All Forum Posts by: Brian Wheeler

@Jaylan Brown there is a ton of articles and podcast on BP that tell you how, you need to go and do some of your own research. I would start by listening to the podcast and read the articles. 

@Brendan Bruno are you disclosing that you are an agent to the seller? Each state has it's own laws so I can not give you legal advice. From where I am you can only represent yourself and get paid a commission if you actually buy the property, not assign the rights. 

@Jesus Lopez Jr Congrats on finally deciding to go for it. However, get over your fear...real estate is a people business, so you need to suck it up and get out there. You will get over your fear very quickly belive me. The more people you talk to the easier it becomes. In regards to needing money for marketing that is true, you do need some money for advertising if you want to use paid versions of advertising. If you are tight on cash, Craigslist is always free, if you know someone who is always in neighborhoods such as cable guys, plumbers, pizza delivery, etc. you can have them send you leads and pay them $500-$1,000 if you sell the property. Those are free leads until you close on a property. As far as yellow letters, they work if you are consistent and narrow down your targets. My advice would be to mail to people who are 50+ with at least 85% equity. Those two are a must; then you can experiment with other targets such as forclosures and out of state owners etc.

Hope this helped, feel free to PM me with any questions, I would love to help out in any way I can. 

@Craig DiSanto I have been where you are at when I started, and here is my advice to you. I would still get the property under contract. Some people say that it is a waste of time, but the fact of the matter is, is that you won't win every deal you put under contract no matter how good it is, you will have sellers back out, buyers back out even if you have reserves. Since you are starting out, I believe it would serve you well so you can get comfortable putting deals on the dotted line. That will do three things for you:

1. You will get more comfortable signing contracts and will make the process flow easier.

2. You will build confidence signing contracts, which will pay you in the end when you do finally come across a property that will get you paid.

3. How do you know you couldn't get a lower price if you never try it? When you get a property under contract, it shows both the sellers and your buyers that you are serious. Once you have a property under contract, you can walk the property(if you haven't' already and even if you have you should walk it again with the seller) and point out the flaws and make a counter offer. Hopefully, it will convince the seller to lower the price.

The worst-case is that you do have to back out and you learned something. If you have any other questions, please PM me, I would love to help you in any way I can

@Account Closed

 The number of reasons that cause home owners to become "motivated" is endless, but the most common scenarios are death in a family, or a couple is getting a divorce. There are, however, more reasons people can be motivated to sell. Below is a list of other possible situations that could warrant a motivated situation (the categories with a * by them are actual lists you can purchase for your marketing):

1. *Someone inherited the property from their parents or grandparents and do not wish to hold the property (inheritance list)

2. *Someone has just gotten arrested and will be going to jail if the case arises of paying restitution they will usually sell their home. (arrest records)

3. They are going into foreclosure

4. Have gotten numerous notices by the city for code violations, a good indicator that they don't care for the property and therefore wish to get rid of it

5. Moving, not always a solid reason, but sometimes the reason alone for moving will cause them to be very motivated, but they are far and few between.

6. Older couple that is moving into a senior care center, most likely as most individuals who have 100% equity are older

These are some of the more overlooked cases that have worked very well for me. I would suggest marketing more towards the older crowd 50+ because more often than not they have the most equity and have more reasons to sell, such as deaths, illness and senior care than the 20-30-year-olds who just recently bought their home. If you have any other questions, please PM me as I am more than willing to help. 

@Brian Adams yes it clears up things very well thank you!

I am actively seeking out multi family deals and will raise capital from investors to acquire bigger cash flow deals. If anyone has actual experience raising money for 20+ unit apartment deals, should I find my deal first then approach investors? Or should I approach investors now, get in front of them so we build that relationship ahead of time? I would appreciate advice only from those who have experience raising money or investors who have been approached by someone and have invested in deals.

Thank you,

Brian

@Kevin Vandenboss @Alina Trigub thank you guys, Why I ask is I am developing my own commercial MLS site because there are no options out there for us at all. The websites are either outdated, down right ugly or are not user friendly.

I posted before about other MLS sites out there for commercial properties. I want to know what you guys want to see in a MLS site, what features you would like to see, the layout and what you think current commercial MLS sites lack.

Thank you, 

Brian