Contractor for a wholesaler

[Eldred Anderson]

Hi BPers,

I am a newbie at REI. I understand wholesaling and there are things I am curious about. I always hear about ARV and repair costs and the 70% formula. I have to say, I do not want to play the guessing game when trying to calculate repair estimations. So I figure developing a relationship with a contractor makes sense. The problem is, I am wholesaling because it is the most affordable way to get started in REI. But i want to be as on point with my calculations as possible. The only way to do that is to have a contractor handy. But without money, how could I get a contractor to look at my deals to help ascertain repair cost at least by an estimate? Is that something I should worry about at this stage of the game?

[Jose Abreu]

I'm with Bob when he says no respectable contractor is going to waste his time consulting for free but don't give up. Call a few of them, especially if the seller is motivated. Ask if they give free estimates. Brian mentioned you can offer referrals in return. Other options in case those didn't work is paying them a fee for their time. If you have a motivated seller you have to make something work. Before wasting your or other people's time try to find out what is the sellers problem. If they are in need to sell at a discounted price they have a problem that you must solve ASAP to get paid. You can find this out by building Rapport. If there isn't a problem or urgency you will waste your and other peoples time. You will make money wholesaling by solving other people's problem so you must find out what is it... I also suggest going to meetup group events that talk about running estimates and other REI topics. By doing this you can accomplish Meeting other experienced people that can help you in many other things that you will run into. Including understanding better your target market which is crucial for a wholesaler or any investor. 2) You can provide value by Joint Venturing with someone with knowledge which means you find the deal and they will help you making it happen and they get a piece of the pie. This allows you to keep moving forward, locking up deals and learning along the way. As a wholesaler you will always need to keep yourself updated, so learning will be key in any level you're in. The most experienced Real Estate Investors spend Tens of thousands in Masterminds and Mentoring. Just make sure you get help by the right people. Meetup.com provide great meetups like the ones that are ran by Hard Money lenders like Peak Private lending (New Jersey Real Estate Investment Group - NJREI Group) that meet once a month or other lenders like Express Capital and Arkad. If you want to make things happen, I Highly suggest you take my recommendations seriously ....... Become a member of your local REIA (REAL Estate Investors Association) to meet like minded individuals will also be important. Just make sure when you go to these meeting introduce yourself to as many people as possible and let them know what your doing….

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