New Member Introductions
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Updated about 11 years ago, 11/17/2013
Michigan Investor Starting With Wholesaling
Hello,
I'm an experienced Internet marketer, but new to Real Estate investing. My background is mortgage underwriting, insurance sales, and even a loan officer. So, I believe I have the foundational chops.
I've spent thousands of dollars on Real Estate education, but I'm excited about BiggerPockets because I've always found success is found in the relationships. No matter the business I've started.
I just got started a couple weeks ago, bought a bunch of courses on wholesaling just to learn the process. I decided to start with finding a buyer, so I went online and looked up all the rehabbers I could find and contacted them.
I decided to go with rehabbers because I felt they would be the most likely to have cash to pick up property, since they deal with large chunks of cash through buying/selling. Renters I figured would be more cash poor and would need financing, but I want to purchase all cash on assignment.
Anyways, 2 days ago I found a cash buyer, who is buying in my area at 65% ARV and does a few houses per month, so I figure I'll keep feeding him deals.
Yesterday, I came across a deal in Detroit for an apartment building that has 48k annual profit and they want 65k for the property. It seems like a decent deal, but I don't think it's amazing.
Today, I am starting my marketing processes to find motivated sellers. I drove around a few areas the other day and wrote down some numbers. I also did a lot of research to find wholesalers in my area to see if they had some properties under contract they would split the assignment fee with me, but I only found people in Detroit. Which was quite surprising.
I still need to get to the Local REIA meetings, I think that's where I will find the wholesalers and figure out which title companies to use that will do assignments, etc.
I did go to the REIA websites though and write down the vendors that they suggested, I plan on calling them on Monday.
Do you guys mostly use direct mail to find your motivated sellers? Through some research I found that many people are using ListSource and simply mailing them a "I want to buy your property" Yellow Letter.
Seems fairly straightforward.
Chris