All Forum Posts by: Armani Emon

You cannot assume that the buyer is intending the same 60k of upgrades. She may be intending 5k of paint and then flip. If it is such a great deal, then go find another buyer that believes in your numbers. Curious...how far is the spread? Have you flipped a house before?

That question is for you too!

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Originally posted by @Jose Batista Abikarram:

Be honest with your buyer and show him the math. Educate him through the process. That would make them less afraid. The only reason I would sell for lower would be if I was afraid that it wouldn't sell at all. And also if it is a little bit lower than the formula get creative like doing the BRRRR directly.

I just dont know how flippers and rehabbers analyze thier deals.

I want this to sell quick for the max amount of money that I can get,

the buyer is also like a mentor to me too.

I want to create a win-win for her and I.

So really I just want to really know how would you structure this deal if you you were in my shoes?

Would you use the wholesale formula or consider upgrades?

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So I have a great deal.

A home in a great area, that is continuously getting rehabbed, great neighborhood ect.

The ARV=235

It is estimated to have about 60k that needs to be done in upgrades

However If it wasn't to be upgraded then it would have only cosmetic work that needs to be done. And can be tenant ready immediately. In fact a tenant just moved out. I estimate about 3-5k in immediate cosmetic repairs.

I used the formula ARV-Repairs*.70= 164K

So I set my asking price at 164K

The buyer and I are going back and forth negotiating and she wants the price lower because of the rehab costs

So what I want to know is as a wholesaler do i conform to the needs of the buyer.

My mindset keeps going to stick to the formula, my only goal is to use my formula to structure my deal.

But the real reason i am so hesitant is because this is a really good deal and I dont want my ignorance to make me miss out on an opportunity.

I dont want any money left on the table , so can someone tell me the best negotiation method to use? and guidance of what they would do in this situation ?

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It honestly depends on your budget.

If you don't want to spend any money you can use propstream.com and other free trials(a lot of lead generation sites have)and write down as many leads as you can get.After that skip trace using truepeoplesearch.com and get to calling for some leads. This has been surprisingly accurate and generated me a couple leads . You just have to be driven and consistent and know how to cold call.
If you have a little bit of money I would buy a quality list from lets say list source or another good site.
And market like crazy using direct mail, RVM, Faceook/instagram Ads everything.
$50 for a list on list source free to coldcall your list and find a cheap marketing method that works for you
Did that answer your question completely?

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Originally posted by @Victor Mercado:

New to wholesaling. I know the basic steps and now I'm just curious about a few details.

How to get seller to understand and be okay with never seeing you?I know this is asked a million times so skip if you want, I have a few answers already just curious.

How to estimate repairs over phone? I know some will say to get pictures. How can I convince seller to take and send decent pictures themselves? What other ways to you guys get pictures?

I also know very little about construction and numbers so how can I overcome that as well?

I'm located in Mobile, Alabama for anyone looking to connect. Thank you so much for those who give advice and knowledge.

I have a seller i just got the contract and she never saw me once. Really I dont think it matters, all that matters is that everything runs smooth and they get their deal done!

For repairs what ever area that you are virtually doing deals in partner with contractors in that area, a lot of people do free estimates so just ask around. Then later on along the lines when you start getting good at doing deals partner with a contractor and offer them profit like Have them look at your potential deals and give them $100 for every deal that you close. I would say start looking in the forums,podcast,YouTube videos, seasoned investors and they can help you out !

Hope I answered your question !

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I really think that it is a good investment if you are consistent,determined,and hustling.

It's really difficult to find deals to be honest, you're going to get way more rejections than deals.

But It's worth it if you think about it like

Say you get 100 rejections then 101 is a deal worth 60k... Then another 100 rejections then number 102 is another deal secured this time for 70k It's all about if you feel like that scenario is worth it to you.

You just gotta have patience ,determination, hustle like crazy, and be a market/salesman.

Then to get towards your goals , you're probably only going to need like 5 good deals until you can move on to your next goal.

Really hope i answered your question!

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Originally posted by @Sarah Sparks:

Recently someone told me there was another option for wholesaling known as co-wholesaling. Is co-wholesaling the right thing to do? How do you prevent yourself from being "cut out" of a deal? Have you ever done it and was it a successful?

I think that co-wholesaling is a good thing to do If your skills compliment eachother.

Meaning you dont have a large cash buyers list but your partner does.

Or you have buyers but no properties and your partner has properties but no buyers.

I think co-wholesaling is a great thing to do bc you're building your network and someone can help you in the area you lack.

To help yourself from getting scammed I think you should make a contract addressing your concerns and have both parties sign it before doing business together and If they go back on thier end SUEEEEE haha

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Originally posted by @Corwyn Patterson:

So I have a situation I need some advice on. I have a seller who has a home mortgage free. They are looking to sell soon. Apart from being mortgage free the home has new roof and new windows throughout. Home is currently valued as is $104k and would sell for $105 to $115 on current market.

Seller is asking $80k cash and home needs some updating which is estimated at roughly $20k. What options do I have? I was considering doing a flip but I’m more into wholesaling it with an investor. Is this a deal an investor would go for?

I would do whatever would produce me more money.

So do the formula ARV-immediate repairs*70= Asking price.

Take your asking price and minus the sellers asking price(how much you would get if you wholesaled it)

Compare that number to how much you would make if you decided to flip the home.

Thats how I would go about doing it

Sample:

Take the comps( 3 homes within .6 miles from your potential home that resemble you potential home in BD BA and SQFT)

130k 101 west yellow st

150k 222 blue ave

140k 254 orange rd

Say those three fit the criteria

Add them up and divide by 3

That is your ARV

for the sample the ARV=140k

Then have a contractor come look at the property to determine what repairs need to be done to the home say that your repairs needed are 7,900 k

Take your numbers 140k-7,900*.7=92,400

92,400 is the max that your offer could be.

Say the seller wants 60k

your wholesale fee could be 32k-clsoing cost ect

On the other hand

what if you want to fix and flip it. Say it would cost

30k to fix it up enough to flip it at 140 k

Take your purchase price 60k+30k for the fix up which makes you all in for 90k

take the ARV-your all in price 90k = 50k

So in this example you would be better off flipping the property.

I am pretty understandable of the wholesaling niche but I am novice to flipping so my flipping mindset might not be accurate but i hope the overall concept is clear.

please let me know if it is hard to understand I am not that good at explaining things lol

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What positions do i need to begin a wholesaling business

I would think

Someone to generate leads/Cold call

Someone to negotiate, make offers, and close the deal

A contractor to view the property is that all?

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All Forum Posts by: Armani Emon

Armani Emon has started 31 posts and replied 81 times.

Post: Newbie RE Investor Looking for Best First Move

Post: Flip analysis: I would really appreciate some help

Post: Flip analysis: I would really appreciate some help

Post: Flip analysis: I would really appreciate some help

Post: Getting started with little to no money

Post: Virtual wholesale newbie questions

Post: Newbie looking to get started through wholesaling. Pros & cons?

Post: What are your thoughts on co-wholesaling?

Post: Advice on a possible deal

Post: What all do I need to start a wholesale company?