All Forum Posts by: Brent Sweet

Quote from @Bill B.:

Just another person with no money. The only offer I’d make is they can buy the contract you for your option price and then they can sell it to anyone they want. But you’re not signing any contract without a transfer of non-refundable cash to you. 

Bill,

Sort of what I thought.  People posing as end buyers.  I'm following your advice.  I'm nearly positive I can dispo this one myself.

Appreciate you taking the time to help me out!

Brent

I cold emailed a "cash buyer" in a Facebook group last night about a property I have under contract that I am looking to wholesale.  He sent back a very short email that said "Can I send a non-exclusive option to market your St. Louis deal to my cash buyers?"  While I want to disposition the deal I don't have a ton of margin in this deal.  If I say yes to this what am I agreeing to?  Can this be done since I am, myself, trying to assign the contract?

Thanks!

Quote from @Kabbie Konteh:

@Sophia Grigio and @Ian Lemke I looked over your profiles and comments on BP. You guys seem to always be the first ones to reply to any questions about Blair’s program on BP and seems to always say the same thing about the program. 

Do you guys work for Blair or affiliated somehow with Blair?

Also, has the program brought in enough for you guys to leave your 9-5s? because that’s a main goal of mine. 

The Pipeline Mastermind group was a complete waste of money.  The Facebook group isn't even as active as the group you get for free with his Dealbot program.  The Dealbot he claims uses AI but it's a Typeform form with no signs of AI or machine learning.  

Only thing I have seen Ian do is self promote a book.  Blair's program doesn't get you any answers you can't get right here.

Quote from @Account Closed:

Does anyone know any good property management companies in West Helena, Arkansas?

 Ever find anybody?

Quote from @Jairo Canas:

Quote from @Eliott Elias:

Take every deal as its own and figure out the highest and best use for the property. One area does not dictate an investment strategy.

How do you figure out the highest and best use fir the property?

I always start with planning for it being a long term rental.  I won't buy a house without comps and I want a discount on the comps around it unless it is just absolutely perfect and turn key like I want it.  I don't live in an area where short term rentals are really a big thing, I mean there are some but that doesn't work out.  If I went about 1.5 hours north or 45 minutes south then I have a market for short term rentals at least in May-Sept ish.

Anyway, so comp then rehab value, then ARV and I plan ARV and what it will rent for monthly and assume a little occupancy and run the numbers.
But, if I don't have the time to rehab then if I get a good deal and I can net another investor a profit and make a "finders fee" I'll wholesale it.
If I can't do the above (finders fee + another investor profit) then I will just do a flip, but I am not a big fix and flip guy.  The taxes are insane, the holding time, etc. the marketing, showing it, the fact that I only make money once, just not my thing.  Not that I wouldn't do it, just last choice.
If it is a short term rental I'd probably follow a different strategy.  I have an AirBnB/VRBO/Furnished Finder property but its more of a mid-term rental and only because it is near a hospital that employs travelling nurses.  So I'm really not the guy to advise what determines short term rental vs long term rental besides the market.  I'd say if I was going to hit the Destin area, for instance, I'd only be looking at things I could furnish for STR.

Quote from @Brian Bisdorf:

Curious about what you look for in a property to make an offer.

Minimum amount of profit after all costs?

ARV percentages?

SFH, Duplex?

How many sources do you pull leads from?

 I look at comps first to see if there is even any way to make it work.  I then work backwards from there.  If it's a wholesaler I try to do at least a drive by and try to guess as much as possible what needs to be done.  I always err on the side of let it surprise me that it doesn't need that.  Like one deal I just looked at and didn't do I figured flooring throughout but it actually had pretty good wood floors that could be saved without all new flooring.  Then I try to navigate how negotiable the seller is.  Typically through a realtor they are trying to get right about what it appraises for now and there is rarely any margin there PLUS you never know the unknowns.  I don't have a specific number though.  I mean I'm going to make it worth my time but if I worked it out and could get 10k in 30 days and it's the only lead I have had in a bit then I'd do the deal.  As long as it isn't tying up resources that prevent me from a 60k deal.

Quote from @Mike Schorah:

I understand that to accept a property with tenants in it, you have to get a heavy discount.

How much of a discount? I usually do 70% ARV-repairs on probates and pre-foreclosures (usually comes to around $.50 on the dollar).

Do I do 65% of ARV for properties with tenants? 60% of ARV? $.45 on the dollar?

Just my opinion, but I used to try to buy properties with tenants. I mean they already are renting right? What I found is that you end up buying a rats nest at nearly full price with tenants who don't want to move and aren't paying market. So if I ever make an offer on a place with tenants it's a BRRR investment and the tenants don't come with it. That's my rule. I don't want to take over a lease, and I feel rarely can you negotiate down a landlord who is selling it because they have tenants unless you go in and show you are completely uninterested in having tenants in it.

Quote from @Jairo Canas:

Hi my name is Jairo Canas, im a new real estate agent and don't know many investors. So my question is What is the best strategy to use to invest in Northern Virginia? Like should i use the BRRRR method or should i do short term rentals, which one? Please help.

Thank you!

 My wife and I have a real estate business and we are ramping it.  It really depends on your goals.

We started as BRRR even though we nothing about it because family circumstances drove us to it.

Then we acquired a few long terms.a

Then a mid term furnished.

Now we are moving to:

Wholesale - quicker cash out

BRRR - some of our wholesales to be BRRR so we can generate long term income

FLIP - Probably not going to hold all the BRRR if it's not where we have a good system in place to rent.

There are many other ways to make money in real estate.  Start with the end in mind and work backwards to figure out how to get there.

Quote from @Daniel Crawford:

Investment Info:

Single-family residence wholesale investment.

Purchase price: $1,469,999
Sale price: $1,469,999

We have a 30 single family package deal for sale, rental income a month $14,420.00 19 homes are rented. 6 residential land lots. 5 more properties.

What made you interested in investing in this type of deal?

Owner is offering sell finance.

 Well that's 48K a single family unit which sounds a little too good to be true with owner finance on top of it?  That rent income means the rent is like 800 a month which in my area where houses are cheap means they would be like c- properties in no so good areas that have had long term tenants that upon them vacating would need serious rehabs.

I'd have to know a lot more about the market.  Sounds like a mixed bag of not so much proposed as easy entry.

Quote from @Pierre Ligon:

Here is the regulation.

Amend KRS 324.010 to redefine "real estate brokerage" to include advertising for sale an equitable interest in a contract for the purchase of real property between a property owner and a prospective buyer; amend KRS 324.020 to limit this type of advertising to licensed real estate brokers.

Seems pretty specific to wholesaling if you ask me . I see these regulations popping up all over. This one seems to be the most specific. 

I don't see it affecting my business much, I run a hybrid model ( Investor / Agent ). I do foresee NAR getting even more strict about the strategy. I am in the Hampton Roads market right now I have not seen or heard of any regulations coming as of yet .

Any thoughts? Are there any regulations in your market? Do you plan to pivot to another strategy?

Wouldn't that even rule out FSBO? That sounds ludicrous. I mean I wouldn't recommend FSBO but if I own something I should be able to advertise it for sale. Free country my behind.