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Updated over 5 years ago on . Most recent reply

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Rob Moore
  • Columbus, OH
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Wholesaling new help

Rob Moore
  • Columbus, OH
Posted

I'm new to real estate would appreciate help about wholesaling 1- where do I get contracts from buying/selling 2- does real estate agent have to process deal. 3- i"m having problems estimating repairs to help determine what i need to purchase the house for do you have a contractor estimate repairs before/after you put contract on house? I know you have a 10 day inspection clause in contract in case your wrong or something u missed comes up just not sure how to be accurate on estimations and don't want to waste seller contractors buyers time.

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Ray A Delfi
  • Rental Property Investor
  • Poughkeepsie, NY (Hudson Valley Area)
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188
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Ray A Delfi
  • Rental Property Investor
  • Poughkeepsie, NY (Hudson Valley Area)
Replied

I liked following “Max Maxwell” on YouTube and and podcasts. He build a successful wholesaling empire. However, I personally moved away from wholesaling as it’s a ton of work and rather work with wholesalers to bring me deals I have a full time job and run a business on the side. 
A good way to learn rehab is to (1)take a home remodeling course at your local trade school. (2)Walk the isles of homedepot and get familiar with prices per square foot. (3)Use the tools here on BP and print out the repair cost estimator and fill in the blanks as you do your research. (4)Talk to contractors and as ask them their labor per hour or square footage for specific prijects(I.e. siding painting flooring, framing etc.). Keep note of all this research so that you can fill in the blanks when doing your “rough estimate” when analyzing properties. 

If you get contact with someone selling do your walk through with them build a good relationship with them, let THEM show you around the house to get your bearings mentally note items that you may want to address later, but again just talk to them find out why they want to sell, and how much they are looking for. After your conversation circle back, with their permission, and take pictures on your own. Take tons of pictures so that you can grab a contractor friend you met at homedepot to look through the pictures and help you determine what needs to be repaired, replaced or just needs light cosmetic work. It’s important to let them walk you through the house first so that you can take your pictures uninterrupted later so that they are systematic, in order and later as you go through the pictures it’s like walking through the house virtually. There is so much more on wholesaling but I wanted to answer your question and I feel that the walk through with the client is the foundation of the deal. 

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