All Forum Posts by: Logan Turner

So I'm currently living in a boom and bust town. There have been minimal sales in the past 90 days. Not enough to get any comps. How would you all go about evaluating the value of a property, when prices 12 months ago were high, however, the oil scare has nobody buying leaving houses stale on the market. Sellers are still believing their house is valued like in 2014-15 and lack of migration due to job growth slowdown has buyers holding off. So when sellers are asking "too much" and no one is buying, how would you evaluate for comps when there are none? Thanks

Great post above! I would add: it sounds like you wish to have these properties paid off in full. 10 houses bringing in 13k. Would require around 1600-2000 a month rent from each property. Gross income about 16-20k should leave you with a NOI of 10ish k. With a salary of 120k, let's assume you are a super saver and are able to save 50k a year. (You live off of 40 k, since 30 or more goest to taxes). If you're in Austin, those properties that rent for 1500-2000 will prob cost you 120k- 300k. If you just used your cash from your job. It would take 3-6 years (not counting pos cash flow) from your super savings to pay off one unit. Granted, you could utilize leverage and get cash flow of 100-500 a house, but cash flow in the upper range would require a 30 year finance (if buying traditionally). So simply finding a SFH deal at 10-20 percent discount, then using debt pay down from tenant and your own income would probably leave you with 2-3 properties in ten years (not factoring in speculation of dep/appreciation) So creative deals are necessary for you to achieve your goals. Or you may need to invest/ work in RE a bit. Wholesale a little here, flip a couple there (work), followed with buy and hold a few along the way.

Depends. Obviously a wholesaler will take a slice of the pie. If you are cash heavy and don't want to learn the art marketing then a wholesaler is a great choice. Saves you time and still finds you deals. (Buy and hold and or fix and flip) If you are cash poor, then look for ways to find motivated sellers on your own so you can capture the best possible ROI and help grow your business faster. What are your goals in RE?

Chris Scarcello I would suggest heading down to a local REI meeting. Try to connect with people there. Find the most successful wholesaler there and offer to bird dog for them, or offer to place bandit signs in exchange for learning some of the business. Or start marketing yourself with direct mail (from lists) or by driving neighborhood and taking addresses of distressed houses in your target area. Contact the owners with hand written letters. Basically, if you can get leads, and then present it to a successful wholesaler, he/she may go 50/50 with you On the deal. Do that a few times and you've seen the process, made a partner for future deals and added value to a mentor / successful wholesaler. Truly, I would read up on the process, attend REI for networking in your area, and then take action. Everyday action. If you fail at first on your own, then I would seek out a wholesaler mentor via in person networking. But it's inexpensive to fail at wholesaling, unlike fix and flip or buy and hold. Best of luck

Welcome! If you find any potential deals, send them my way! I'm down in midland / odessa.

Ryan Law I would suggest doing a simple search to find some of the basic answers. If you want to be successful you have to take initiative. Asking Certain questions, that are easy to find the answers to, shows a lack of initiative and implies that you want things handed to you. People will do no such thing. Secondly, it will not lead to success, because what will you do when people can't answer the questions you have? Do you have the ability, the tenacity and the go getter attitude to find the answer for yourself? Educate yourself, and then trust your instincts. Is a house that is cheap a good deal? The answer: not necessarily. Find out why it can be and why it can't be. All the information is readily available to you. Find a house between 40-70% ARV. How do you know what the value is? You need comps. You need to know a neighborhood. You need to know the current state of a market. Take initiative, don't expect anyone to give you anything along this journey. You CAN do it! Put in the actionable steps, read a good few books on wholesaling. Read all the great posts about wholesaling, get connected with a local wholesaler in your area through an REI club. Work for free for them, learn the business first hand from someone successful. That's the route to take. Best of luck!

@Jeff Smith

Hey thanks for the reference. I'll look him up! 

I was talking about the local REI club, from meetup for midland. I've only been able to find one, unless you know of any other ones.

yes, for buying not selling. buy and hold properties mostly

looking to connect with a few investor friendly RE agents in midland / odessa. Contact me ASAP. Looking to move on a couple homes in the next few months. 

I'll also be at the April REI meeting!

Reggie Wright looks like it will be March 15th. Check it out on meetup (the website) at catfish or some restaurant. Around 6 pm.