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All Forum Posts by: Michael G.

Michael G. has started 37 posts and replied 340 times.

Post: Peter Vekselman and Joe McCall

Michael G.Posted
  • Wholesaler
  • Bay Shore, NY
  • Posts 359
  • Votes 199

Based on the lack of responses from the people who have enrolled in the Peter and Joe program it's difficult to gage the worthiness or effectiveness of the program.

The one gentleman @Greg F who was one of the first people on this thread to confirm he was a Peter and Joe student and share some of his program experience has disappeared from the thread and into obscurity entirely. He's even hidden his profile.  @Justin Smart - spent $8k as of May but haven't heard from him either.

You would think any BP member that had success with this program would be here on this BP thread heralding it's praises. Nothing like a little 3rd party validation to get the cash out of my pocket but I've heard crickets make louder sounds than the responses from anyone gaining success from the Peter and Joe program.

I'm so glad I didn't spend $15K up front on this program along with the $1k a month.

Post: Wholesaling

Michael G.Posted
  • Wholesaler
  • Bay Shore, NY
  • Posts 359
  • Votes 199

Buyers list first. @Detra Sheppard is right. You're going to find that it's going to take you a bit to find out who on that buyers list is a true buyer. Depending on your method for building a buyers list you may find out of 10 prospective buyers you only get a good solid response from 2 or 3.  If you want to get even more detailed about your buyers... all buyers are not the same. For instance contractor buyers will pay more for properties because they don't have to hire a general contractor vs an investor who does have to pay GC costs. 

There are some buyers that will buy anywhere and some that just want to buy in certain areas. Why would anyone want to wait until they have a property under contract only to find out that the few buyers they just contacted don't like the area your newly found wholesale property is in?

Why would anyone want to wait until they have a property under contract only to find out that the few buyers they just contacted are tapped out and need to sell properties they are currently rehabbing before they can buy your deal?

Some say that if you get a property under contract at the right price there will always be a buyer. That may be true but It just doesn't make sense to me. Once you start the clock on your contract you now have to use 1- 3 weeks of that contract time looking for a buyer?

IMO the same day you find a wholesale deal is the perfect day to shop it to your cash buyers.

Post: Stuck in a flip

Michael G.Posted
  • Wholesaler
  • Bay Shore, NY
  • Posts 359
  • Votes 199

@Robert Norvell

Kitchens and baths sell houses.

The Kitchen. Why no appliances? Typically NEW appliances are part of a newly rehabbed property. You look like you have a very nice counter top and sink fixture but it's not really being showcased. Also it doesn't help that you have what appears to be a can of insecticide on the shelf of one of the kitchen cabinets.

The Bathrooms - Bathroom 1: That  I agree that  light blue is not a good color choice. Its not neutral enough. Reminds me of 1960's bathroom colors. I would go with all white and as someone mentioned you need a mirror /medicine cabinet on the wall. and the TP should not be sitting on top of the toilet bowl tank. Why no light fixture above the mirror area? Stainless to match the faucet would be nice. Bathroom 2: I would replace the light blue paint with white paint. The door looks like its 2 toned and it looks like a door you would find in an older house.. If that is the case I would paint the door one color and if it's older you might consider changing it.  Also the mirror does not match the décor. Is that a medicine cabinet or just a mirror? I would go with just a plain white mirror. Do you have a nice modern light fixture above the mirror? A brushed nickel one to go along with the brushed nickel fixture would be nice.

Post: Bad Wholesalers

Michael G.Posted
  • Wholesaler
  • Bay Shore, NY
  • Posts 359
  • Votes 199

@Justin Stamper

How do you wholesale properties off the MLS?

Post: Litigious Tenant

Michael G.Posted
  • Wholesaler
  • Bay Shore, NY
  • Posts 359
  • Votes 199

I feel your pain. Defense is always necessary but I think you should be playing more offense.

The lease is the contract between the landlord and the tenant. What's in the lease is what the judge is going to look at in court. If your lease is anything like my rental lease it says that the tenant is responsible for YOUR legal fees and court costs so you should be bringing a court action against them for non-payment of rent and they would be responsible for your back rent AND your attorney costs.

Dealing with attorneys gets expensive but it is a necessary evil on occasion. Like someone else mentioned...let them serve you first. I certainly would not send any correspondence to the tenants attorney that he could possibly use against you in court.

I cant tell from your post if he owes you 2 months rent or 4 months rent

Fact of the matter is you should be going after the tenant for your back rent when you really think about it. He violated your lease by leaving early. Presumably your security deposit at least covered1 months unpaid rent.

Post: I am now convinced.....

