• Treat your agent will respect and pay for services. Remember real estate agents work for free until they sell something. They'll love you because you are paying them NOW for their services.

HAPPY DEAL HUNTING 

Charles