All Forum Posts by: Jason Collins

welcome Damon ,

Glad to see you made it on here.  As Ned said, there are a lot of investors that are in the meetup groups.  Hope to see you Wednesday at the meeting.

Jason

I would continue to wholesale and put at least 15% of every deal you get done back into marketing.  That way you can put away the other 85% into a savings account (this is what i'm doing).  Once you acquire enough to have your safety net, then jump into rentals.  I'm a firm believer if you don't have cash reserves to take care of things if they go wrong, than having a rental can break you.  

Also, look for creative ways to obtain your rentals if you go for them, not just through the MLS. When you get a wholesale deal that looks good for rental, see if you can work out some owner financing where you only have to put a small amount down. If you find the right owner financing deal you may be able to work out great terms (ie. no payments for a year with 5 year balloon).

You also might want to look at lease/options down the road since they take little money to get into usually but provide not only cash flow, but up front money and back end sale profit.  These do however take lots of tracking and good systems in place to handle.

Hope this helps.

also try dirt cheap signs.  I got plain yellow with wire "h" stakes for about $175 I think.  The count was 100 signs if i remember correctly.

Nancy, I try to be reliable and dependable.  It sounds like a lot of wholesalers are lacking those 2 qualities.  

Richard, I believe you would be right.  Although I haven't used that strategy yet, I can see how you could burn through contractors.  Also, I'm not sure of the ethics of that strategy since you know your not using that contractor to repair the job.  I have chosen to do it differently.  I am not inept at judging repair cost so I will give a breakdown of repair costs and pics to show the repairs needed.

Thank you for everyones posts on this site.  It is a big help to new wholesalers who want to do it right!

Great post Will,

I am a wholesaler in Baltimore who has had a lot of the education from seminars, podcasts, and books.  The presentation is that all you have to do is find a deal, post on craigslist or some other site, and collect your check.  I am quickly finding out that it is a whole other world, and one I'm pleased is not so easy.  If it was, there would be many many more rich wholesalers.  So, taken everything I know and have read here, this is what I have come up with.  To be a good wholesaler that investors want to work with, you have to do a couple things.  

1.  Find a deal(make sure it is one and see the previous posts on here for how to do that).

2.  Contract it at the right price

3.  Take pics of the house and get 3 quotes from contractors

4. Make a flyer that you can email with all the vital info to any potential investor. Include pics, comps(addresses to show how you got your ARV), the 3 quotes from contractors, and the vital info on the property itself.

So, to all the experienced investors out there, is this how you want your wholesaler to present a property?  Or am I missing something?

-Jason

congrats Anil!

ok so apparently I didn't look close enough on my phone because the answer was right in the original post.  Sorry.

-Jason

Ned and J. Scott,

Sorry I missed you all yesterday.  I see you meet up every month.  Is that in conjunction with a specific club or meet up group?

-Jason

Devan,

I am in a similar situation of looking for a mentor.  However, I am going about it a little differently.  I know what I have to offer an investor, I just have to find the one that wants what I have to offer and our personalities match.  Now, don't get me wrong, I'm certainly not cocky about it by any means.  

Here are a few things I know I can bring to the table for a mentor and maybe some of hem resonate with you too.

Willingness to learn, available to do whatever is needed, appreciation for them giving me a task I can learn from, reliable, honest, passion for the business and excitement for what they are teaching me.

Hope this helps you since your post has opened a great topic and reading the responses has helped me.

Good luck-

-Jason

I agree.  At least 10 years back is what I do and get a 5% response rate closing 1 or 2 deals out of each mailing.  Of course your results will vary because I'm in the county  outside Baltimore and your in NYC.  You may certainly get better results than me due to how many potential sellers you will encounter.  Good luck!