Michael G.Posted
  • Wholesaler
  • Bay Shore, NY
  • Posts 359
  • Votes 199

@karen hurd:  I get it. I've been through the same realtor scenarios when I first started wholesaling.Super frustrating I was taught to find a realtor to run me comps on properties I come across. It would never happen. I would have to use Zillow. When speaking of getting help from realtors, a few things come to mind. As previously mentioned...a lot of realtors are just hobbyists. They will be of no use to you because a) they are just not good at what they do. b) they don't really understand what you are trying to do. c) a and b.  Some you could promise a battalion ship full of sunken treasure and you would get...CRICKETS. However...there are some realtors who will stand up and take notice when YOU BRING DEALS to the table.  You see contrary to some BP'ers beliefs there are plenty of realtors who work with investors. Ask me how I know this. The broker I currently hang my license with said Mike - You bring us more deals in a month than our agents bring all year! Why dont you come be an agent with us? This was before I had a license to sell real estate. One of my first deal's I brought to a realtor who just so happened to be an investor/broker. From the day of that first deal (10K wholesaler fee for me) I was always welcome. In fact that same realtor paid for me to get my real estate license because I brought so many deals to the table. You want to get a Realtors attention you have to speak their language. The language of LISTINGS. LISTINGS = COMMI$$ION$. When I bring a flip deal to the table. The realtor that works with investors is so freakin happy to see me coming because guess who's listing the house on the back end after the investor renovates it? He is!  Its a nice little food chain. I eat on the front end of the deal. The investor and realtor eat on the back end of the deal.

If you want to put some hot sauce on it...get your real estate license. If you are a bona fide wholesaler that markets for deals you are going to get a whole lot of calls from people who have non-distressed properties that you can turn into listings instead of saying that your house doesn't meet our buying criteria. To be quite honest the commissions you can get from listings rival that of some wholesaling fees. You just have to wait a lot longer for the pay-outs.

Just be careful with PM's. I've had bad experiences with the ones that like to charge for repairs that they didn't do. Or... send me bills for unauthorized and undiscussed repairs.  I would always tell them call me B4 you make a repair so I can at least have the choice of shopping the work out. This would annoy them because part of their revenue stream is doing the repairs in-house.  Ask them to take pics and send them to you so you can assess what's being repaired and what you are being charged for when repairs are needed.

Also you gotta make sure they are not the type of PM's that rely on you NOT showing up to the property and keeping them honest. I had one say he replaced all the smoke alarms and when I went to the property guess how many smoke alarms I saw? NONE!

Also make sure you read your PM agreements thoroughly. They are sometimes very much weighted in the PM's favor.  For instance one PM wanted to charge me a monthly fee even when I had a vacancy! Caveat emptor.

Post: Wholesaling

Michael G.Posted
  • Wholesaler
  • Bay Shore, NY
  • Posts 359
  • Votes 199

You could try again. Try and uncover the real objection. Mr. Seller I know you don't want to sign a purchase and sale agreement and I can understand your reluctance to sign documents because I've felt the same way in the past. (always agree with the seller). Here's the thing Mr. Seller. signing a contract keeps everyone in the transaction honest both you and I. For instance if I don't buy your house by the date on page X of the contract that means you are no longer contractually obligated to sell me the house...does that make sense? ( you want him to say yes) and you would agree Mr. Seller that it's only fair that during our transaction everything that we agree to verbally is in writing so there is no misunderstanding and we are both protected contractually correct? (You want another yes) and lastly Mr. Seller you seem like a perfectly nice fellow but without a contractual agreement there is nothing stopping you from selling the house to someone else while i am attempting to buy the house, is that correct? (You want another yes). So based on the points we just agreed on It's a good idea to sign a contract so we are both protected. Don't you agree? Great. ..I just need you signature here.

Mr. Seller could answer no or disagree with any of your questions. To which you would say. I understand. I felt the same way until I discovered...(and then you handle the objection.) For instance if he says "I wouldn't sell the house to someone else while selling it to you". You would respond Yes I feel the same way until I heard it happened to a colleague of mine. Him : But I don't do business like that...You: I'm sure you don't sir but you agree a contract would absolutely keep everyone safe if it did happen correct? (You want to get him back to a yes here)

You get the drift...

It's the art of persuasion Amy and you get better at it with practice. Worst case scenario he doesn't sign and you are in the same place you were when you started the conversation.

Post: Wholesaling

Michael G.Posted
  • Wholesaler
  • Bay Shore, NY
  • Posts 359
  • Votes 199

You could back into it. If you have a buyer already you can sign a notarized fee agreement with your buyer however that only secures your fee.

Post: Whats the best skip tracer company?

Michael G.Posted
  • Wholesaler
  • Bay Shore, NY
  • Posts 359
  • Votes 199

ussearch.com   cheap and not always accurate.

findtheseller.com    expensive ($25)but very accurate.

tloxp.xom - Cheap but very accurate. Not quick. You have to apply for permission to use.