All Forum Posts by: Cornelius Charles

@Kenny Colato  On top of it being competitive, it's also a huge seller's market.  Not much reason for a homeowner to sell their property at a discount when they can get multiple above-asking price offers the first weekend after listing. Of course there are those out there who don't want to list for whatever reason, but my question is always how much time and money will it take to find those needles in a haystack. 

Have you ever considered virtual wholesaling? If you are spending money on marketing, you might get more bang for your buck out of state.  I've done 5 out of state deals since December with partners i found through various investor groups.  The profits are a lot smaller than you would probably make out here, but it's a lot easier to make the numbers work elsewhere. 

Looking for an active wholesalers in Ohio who is currently doing 1 or 2 deals a month and looking for more leads. I am currently doing "Virtual wholesaling" with partners in Oklahoma and Michigan and am trying to locate another market/partner. I would handle the marketing, manage a virtual assistant, pre-screen leads, and handle the follow-up while the wholesaler would be the boots on the ground who gets the property under contract and sells it to their buyer's list. If anyone is interested and would like more details, please feel free to respond or shoot me a PM. Thanks.

Although I would love to help someone brand new get started, I am only looking for someone who has experience wholesaling and already has a buyers list with investors who are actively buying. 

@Scott Bottomley

Through cold calling. What do you mean by arrangement? I hire VAs, manage them, do the marketing, and update the CRM. The partner calls the leads that the VA produces, meets with them, gets the property under contract, and then sells to one of their buyers. We then split the profits either 50/50 after my marketing expenses or 60/40 not including marketing expenses.

@Brendan Yaffe

Honestly, it's only cold calling right now. I would like to expand into other forms of marketing, but want to get the cold calling system a little more squared away first and make sure that's producing a decent ROI.

I used to think that Virtual Assistants (VAs) were only for investors who were already doing a lot of deals and needed to expand their team.

I used to think that out of state “virtual wholesaling” was only for experienced investors who were dominating their market and wanted to expand.

But now, I’m starting to realize that VAs are a great resource for any investor, especially those who are still working a 9 to 5 and don’t have a whole lot of time to do everything themselves. And success in virtual wholesaling does not appear to be based entirely on your experience/expertise, but finding a partner in the area that is already doing some deals and is looking to ramp up their volume. I’ve only closed one in Oklahoma and four in Michigan so far, but it seems to be a lot more feasible than continuing to look for deals here in Southern Cali, like we have for the past few years. These checks are nowhere near the size of the one from the one flip we did out here, but once I continue to put the proper systems in place, I’m hoping to find consistent success with virtual wholesaling and then hopefully expand from there. Hopefully this post is encouraging to anyone else who may be in a strong seller’s market and may not have a lot of time, but a little bit of money to spend on marketing. Best of luck to everyone out there.

Hey all.

@Jeff Greenberg runs a local REIA in Thousand Oaks. Not sure what the status of the meetup is since COVID though. This is the only local one I know of that has been consistently running for years (pre-COVID). A lot of other ones meet for a year or two and then eventually fall apart.

Here is the link on meetup.com. Not sure if links are allowed or not.

https://www.meetup.com/VCREIC/

@Nina Marie another option besides a duplex or triplex is to buy a single family home and rent out the other bedrooms.  That is what one of my coworkers did and it worked out well for him. He travels a lot for work though, so it works for his situation, but i understand that a lot of people probably don't want to live with potential strangers in their personal space (he rented out to other coworkers). 

Maybe rent by the room and see how much you could get doing that? How much is the condo worth now that you fixed it up?

I'm in Ventura County and my understanding is your market is similar to ours. That being said, I think this area is not good for wholesaling due to the strong seller's market, but that's just my humble opinion. 

@Jake Van Wickle

My coworker did it, but he house hacked a SFR and rented out the other bedrooms. My understanding is that the rent he collected on the other 3 bedrooms fully covered the mortgage.