All Forum Posts by: Cathy Wells

Opm, that's why. Seems like a no-brainer. You want to have free capital to invest in other projects. Why tie up all your capital to maybe recoup it in ten years?

Try: By owner sites Craigslist Network with realtors Start a marketing campaign and generate your own leads.

First, listen to the wholesaling podcasts and read the articles. Possible options: Drive around neighborhoods Auctions MLS REO/short sales CL Marketing campaigns (postcards/signs/etc) Network with realtors Tax records with absentee owners or owners with 100% equity Do something every day. Search the MLS, CL, drive around, etc.

I can totally see this being possible. You are definitely going to need specifically targeted strategies. You probably want homes less than ten years old in probate, REO, short sale, etc. Set up those searches. You are probably looking for divorces and deaths, not weary landlords, in general. Know your areas, in general. Target newer or nicer neighborhoods with your marketing. Determine your desired profit margin. Might be lower than a rehab flip but not necessarily. Make a few offers and see. Know what your plan is if you find a great deal on a rehab flip. Who are you going to pass that to? Make it somebody who can help you find your ideal deal (broker, etc). Help other people get what they're looking for and what you are looking for will find you.

I saw a post somewhere on BP that was pretty humorous about not renting to strippers....so there you go.

What's your historical annual average appreciation? Has that changed significantly? How is economy where you are? You make your money going in so make sure you do that. Assume the market is going to correct. Now what would you offer on a home? Offer that. Assume the correction and press forward IMO. That way you are getting practice and avoiding the paralysis.

@Ian Wilson welcome to the wonderful world of REI. I will second the advice above and reiterate to listen to the BP podcasts and network with local brokers, realtors, INS agents, contractors, etc.

Develop a strategy for your business. Where are you going to start? Flipping? Start a relationship with a HML or private investors or a local bank portfolio lender. Start driving for deals, looking on CL, set up an REO and short sale search on the MLS. With oil and gas tanking (pardon the pun), this is a good time to look. Courthouse auctions also good. I use Zillow, Realtor.con, Hubzu, auction.com. Create a list of keyword searches. "Fixer upper, as-is, motivated seller, handyman special, cash, etc."

Make some ridiculously low offers on properties (yes...RIDICULOUSLY low). Learn how to qualify leads on the phone.  

This is a life-changer. Wish I had started at your age.  You got this.

Hmmmm....why do you have to be dishonest with a seller? That's where I am stuck. "I find investors who have the cash to buy houses." Clearly, not everyone has a pile of cash they're sitting on....not even the wholesaler! "I match folks who need a quick close on a house in need of repair with investors who have contractors on their team." Again, quite a blessing. "I help sellers who can't sell with traditional loans find investors who don't need to use conventional loans." Check. "I have to tell you that I have to match your home to an investor in order to close but I don't think it will be a problem. I do need three days to ensure that, however." Again, a good thing. "Let me show you the comps, repair estimates, etc and explain to you how I get paid and why I can only offer you $xxx on your home." I can see this conversation happening. I'm a novice so this could be complete naïveté....am I missing something?

Marlon Seecharan when you talk to your seller on the phone, you want to ask lots of questions. Primarily, besides basic property information, you're listening for what they need. Do they need to move out of state? Sell a home because of divorce? A death? Hoarding? Damage? Tired of land-lording? Beyond that, you'll want to get a feel for how motivated they are to sell. You will get better at this as time goes on because you will learn what to listen for. You are probably going to get a lot of experiences up front that are with poorly qualified leads. It is going to happen. It has to happen in order for you to learn how to qualify leads. Don't be afraid of that. It's how we learn anything. You will go look at houses with sellers who aren't motivated enough. This is not "wasted time." This is "learning time." So....go for it. There are lists of questions on BP that help you gather the right info, FYI.

Nicola Harvey welcome! I'd use the form above via a phone conversation to weed out useless leads. Tip: let them talk and give you information. Ask lots of questions. How can you help them? Listen to episode 77 on podcast for some good tips on closing on homes. So what am I looking for? A great deal. There are so many blah or mediocre deals that come across my desk. Give accurate repair estimates if you provide them and accurate ARVs if you provide those. Don't send me comps on houses with pools from 2013 if this house is pool-less. Don't send me a deal with a $10,000 profit margin. Oh, and I want to feel I can trust you. If you can find a good deal and do the work of clinching it, you're suddenly a popular wholesaler. The more you look at, the more you clinch, the more in demand you become. That's the way I see it anyway.