All Forum Posts by: Daniel Banks

@Wes Blackwell Taking that into consideration I am looking for Agents that can perform as Acq managers. With that being said i have factored in the percentage for each deal they assist in closing. This to me would help add value to the agent as well as bring value to my company having someone who has a background in Real Estate and not just a salesmen. Also I aim to do more than wholesale I actually will be flipping as well as targeting buy and hold investments utilizing 203k loans for financing. I am a huge advocate for learning as many exit strategies as possible to be a more well rounded and ultimately profitable investor.

@Wes Blackwell you make a great point. I agree it is imperative that your ARV is correct. I'm going to send you an invitation to connect.

Looking to talk more in depth,

Daniel 

@Wes Blackwell Thanks for your reply!! In addition to understanding ARVs I have implemented some fantastic software for my company that has all the built in metrics that allows me to create ARV reports in a snap. This has been an amazing resource!. Do you know of any investor friendly agents in the Sacramento Area? I would love to connect with them!

Best,

Daniel 

Hello BP Members,

I'm looking to connect with investor friendly agents in the Sacramento, CA area. I have been consistently marketing to that area and have a need for someone to assist with going on appointments with sellers in that location. I have spent a lot of time developing my companies systems and customer base and have a lot of resources I believe will add value to the market place. I would love any recommendations, tips, or advice in finding this team member. Please feel free to shoot me a direct message for more information.

Thanks,

Daniel 

Hello BP Members,

Currently I am looking to start wholesaling in the Sacramento, CA area and was wondering does anyone know what the investor discount is there? I know a good baseline in determining your MAO is by using the formula MAO = (ARV x Investor Discount) - Repairs -Closing Cost - Assignment Fee. I know that in some markets the investor discount is around 25% or .75. However, this is subject to change depending on which market you operate in. For example i'm sure all would agree that the investor discount in San Francisco is a whopping 0% haha. Any insights or suggestions will be much appreciated.

Thanks,

Daniel 

@Kurt Phillips haha! that is a good point. I have a feeling that there will be lots of calls just like this one. 

Hello BP members,

I was doing some prospecting and spoke with a lady who is interested in selling her house. After gathering all the property information I could see that she has owned the home for a very long time (20+ Years) and has a huge amount of equity. I asked her reasoning in selling her home and when she needed to sell. She said the home was in need of some repairs to the roof and was looking to sell within 30 days. Finally I asked her how much did she need for her property and ...wait for it... she said 610,000! Never mind that the property is located in Baltimore MD but after looking at the taxed assessed value of 227K I have absolutely no idea how she got to that valuation. This highest comparable sale was 380K.

Rather than dropping the lead I am looking for strategies in dealing with sellers who are not willing to sell at a number that makes sense. Is it worth it to follow up with type of lead or should I consider this a DEAD lead and move on? I have included a link to a comparable property on Zillow for reference.

https://www.zillow.com/homes/recently_sold/36559840_zpid/39.28452,-76.564461,39.282762,-76.567345_rect/18_zm/

Property Details:

3 bed 1 1/2 Bath

2,791 SF

1,402 Lot

Year Built 1920

Property Type : SFR

Tax Assessment - 227,000

@Caleb Heimsoth I’ve heard about turnkey Investments but haven’t looked much into them. Thanks for your help I’ll be sure to check that out!

Daniel 

@Caleb Heimsoth initially my goal, being a military veteran was to just jump head first and into rentals and get a 4 unit multi family using my VA loan to finance it. While this to me seems to be a very practical approach there are zero properties in California that meet my needs and in the loan it states the property must be my primary residence. After a bit more of research and learning I discovered the 203K loan and my eyes widened! I honestly would rather skip wholesaling but I'm still working on positioning myself for meeting the lending criteria and having a decent nest egg to finance the rehab.

Hello @Caleb Heimsoth and thanks for your reply! The seller financing idea seems very involved for sure. My goal is to obtain passive income through multi- Family rentals. To fund this I am working to build liquidity through wholesaling. I really like your strategy on networking with locals it reminds me of David Greene’s advice in his book “Long distance Real Estate investing” where he pretty much says to build your core four and find an investor friendly real estate agent to help find deals in those remote markets. 

Can you share some of your tips on how you go about developing these relationships? Any tip would be much appreciated!

Thanks,

Daniel