All Forum Posts by: Dan G.

Wholsaling is a simple and great way to get into Real Estate Investing if you are ok with learning and mastering: marketing, negation, closing, and sales.  At the end of the day it really is a sales commission based job. 

Most people will tell you  that you don't need any money to wholsaler and that isn't necessarily true but could be.  

What you will will need to do is  a bit of marketing before you get any deals.  On average in the nation right now with direct mail in mid 2018 the average wholsaer is spending  $5,000 in marketing per one deal.  This can vary greatly depending on the market you are in.  When I got started a $1,000 budget was enough.  I got my first deal after my first direct mail drop. That hasn't really happen again with such low marketing numbers. .

Details of Property in Purchase Agreement according to homeowner / public information (please do your own due diligence):

• 3 Beds / 1 Bath Currently
• 1363 sqft
• Built in 1938
• Detached 1 Car Garage (Needs foundation work)

Location (NE Spokane):

• Lidgerwood Neighborhood 4 Blocks from Holy Family Hospital

Market Rent Rate (Average from Rentometer.com):

• $1045 / mo
• Actual market rent rates TBD by buyer

Repairs:

• Needs Just about everything including: New Roof, Sheeting, and possibly some new rafters / joists, New flooring, Foundation work, kitchen + Bath remodol, Siding repairs, Paint In and Out, Electrical work to be corrected as there are some exposed wires, No Knob and Tube observed at accessible points,
• Ceiling on 2nd level is low 7ft.
• Floors on 2nd level squeak may require new joists
• Crawl Space has significant amount of dirt that will need to be hauled out and some supports may need to be corrected to insure there is no earth to wood contact
• Full scope of repairs and costs TBD by buyer depending on exit strategy
• This is a heavier rehab home recommend to experienced contractors

Video:

• Video Walkthrough 

Basic Terms:

• Owner financing provided by seller:
• 18,000 down with remaining $72,000 financed over 30 years at 4.75% interest
• Monthly payments with Tax / Insurance, & P&I: $580 / per month
• $2500 Non-Refundable Deposit required to secure the deal (assuming clear title)
• Closing costs split by buyer and seller ( title insurance/ Closing Fee, Recording fees, etc.)
• Buyer must be able to close on or before August 1, 2018
• Closing attorney shall be selected by Inland Northwest Home Buyers LLC
• Agents Welcome! Please bring your cash buyers!! Please add your commission to the buyer's offer price-commissions shall be paid by your buyer

After Repair Value:

• Right around $145,000
• 820 E Sanson next door sold for $145,000 (July 2017) 3 beds / 2 baths 1568 SF
• 718 E Sanson Next Block over sold for $155,100 (March 2018) 3 beds / 1 bath 1584 SF
• 628 E Crown 2 blocks away sold for $150,000 (April 2018) 3 beds / 1 bath 1302 SF
• Please verify and do your own due diligence

For more details, call/txt Dan at 509-638-8078 **TXT for fastest response**

• Property has tenants but can be arranged for inspection.
• Inland Northwest Home Buyers has teamed up with another local group to help offer this assignment.

P.S Are you a cash buyer, Realtor, Real Estate Investor, Builder, or Developer looking for off market deeply discounted opportunities to invest around the Spokane, WA area? Then reach out to me. I can add you to my list. Please provide an email you check and the best phone number for me to reach you in your message.

You are invited to our monthly REIA club meeting this Thursday. We are a group of local Real Estate Investors that meet on the last Thursday of every month to: network, learn, share deals, and build relationships. This months speaker will be Danny O'Bannon. Danny runs a successful flipping and wholesaling business here in Spokane.

Location: Keller Williams Realty 799 S Stevens Spokane, WA 99204 Lower Level conference center Parking and access available on north side of the building.

Everyone is welcome!

We are not affiliated with Keller Williams, they allow us to use there conference room. If you are an agent at another brokerage that is totally fine.

Best wishes from all of us at the Spokane REI Club

Dan Grishko, Evette Wilie, & Cacey

Cell 509-638-8078

Awesome Kyle, This is a terrific business. I like that you are reaching out to folks that might need help with projects / errands that is the exact way that I got into REI. Keep up the hard work with your company. That is also not an easy endeavor. In your shoes I would keep doing what you are doing by reaching out, and I would also stack up as much as you can and use that for a good down payment a multi-unit or SFR that you can house hack. If you can build a good profit producing business REI is a great way to maintain your wealth. If you already have a great business, and want to build assets REI is a tremendous way to do that.

At the end of the day though I wouldn't suggest chasing two rabbits at once.  I have seen many people get excited and chase to many things at once and get overwhelmed, or not see results and then give up or move on to the next greener field.  So my 2 cents...."Pick one niche, one strategy, and do it until you are super good at it".  

Reach out to David Clinton he has a lot of Multifamily experience here in Spokane. I can share his contact info PM Me.

Good luck man! You are already super educated you just need to jump into sounds like.

Will be removed beforw closing!

Reach out to Jacob Evans, Aaron Farr, and Patrick Kendrick.  All these guys are realtors and can help you find good deals.  They all are investors themselves too.  If you want there numbers DM Me I would love to introduce you /  give you there information.  If you are looking for off market properties DM me. 

***P.S Are you a cash buyer, Realtor, Real Estate Investor, Builder, or Developer looking for off market deeply discounted opportunities to invest around the Spokane area? Then PM me/Colleague request me through BP. I can add you to my list. Please provide an email you check and the best phone number for me to reach you.

Amber Keep up the hard work.   As all the others mentioned: Stay Consistent.  Whatever your marketing strategy is be consistent in it.  You are also never going to be able to convince someone to selling their house 30,40,50,60 cents on the dollar.   They are going to have to have a need to sell there property quickly and conveniently at the sacrifice of a bit of there equity.   

1) You can be very good at getting leads but if you can't close them then the  leads regardless of how many you have are of little use.   Marketing+Sales=Your profit.  You can't skip the sales part. 

2) Have you worked a sales job? Its totally ok if you have not.  You can learn through reading good books.  I would recommend:

Way of the Wolf By Jordan Belfort, Sell Or Be Sold By Grant Cardone.

At the end of the day regardless of what business you get into you need to know how to sell your product/service.  This means finding and working with the people that actually need your service product.  Don't be an alchemist trying to turn water into gold.  Selling things to people that don't need them is for amateurs.   There are people out there that need your help you need to find them (Marketing) and get infant of them and solve there problems  instilling  certainty for them (Sales).

If you have decent leads/deals I can connect you with a friend of mine that might be able to JV some deals with you. PM Me if you are interested and want his contact information. He is working in all of King County + Peirce County.

Tom,  

Glad to see you on BP.  Also glad to see you sell your Stone St Flip.

 I have a Multifamily project that might work for you. It needs a heavy rehab though. Feel free to reach out.