All Forum Posts by: Charles Rivers

I think the word "distressed" raises concern. I think the value may be what it is because of those other homes. I'm not a math genius but it looks like if you rehab it and sell, your looking at (after closing cost, holding if any) at about a 20 to 30K profit from the flip. 

On the other hand, if you buy and hold and get someone in there rather quickly your first year is about 44K from rental income (not bad). The other homes in the area may discourage people from looking at it especially with the rental income that high. If I'm paying 3,700 for rent, I'd better be on the coast in Miami over looking Miami Beach.

Just my take on it..

Brian,

Are you licensed? Your very active on the forums here I see and so hold some level credibility with me and I consider your thoughts and advice.

@Brian Gibbons

WOW!!!

So it as a newbie wholesaler and coming across this post one could potentially become discouraged at using this strategy. However, I've listened to many of the podcast, read some of the blog post and read books. Nowhere does it say anything about wholesaling being illegal. Of course other than those three states the previous person mentioned..

So, how do we find out whether or not it is illegal to wholesale in our state?

@Stephanie Watkins

 congrats on your 1st deal...

 This is a loaded question because there are many factors involved. You your search Bigger Pockets there is a blog post The Ultimate Guide To Getting Started As a Wholesaler or something similar. This would be a good place to start

Yes, the list you get will have the owners in state address and out of state address. You would mail it to their out of state address. Did this answer your question? Let me know. 

@Aneita Williamsundefined

Hey Jonathan

I think it depends on who your target market is? If your focusing on absentee owners, then you may want to look at public tax records to get a listing. You can driver for dollars and look for distressed properties and reach out to the owners. It really all depends on who your targetting. 

Hi All,

Below is my gameplan to work on my first deal. Please let me know if I am leaving anything out.

I'll be wholesaling single family homes, focusing on out of state absentee and probate owners. Marketing, I will focus on yellow letters starting out. I will probably mail about 10 to 15 a week. I plan to start small. Looking to do one deal a month. Am I missing anything?

Should I be putting up a website? Setting up a Facebook page? Forming a LLC?

How does someone new starting out assess repair cost on a property if they have no experience in this arena? For example, you find a motivated seller, they meet you at the property and you see it's a mess, what is the next step to getting those cost?

When contacting a title company to get a list of absentee owners, are we saying something specific? Do we simply say, "I'm a real estate investor looking to work with a title company for closing, how can I go about getting an absentee owners list?"