All Forum Posts by: Brian Daly

@Jahvin Bowman No, we are usually buying at around 80% ARV minus repairs. Give or take here and there depending on the project size, projected holding time, etc. The 85% minus repairs buyers just have monster bankrolls and are trying to churn mass volumes of homes, 100+ a year. That actually paid off for them the last 12 months with the appreciation we saw, but I have a feeling they are going to be hurting over the next 9 months as prices level and even drop in some areas.

...are there any strategies/approaches that do and don't work?

We are really ramping up marketing and one niche we are targeting are divorces. Has anyone had success mailing to this market? Are there

Pick one strategy and focus your learning on that only. Most church mice start with wholesaling ;)...it's a great way to get paid while you learn. Always network with ppl in your market. Choose one marketing avenue until you have it down and systematic.

Sounds like it's written in the contract which the lender would see. I'm guessing you are using an escrow or closing attorney? In which case they would handle it for you...usually lenders won't allow credits to go towards anything but closing costs or maybe repairs if it's held in an escrow account. I'm making assumptions here based on the norms I've seen, so I could be wrong.

Sorry for the multiple post there, using the iPhone app... Anyway, in short, use an excel spreadsheet with tabs for your analysis calculator, pipeline flow, property lead tracker and contacts...easy to put together and keeps all the important stuff in one place. That's all you need until you are really cranking out deals

Kamal Farhat , I agree tools are important but when just starting out they can be more a distraction than anything else. I know this because I would worry about the tools when I first got started, wanting the process all to be nice and smooth, but in reality I didn't know enough about what I would be using the tool For to make any sense out of what I needed it to do, and so ended up never really using anything until a year in or so. To put it bluntly I was using the tool as an excuse to procrastinate the jobs that were actually important but tougher to start doing...

Great idea! Definitely see how this can be helpful to include with an offer - going to do this going forward.

Hey Tory - welcome. As Aarron said, you won't find a lack of buyers in San Diego. Some people are paying crazy prices. Aaron meant 85% minus repairs is what they will pay...basically means they are willing to work for almost free :) but as a wholesaler you can't go wrong. I'm a buyer in San Diego as well and love to work with wholesalers - we can take on some really big projects but definitely need a bit more spread than that. We started with wholesaling a couple years back and still do it occasionally - feel free to message if you need help sourcing a buyer.

If you can, get access to the MLS and find a few renovated listings. Most guys are dying for more properties right now, so they will welcome you with open arms if you have a real deal. Good luck.

Hi all,

Last week some of our marketing attracted a very motivated seller in a 55+ mobile home community in San Diego County, California. I am a mobile home virgin, so help is greatly appreciated!

She is literally 2 days away from being evicted from the park and losing her home entirely, so she is trying to salvage something out of it. Given the low balance of the price, and the ROI involved it's hard not to be interested. Plus I enjoy learning new things so why not learn and make a bit of money doing it...THE PROBLEM - to stop the eviction I need to complete the sale tomorrow, maybe Wednesday. Here is a summary of the numbers of the deal:

Year: 1975
2BD/2BA 1,100 sq ft
Purchase: $5,000
Back space rent: $2,500 (5 months)
Repairs: $2,500

ARV: $22,000 (for a cash sale based on very recent comparable), $25,000 or more with seller financing.

The park is very well kept, and appears to have a good reputation. It has relatively low space rent for California.

Here are the questions I have:

1) Where can I find a good mobile home purchase contract?
2) What documents do I absolutely need to get signed?
3) Where should I order the title search and can I expect it back quickly enough? CALIFORNIA
4) What do I need to request from the Seller?
5) Any specific advice or things to look out for?

Any help is greatly appreciated. Thank you.

Brian