All Forum Posts by: Adam Macias

Used the state approved contract in your state or pay a real estate attorney to draft one. I did both and use both depending on the deal and circumstance, parties involved etc. It's beyond worth the money of paying an attorney $250 to draft a contract. 

Marketing, marketing, marketing. That's the number one thing to focus on whether it's cold calling, direct mail, SEO, internet marketing, whatever way you can let people know you exist as a source for buying houses is the most important quick tip I can give. There's so many people that start with wholesaling and they worry for months about contracts, running the numbers, getting an LLC. All that stuff takes a few minutes compare to the time and effort it takes in actually finding the deal.

Flipping REO properties? Man that book sounds old or is copy and pasting old material. Haven't heard that exact phrasing since the Preston Ely days. lol

As a wholesaler, in the beginning I ran into so many problems "finding a deal", putting in under contract and then immediately running into panic attacks trying to find a buyer in time before my EMD and inspection deadlines. I got tired of this and decided to build a buyers list of investors who have the funds, are actively doing deals and sat down with me to show me exactly where their numbers need to be. Keep in mind I didn't waste time trying to pick their brains, I just needed to know their buying criteria to the exact amount, property type and areas.

It's so much easier when you know what to look for because you have partners telling you, "Find me this and I'll buy it" similar to sticking with being a real estate agent. You're simply sourcing deals that match what buyers are looking for. Stick to the source of who will actually close the deal until you have the funding yourself to start closing on them.

I'd always stick with wholesaling in the beginning because without the ability to source deals, strategies don't matter in my opinion. Plus, if we're talking starting out in terms of coming from a W-2 job and being paycheck to paycheck like I did, yes wholesaling is the way.

The most important factor everyone cares about is how to find deals. They'll study SubTo, BRRR, Fix And Flip, STR, MTR, all this stuff but if you can't source a deal none of it matters in my opinion. Just in time learning vs just in case learning.

Everyone is different though. I love control of the deal. I love being the one people come to for a deal or I can cherry pick which ones I'd like to keep depending on the exit strategy that can be done with the deal.

To piggy back off what Scott posted, I've done numerous deals in probate. Most important factor is in most states you can absolutely sell the house at any point in time during the probate process. A lot of executors/personal reps are told they have to wait till probate is completed. I went to an estate sale one day and asked the Personal Rep, "So your attorney said the house couldn't be sold, but assets like these paintings can, how does that make sense? Isn't property, property regardless of the type?"

We both had a moment of realizing that the house shouldn't be any different in the process. Don't take my word for it, I'm not an attorney and yes each state is different but in Colorado I've talked to over 10 probate attorneys and they all verified this to me.

Disclaimer: This is not legal advice and do your own due diligence. Just giving my input. Just in case a probate attorney sees this, again, this is just an opinionated statement for entertainment purposes only.

(Ask me if attorneys got mad at me mentioning this)

 Go as fast as you can. Burn out is a friggin' myth. Act like you have only 10 years left to live, spend two years giving everything to spend the other 8 doing nothing.

 There's a lot of unknowns here but in my opinion since there's no process cancel the agreement if you don't have a buyers list, title company or any earnest money to put down. We all make mistakes, don't feel like you're taking advantage of anybody. Most assume that if you're a wholesaler you're taking advantage of people, that's an absolute lie people tell who aren't as good as us wholesalers at finding deals.

The two things I'd focus on first prior to getting a property under contract again in any market is having two title companies you're ready to work with and at least 20-50 cash buyers.

Obviously you can Google title companies in the area and contact them letting them know you're assigning contracts but the easiest way to find a cash buyers list to build is to pull a 90 day cash sold list from a real estate agent or get it from software like BatchLeads or Propstream. There's a lot to type about this but please explain what is going on in your journey as a new wholesaler. Lot of assumptions can be made.

Please don't take my message as advice on telling you what to do, it's just what I've done starting out.

Great feedback from everyone. Thank you!

They definitely go hand in hand. Interest rates effect everything, not just real estate but ALL lending still.

Most keep thinking of a housing crash in terms of massive price drops. But what if the market "crashes" due to the United States becoming a renter nation. How high can home prices appreciate before you market gentrify an entire buyer pool? That's my question. If there's any kind of shift, it may not come in price drops. Even then, I think most get so hung up on a crash because they believe deals suddenly become easier to find. A buyers market is a pain in the a** compared to a sellers market in my opinion. I'm a little ticked off at interest rates going up it's been a blast finding a deal at 85% and wholesaling it to anybody. A buyers market means deals take forever in terms of DOM, buyers become ultra picky, now I got to find deals at 69% or below the ARV. A buyers market has so many other problems too.