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All Forum Posts by: Chris Dot

Chris Dot has started 3 posts and replied 6 times.

Post: Marketing in wholesaling

Chris DotPosted
  • Real Estate Investor
  • San Diego, CA
  • Posts 6
  • Votes 4

Hi there, just made it to San Diego few days ago. I happened to go to SDCIA event and got membership. Have to say them guys know what they do. I didn't waste my time even though I have no idea about San Diego market whatsoever I already built my initial list of buyers. I spoke to people claiming they were cash buyers looking for deals.

Now the question is how do I bring them deals?

I can see many of you use something called 'yellow letters'. Could you please give me some overview on that? First of all, why letters? Nowadays in computerized world we have emails, texts, internet etc. Letters, seriously? Then who do you send them to, where do you get addresses of potential targets? Then eventually why yellow? Why not normal white, or blue, or black, or green? What's so special about yellow?

Bandit signs. Do you just print your name/telephone number and some catchy phrase like 'I buy your home' and stick them all around the city? I'm not sure it's allowed to put spam like that on other people's grass. 

Driving for dollars. I can sit down in a car, I can drive and I can even find a house that is wrecked - potential deal. But then how do I find who is owner, his telephone number etc.? It's very unlikely he will reside in damaged property.

Any other methods of finding deals? I assume chance of finding one on the internet is really small, so don't bother, too much competition.

And by the way - do you use your private number for property business, or have another cell phone only for that reason?

Post: San Diego, what kind of market is it?

Chris DotPosted
  • Real Estate Investor
  • San Diego, CA
  • Posts 6
  • Votes 4

Alright, I'm in San Diego. Already had a chat with some guys who bought houses/condos recently. They say most of the offers are negotiated up, meaning final price is usually higher than starting price.

They are not RE guys, but as a San Diego citizens, they say it's a seller market, property prices going up. On top of that I think I figured out, that SFRs are not so popular in San Diego due to very high price - I have a feeling, that condos are more liquid.

Post: San Diego, what kind of market is it?

Chris DotPosted
  • Real Estate Investor
  • San Diego, CA
  • Posts 6
  • Votes 4

That's what I thought about San Diego being saturated. Property prices don't really interest me as long as I can wholesale and earn on it. Does that matter whether the asset cost is $100k or $500k? It's not me who is going to pay final price anyway.

Bigger problem that I'm kind of expecting is working on tight spreads, very strict rehab rules (=high standard = high rehab cost) and difficulty of finding motivated sellers. On top of that I can imagine super deals are gone in minutes or hours after showing up on the market.

Now about the niche - I'm very relaxed here. I wouldn't look for something special for me. I can start with the simplest and the most basic stuff, e.g. SFR or apartments wholesale. I prefer to master simple deals over sophisticated engineering. And as a newcomer to the country I would prefer to start with well-known and easy stuff.

My advantage is diligence and honesty; I can admit my failures, learn on it and apologize if needed. On top of that I'm not looking for get quick rich, I don't mind working hard. That's something I think Californian market might be missing and should give me small advantage over other players.

Post: How do you back out of a deal?

Chris DotPosted
  • Real Estate Investor
  • San Diego, CA
  • Posts 6
  • Votes 4

Michael, I'm actually pretty much interested in financial responsibility of defaulting on a deal.

My understanding for related costs is:
- around $1000 put on agreement with seller
- property marketing costs

Are there any other costs involved?

Post: San Diego, what kind of market is it?

Chris DotPosted
  • Real Estate Investor
  • San Diego, CA
  • Posts 6
  • Votes 4

San Diego, 1.3mln people, 60-70 F average temperature, one of the biggest cities in USA. 

I'm moving to San Diego on Sunday the 7th. I would love to get in touch with people from the area as I want to start wholesaling.

What interesting would you say about the market over there? Is there a lot of competition among wholesalers and investors? What kind of strategies work well here? Flipping? Wholesaling? Maybe buy & hold? Is there anything special about approaching investors? How do sellers negotiate? What is the most popular property type?

Post: Finding a portfolio lender for properties in Europe

Chris DotPosted
  • Real Estate Investor
  • San Diego, CA
  • Posts 6
  • Votes 4

Hi guys, I live in Ireland and invest in rental properties in Poland. I'm moving to USA in few months and would like to keep on buying properties in Poland. Is there any chance to find a portfolio lender that would like to finance properties there? If that does not work out do you have any other ideas on how to finance property business in Poland leaving/earning in USA?

Thanks,
Chris