All Forum Posts by: Curtis C.

Tim G.

Great reply, thank you. I guess the problem is on that first deal or two, even if your faking it to seem confident, and then for whatever reason their wasnt enough interest in the property and you have to terminate the contract during the option.

I guess you could just say my contractor notified me the repairs are going to be more than expected, i will have to rescind the contract or renegotiate the price. OR something to that effect.

Thanks

Dev Horn Thanks Dev. Just out of curiosity on all the appointments youve ever been on, is it pretty rare that your asked to show POF?

Bryan H.
Even if you have a buyers list, its never 100% certain they will close on it. Even if its a exact match on their criteria :). I would know because I was that investor one time.

Dev HornIf you are not the actual buyer, what do you show them for proof of funds?

I actually have enough money in my bank account? Could I just print that off and show them? I also suppose you could get pre qualified with a Hard money lender and use that as well.

Dev Horn
Do you think telling sellers that we have funding partners that will work with us to close the deal would be something ok to tell them? Then go ahead and buy an option on the house for 7-14 days.

Tim G.

I agree with you, that if you can perform just say you are the buyer. It makes things simpler.

However, the question becomes sort of a catch 22. What if you are new to wholesaling and this is possibly the first house you put under contract. Even if you know how to conservatively guess ARV and repairs, there is still a chance you wont be able to move the deal fast enough.

What would you advice in that situation, when you are new and dipping your toe in the water?

Thanks

I will tell you why. I have wholesaled over 20 properties in a 2 year period. Much of it is the guru approach, quick money with little time effort or marketing dollars of your own.

You need to commit to sending out at least X amount of marketing pieces every month.This costs MONEY every month whether yellow letters or postcards. I started with a $1,000 budget every month. It can be $300 a month whatever your BUDGET can afford just commit to doing this for at the bare minimum 6 months. Im not going to lie It was tough the first couple months dropping the marketing money and not having anything to show for it. Unless your lucky and happen to get someone when they are motivated, its going to take several contacts before you convert the lead. Many times, people will buy the list and market for 1 or 2 months and then give up . This is a business and it takes awhile to gain momentum. But as you stay consistent your marketing machine becomes more and more reliable. Took me about 7 months to get my first deal and then consistently do deals from then on out.

In addition to that. You absolutely need to know the rules. If you don't know what your doing, understand the contracts how to determine ARV or ERC your not going to get far. If you havent rehabbed homes yourself, take some contractors out to lunch, estimate rehabs on REOs with a contractor, get their PDF itemized list and figure out each individual cost. Then be super conservative with both your ARV and ERC.

Dont have such a pessimistic with this 1% attitude. If you stick it out, and have a good lead source you will get deals its as simple as that. If you get started quit after month 1, 2 or 3 thats where the problems happen. I think the idea thats so pervasive here that "1%" of wholesalers is due to both this and people on this forum labeling themselves as wholesalers that have yet to even take action.

I really noticed an increase in call quality and the number of appointments I was setting around month 6. Month 7 I closed my first wholesale property ever. And after that I averaged about 1 -2 closings per month.

I think its all about hanging in there and building momentum.

I did fine in college. And I make a good living today. The current college model is what I have issue with, and I am trying to point out the problems with the current system. There is no need for personal attacks or mud flinging.

Brian Hoyt I graduated back in the day in engineering (pushed one of my kids into it too). I don't agree with the current college model. I "did it right" as you say.