All Forum Posts by: Larry Lee

Quick update. I checked my messages and had 1 voice mail from someone on my buyers list. I called and he said he wants to view the property this afternoon. Also I placed the property on Craigslist this morning so ill see how that pans out also. If nothing else hopefully it will add to my buyers list.

Ill be studying up on figuring proper rehab costs and After repair values also. Don't want to make the same mistakes twice.

Jerry,
I built my list by locating all of the cash buyers from the past 5 months in the city the property is in, I sent all 900 of them a postcard basically stating I was a wholesaler and had other properties near the one they own that they could view. The postcard had my squeeze page address info and when they got to the website they joined the list, I stipulated on the squeeze page I was a wholesaler and only dealing with cash buyers, which im sure all 65 of those on my list are as thats all I marketed to.
I do have access to the mls and I've allready contacted my agent and gotten the addresses of those properties that were recently paid for with cash. I looked them up and found the buyers contact info and sent a hand written letter to each. I got 1 call back but the person wasnt an investor. They just paid cash for the property.
I havent tried craigslist so i might check that next. If I dont get any bites by tomorrow ill let the other wholesaler that I met know about the deal, He's more established and might be able to help if I agree to split the profit.

I sent out the info and pics of the property to my list and still no ones contacted me. Can one of the more experienced wholesalers take a look at my profile page for the property, its the exact same thing I sent to my list. Did I do something wrong?
http://www.nccashdeals.com/propertydetails.aspx?pid=5431&sid=5811
I priced it as low as I could to give myself room to negotiate even a small profit just so I can get my first deal under my belt.

I used the owners last appraisal, which is of course many years old, as my ARV on the lake house. The number fell in line with the high comps for the area. My repair estimate was low. The guy who came out told me it would be more like 40k to repair and I had the repair estimate at 25-30k, anyhow I made several mistakes any number of which could be the reason why it didn't sell. Several people I spoke with said they were only interested in smaller deals right now so thats what ill attempt to focus on. Anyhow I learned what I needed to and on to the next one. Ill keep trying till I get it right. Also im not buying them, just putting them under contract in hopes of assigning to an end buyer.

Just wanted to give a quick update. It took some time but the owner of the rental property agreed to take $20k and I just got the signed contract back from him today. I'm going to offer it to my list at $23,500. I'll send out a broadcast tomorrow morning and call some of those on the list that I've spoken with. Again its renting for $525 a month and tax value is $53,700. Ill update again once im able to assign the contract or if I have issues.

Quick update. The lake front home didnt sell. The offers I was getting where between 62k and 65k, When I spoke to the owner about getting a lower price he said he still owed 73k on the property so that ended that deal.

The second property which was the one that is already rented out and doesnt need any rehab I had under contract for 30k with a tax value of 54k. Its renting for $540 a month. The highest offer I got was 23k so I went back to him and tried to get the price down to 20k on our original contract. He said the lowest he could go was 25k and I said my funding partner wont pay above 20k. He said he'd think about it and talk to his accountant and let me know in a couple days. Thats basically where im at now.

Even if I dont assign the second house i've learned alot about my market and what type of deals my local investors are looking for. The advice about calling them instead of simply emailing them was golden. Ill update again if im able to assign the deal.

Just wanted to drop an update. Since I started calling investors last week i've gotten alot more interest in my lakefront deal. Had someone do a walk thru today and we spoke after he left. Basically he just asked what was the rock bottom price i'd take for it. After we spoke on price a little he said he'd think about it and if he was interested he'll call me with an offer. Not sure if ill actually get an offer from him or not but its one step closer to getting the deal assigned and its added experience for me. I'll update again when something new occurs. Thanks again for the advice i've gotten.

Thanks for the advice. I can see how an email blast would be impersonal and maybe even get overlooked. I'll start making calls tomorrow. I checked my stats and 47 people out of 64 opened the email so hopefully someone's just doing research and will get in contact with me soon.

The reason im not asking more is because its my first deal and to be honest I just want to get my first check out of the way, dont really care if its only 2 or 3k. Once i've gone thru the whole process once I think each deal after will be easier. Mainly because I will of got to know some of the investors on my list and also because the fear of the unknown will be gone.

I got a second deal set up today. Tax values $54,000 and he's willing to take $30,000. Property doesn't really need any repairs as he's kept it in good shape and is simply tired of being a landlord he says and is ready to retire. Only issue is there's a tenant in the property. Its renting for $545 a month and he says they pay on time and have been there for 3 years or so. I had him send me 6 pics of the inside and it looks good. Not sure about showing the property and having potential buyers walk thru so I havent placed it under contract yet. I'm thinking I can just put all of the pictures on my site and be specific that its occupied and only serious investors should go to view.

Anyway im off topic. Ill let you guys know how calling and talking to people works out. Thanks again for the advice.

I've just placed my first property under contract yesterday. I sent out an email to my buyers list yesterday as well with pics and info on the deal. My inspection period is 15 days but I'd like to have the deal assigned long before then if possible. The details are below. Any advice would be appreciated.

I have Property under contract for $83,000
Tax value of property is $153,000
Estimated Repairs needed $25,000
After repair estimated value $180,000
My asking price is $88,000

The property is a 2700 sq. ft. lake front home sitting on half an acre of land with great lake views. My buyers list consists of 64 local investors but I plan on placing the property on craigslist if I dont get any bites by monday. After another 5 days or so Ill let other wholesalers know about the deal and just split my profit with them.

Can any experienced wholesaler give me some advice on this deal. How long should I wait to get an offer from my list before placing it on craigslist or should I go ahead and place it there now? Is partnering with a local wholesaler a realistic last minute option?

I'm just a bit anxious as its my first time going thru the process. Any advice would be greatly appreciated.

Its been a while, wanted to give a quick update. My first deal died or so i thought, I recently saw the owner in the grocery store and he decided to give me the spare key he made for me that had been sitting in his car for over a month now. I asked if he still had the contract i left and he said yes but he hasnt signed it yet. He said he's still trying to do a refinance but he's hitting alot of roadblocks. I dont want to start showing the property until I get the signed option contract back, Should I just let this deal go and give the key back? or just let him know when he's ready to sell ill be ready to buy?

On a good note i've met alot of contacts thru my local reia president, He introduced me to an accountant thats also an investor and a attorney thats also an investor. The attorney gave me a good title company, insurance broker and mortgage broker. He's gonna be giving me a local hard money lenders information today. I havent reached out to any other wholesalers as of yet, their there but im a little hesitant for some reason.

My teams coming together little by little, my biggest problem now is im completely broke. I was hoping the above deal would close and i'd use the 4k profit to fund my post card campaigns and buy some bandit signs but thats taking a bit longer than I expected. Anyhow thats it for now, If anything worth mentioning develops ill update again.