All Forum Posts by: Andrew Alexander

If everything goes as planned :roll: as I start out as a wholesaler I won't need to use my own money to buy any properties but...I'd like to line up some private lenders rather than hard money. The money is cheaper, quicker and you borrow on your own terms. I'm thinking about running some adds somewhere to try to line some up.

I listened to a pretty good podcast by Alan Cowgill about finding private lenders that I found on itunes.

Finding deals will be my priority once I get a decent buyer's list together. I want to have my options all available, especially since I plan on being a wholesaler when I start out. I know I could make a bad name for myself if I start locking up deals and then let them fall through since I don't have anyone lined up to flip it to.

Another good way to get a buyers list is to drive around town and start writing down numbers on any "for rent" or "we buy ugly houses" signs. I just started working on generating a buyers list and I've called a decent amount of these numbers and the investors are more than willing to get on your list. I also contacted the people in charge of acquiring properties for the large renting companies in the area and they were excited to get on my buyers list.

After I call them I send them a questionnaire via email which asks questions like:

What exit strategies do you employ?
What areas do you prefer to invest in?
What areas will you NOT invest in?
What is the ARV range for your properties that you aim for?
etc.

These questions will help you target your houses to the buyers it makes the best fit for.

So, I am a beginner who is trying to get started wholesaling properties that I've obtained through pre-forclosure short sales. Anyways, today I went out driving and wrote down every "For Rent" number and "We Buy Houses" number I could find. After I got about ten numbers (I barely scraped the surface too) I went home and started calling them. My "script" went something like this:

Hi, I'm an investor in the area specializing in wholesaling. Can I send you an email with a questionnaire in it that will help me find properties that fit your needs? Yes? Great! Thanks!

This went 10x as well as I thought it would go! Out of the 8 that I called today 6 answered and 4 of them were more than helpful. As well as getting my buyer's list started, I made some great contacts. Two of the people I talked to were the people in charge of acquiring properties for large renters in the area. Another person I talked to was part of a real estate investing group in the area that I didn't even know existed.

So, anyone looking to put together a buyer's list should definitely try this. I will definitely be going out next weekend and get a lot more numbers. I'm going to check out my local newspapers for ads as well.

AWA

Did the homeowner state in his letter of hardship that he can't make payments because he installed a drive in theatre in his living room?

In all seriousness, doesn't a lender want to make sure that the borrower has sold anything like a 70in plasma before they agree to a short sale? From what I understand, lenders would much rather resolve the situation with the borrower and get the loan back to performing status than sell it short to an investor.

Yes, I'm new to investing. I'm trying to learn as much as I can before I get started. I have my basic business model figured out but I'm still working out the details. The more I learn the more I realize I have so much more to learn. So I will just be diving in soon because I don't want to just study. I realize I'm never going to learn it all.

Hi,

I will be meeting with real estate agents and attorneys soon in order to start building a strong group of team members to surround me. My focus as an investor is foreclosures. Specifically I will be doing short sales and wholesaling them. My questions are:

1. What sorts of qualities should I look for in a :
a.) agent
b.) attorney

2. What questions should I make sure I ask when I meet for the first time with my:
a.) agent
b.) attorney

Thanks!

AWA

Hi,

My name is Andrew and I live in Kalamazoo, MI. I'm starting as an investor with a focus in preforclosure / short sales and wholesaling. Currently my day job is a Laboratory Technician for a pharmaceutical company. I'm interested in meeting anyone with similar interests and goals.

Thanks! I'm excited to get started using the forums.

Andrew