All Forum Posts by: Andrew Michael

Hi @Kenya Curtis and welcome. 

What areas are you interested in flipping in?  As I am sure you have seen already, there is tons of information on this site and many great local resources.  Hope to see you around!

Let us fund your next deal!

- Quick Closings

- No Credit Check

- LTV 65%

- LTC 80%

- Free Underwriting 

Call Us Today!

Most new people often worry about their buyers list.  This was one of my biggest mistakes starting out.  In reality, I think the opposite is true and you should focus on finding deals.  You will find it is much more difficult finding motivated sellers and securing a property at a discounted price than it is to find a buyer.  If you find a good deal the buyers will come I promise and in large numbers at that.  I would suggest focusing on lead generation for starters.  

Pick which market you want to target and the criteria you want to use to find motivated sellers.  From there build your lead list and then figure out how you want to start marketing to them.    

Hi @Nicole H. 

Since you are investing out of state have you ever considered turn key investing?  Sounds like it may be a good way to start.  I would recommend you check out Curt Davis and his team at Buy Memphis Now since Memphis is one of your desired areas.  I have spoke with Curt many times and he was very kind and helpful.  Though I do not own any of his properties, I know a few people that have bought fromm him and have nothing but good things to say.  They offer decent returns and will manage the property for you as well.  Just a though and something you may want to look into.  

Hi @Grant Norton and Welcome.

Starting out I would highly recommend marketing to your local market.  You have the knowledge and resources already in place here.  Learning a new market across the country is a task in itself so jump start your wholesaling by staying local.  Not to mention the DMV area is ripe with deals so really there is no need to go elsewhere. 

In terms of marketing, there are many strategies and schools of thought.  Most wholesalers will tell you that each lead needs min of 5-7 touches before you move on.  I personally like direct mail and cold calling the most but that is just me.  Wholesaling is often "advertised" as a way to start with no money.  I tend to disagree.  Successful wholesalers spend quite a bit in marketing.  I am sure you understand this quite well as you are already in the marketing business.  There are some free strategies you can use but be prepared to spend a decent amount of money if this is something you plan on doing long term.  

Lastly there is a ton of info on here about wholesaling and no money down deals.  Brandon Turner has a book available on the very subject.  That is a great entry to the subject and will introduce to many strategies you can use. 

I 100% agree with Russell here.  I would not use laminate.  Kitchens and bathrooms are two of the biggest sells for houses.  I cant imagine many buyers would walk into a newly renovated house and get excited about laminate counter tops and white IKEA cabinets.  I suspect that if a buyers agent or the buyers themselves see a lower end finish in areas like the kitchen they may worry that you have cut corners in other aspects of the rehab as well.  Even mediocre rentals have granite now.        

Hi Sarah,

Completely legitimate fear.  The more you do the more that fear will subside.  I literally cold call minimum 50 people a day.  I hated it at first, now I love it.  So much value in cold calling and a great way to get referrals as well.    

I would be happy to take a call from you so you can practice.  I'm sure other BP people would be willing to do so as well.  That would be a very safe audience who could each share their experience and feedback.  

Just a thought.

Did you ever find a lender in that area?  I know someone down there that does hard money loans.  Id be glad to give you their contact info.  PM me.  Thanks

Welcome to BP.  You are in a terrific market down there.  

Happy Investing!

We have received 18 off market condo conversions yesterday and are wholesaling the deals. The ARV's range from 1.2M - 2M. These are off market and NOT listed on the MLS or on our website. Contact me for details.

We also have funding available.  Below are our hard money lending terms.

- Acquisition + 100% of Construction loan

- Term: 12 months

- Interest Rate: 12% paid monthly (annualized - no prepayment penalty)

- Points: 3%-5% paid at closing of the loan

- LTV: 65% max x ARV

  OR
- LTC: 80% max x (Purchase Price + Renovation Cost)
- Funding as fast as 48 hours