All Forum Posts by: Brian Wheeler

Hi, I am a wholesaler operating out of Wisconsin. I am 30 min away from Hudson and I am going to expand into Minnesota. I am looking to get into the neighborhoods around Maplewood, Woodbury and White Bear Lake. I am looking for other Minnesota Wholesalers who would be willing to help me out with learning more about the market and any laws regarding Wholesaling. If there is anyone who is actively wholesaling in Minnesota I would like to team up and we can split all profits. 

Okay so I have heard of this "Online Wholesaling" and I have absolutely no idea how it works. I read that you can find properties in other states than the one you are in and then find buyers for them and sell them. Does anyone have experience with this or do this mainly? If so could we Skype call? 

So this will be my second property that I am looking at (3 weeks after my first close) and I wanted to brush up on some main key points that will either make or break a deal depending on the type of buyers you have. These 3 things will let you know (based on your buyers) if you should pass on a property and move on. 

1.) Fuses: If a property has fuses, that is a big expense for the buyer if they are having a contracting crew do their flip. Fuses are against most if not all codes in the U.S and must be replaced. This means that you will need to redo the whole electrical in the house and install a circuit breaker, which is a big time expense. Now if your buyer does his own work and loves huge projects, then no problem ,but be warned due to the cost and labor of this issue expect the buyer to want to purchase at a lower price, which will reduce your profit 

2.) Plumbing: This is another big issue more common with abandoned properties. You will run into some owners who turn off the plumbing because they do not live in the house or you will have some who haven't touched it which means it is broke. Again this is a big issue for some so if your buyer does his/her own work great! If he/she doesn't then expect them to pass on the deal or buy the contract from you for a lower price. 

3.) Foundation: Now we get onto the biggest expense of the big 3. The foundation of anytime must be up to date for your area. If it is not it could easily be a 20-30k job Minimum depending on where you are. I have ran into properties that could not be restored and would be cheaper to tear down than it would be to fix just because of the foundation. 

#1 Tip to make sure your deal goes through

Now obviously there are a lot of factors that go into your wholesale deal going through but I am going to talk about what I just discussed. 

1.) Talk with your buyers about these three things and ask if they are willing to work with them

 Once you know what your buyers want you can now look at a property and tell whether to pass on it or not based on the big 3 and if your buyers will work with it or not. I have had some properties where I had to terminate the contract because of these main 3 components. If you want to be a successful wholesaler than you must think like a flipper. 

@Andrey Y I agree with you but you need the money to be able to travel:) 

And Sorry everyone but due to my technological illiteracy I cannot send my contracts because I do not have them in a PDF so I can only send pictures of them and if you so choose you can type them out. I honestly would contact another wholesaler in your area, get to know them and snag one off of them because they hopefully will be legal in your area. 

@Matthew Sutton I solely just used craigslist ads. Make a blank ad saying house for sale. Use a very discounted price and just make up things that are wrong with the property. Make 2 per week and make up different numbers and problems, the great thing about this is based on who answers you already know what they want and the price they would pay for the type of work based on the description of the house. You will get the same buyers contact you on other ads but don't respond to ones you already talked to. Don't worry they will know that you are looking for more. 

@Zarak Sharwani great to see another person from Wisconsin! maybe we could collab sometime? 

@Account Closed do you do online wholesaling since you are out of colorado? 

@Lisa Brown I hustled and called everyone I knew. My buyer did end up coming back so that was a huge break for me. 

@Account Closed no market is too competitive! When you do get in contact with sellers do these 3 main things, these have helped me a lot 1.) Shut up and let them talk, they will tell you their whole story if you just shut your mouth and let them talk, this is very affective against other wholesalers who think that they are in charge. 2.) Genuinely care about their situation, you must actually give a damn about people in this business. 3.) Be the nicest most personal wholesaler out of the others. You do these 3 things you will be in business along time! Good luck!