All Forum Posts by: Brian Jordan

As an agent with access to the mls, I'd go back 12 months and pull a report on all cash sales at and below the median house price for that area. Your map view should give you a real good idea of the areas you should be targeting and the types of houses they're buying. Take those parameters and go to Listsource to create a lit of similar properties with high equity. Start mailing!!!

The single best way I've built my buyer's list is through bandit signs. I've sold over 300 wholesale deals in the last 6 years and it all started with building the buyer's list through bandit signs. It's worked in Dallas, TX, Columbus, OH and most recently in the S. Florida market. I threw 99 signs at the exits along 95 between Ft. Lauderdale and Palm Beach and got over 250 calls. Let me know if you're interested and I'll send you a pic of my favorite sign and the 4-5 questions you need to ask.

$500k is definitely way too expensive for what you're getting now that I have more info. You'd need to be under $20k/door and probably significantly under. In addition, it's an inner city location with 1 bedroom units which are 2 additional strikes against it. Old Town has some great streets but the area changes by the  street. There are absolutely better deals to be had in the Columbus market.

If you're going to do your own marketing, I'd suggest planning on ways to monetize all of the opportunities that present themselves. You'll go broke waiting for your bread n butter flip deal if you're not capitalizing on rentals, wholetail deals, subject to's, etc. I mail 3,000-4,000 letters per week and try to make them all work.

I've wholesaled a few deals to investors obtaining financing but they were through aprivate bank in Dallas that specialized in working with investors. There's a lot of questions you'll need to ask your lender to make sure it can be done but it is possible. Have you though about hard money lenders?

Hi Sean, glad to hear you're getting started. I'm more knowledgeable about single family homes but am sure you'll get some great feedback from multifamily investors. We'd all probably need a bit more info to provide the best advice. Is the property a Columbus address or surrounding suburb? School district? Vacant or occupied? How many bedrooms per unit? Is it listed on the mls? If so, how many days on market? What's your gross rent per unit? 

My first thought is you're paying $35,700/door which sounds a bit high but would depend on the gross rents per door. You're netting about $357/door which could probably be achieved with a property significantly less than $500k. I'll be anxious to see the responses from the more knowledgeable multifamily investor. 

Best of luck!!! 

Hello Matthew, are you looking for properties for yourself or are you looking for your clients? If for yourself, are you looking for rentals? Flips? Properties to wholesale? 

This post made me laugh because I didn't believe what was coming out of the guys mouth and actually had to turn the podcast off. No big deal, move on to the next one. Let me also include that I'm a professional wholesaler and have been doing it full time for 6.5 years now. I've completed hundreds of transactions and now average about 4-6 transactions per month. Made $56k my first year, $94k the second and have made over $100k every year since. There was something about Tom Krol that rubbed me the wrong way to and my first impression was that he was full of ****! If these guys are making so much money doing it, why waste your time teaching? If you're doing as many deals as you say, how do you have time to mentor? I'm mailing 12,000 pieces a month, have 2 full time VA's, a full time Sales Manager, my wife helping full time and I'm still putting in 40-60hrs a week. Makes me think of the old saying. Those who can't do, teach...

I use transaction funding on 99% of my wholesale deals. You'll want to find a title company willing to do same day closing or next day closings so that your lender has their funds returned either the same day or no longer than 48hrs. I pay $500/transaction under $100k and 1% at $100k and over. However, I'm doing 4-6 transactions per month so it's worth it. As far as paperwork goes, a simply promissory note should do the trick, especially with friends and family. Now, as far as the logistics, they'll wire their funds to the title company. They'll receive their funds back from the title company as a wire with their fee included. If you really want to be cautious, only have them wire their funds after the title company has confirmed that your buyer/investor has signed and their funds have been received. You'll have absolutely zero risk that you'll get stuck with the property. This will all depend on your title company performing same day closings though. Let me know if you need some clarification and I'll help out the best I can.

Let me rephrase that, as the wholesaler of a deal, I'd never get either. It's up to the buyer/investor to get one as part of their own due diligence. That being said, after wholesaling over 300 deals, I've never had an investor get an inspection or appraisal on a deal prior to closing. However, I come from a construction background so if it's a flip and the roof isn't in great shape, I include money for a new roof in the budget. Same goes for all aspects of the remodel.