All Forum Posts by: Daniel Hornsby

Brad Tacia Welcome to BP!

I'm always happy to see more Michiganders join the community!

Our goals are aligned somewhat, I want that passive income too.

Please reach out if you have any questions! :)

Aaron Yates, Welcome!

I can say that wholesaling is not easy. I've been at it for a few months now and I have to keep telling myself "Be Persistent and Consistent! Be Persistent and Consistent!"

Angry callers, 'tire-kickers', people who just want to waste your time....just some things to look forward to if you get back into it LOL.

You are exactly where I want to be in the near future. Being a Landlord is my dream job lol!

Gimme a shout if you ever want to chat. We're practically neighbors! :)

Amanda I used a website called yourfont.com (i think that was the site name, hard to remember right now). Only cost me $10 and I am very satisfied with the results.

Hope that helps! I got an 8% response rate from my letters.

Dan

Mubasher Riaz

In Michigan property taxes must be paid before transfer of title.

This is something the seller of the property will have to take care of and is definitely something to keep in mind when you are trying to structure the deal. Remember, Wholesaling is all about creating a winning deal for all involved.

One of 3 things will happen:
1) The seller will have enough equity to cover those taxes and walk away with cash
2) The seller will break even
3) The seller will have to pay out of pocket to cover whats left after what you've agreed to pay them for the property.

Good Luck!

Hey Allan! Welcome to the forums! I love seeing more Michiganders join in the REI conversation!

See you around!

Dan

Josh Rogan thanks for catching that. hard to post with a smartphone

Your wholesale fee is the difference between the contract price from seller and contract price for your buyer. If the home you put under contract is valued at $100,000, you contract it for $50,000, there are $10,000 worth of repairs and you want $5000 for a fee then you sell/assign your contract to your end buyer for $65,000. This is just a basic run down. Every deal is different.

You don't actually have to put anything down to put a home under contract. You may put a EMD on the contract for any amount tho...$10, $50, $100 whatever.

I think the only way to wholesale a pretty house is to sell it to a retail buyer. Then at that point you're probly dealing with bank financing. Lease options/ land contracts would be one of the only ways to make some kind of profit. IMO.

Dan

Richard Harris There are a bunch to hop into. I haven't attended a meeting myself though....YET. Working a full-time job and starting a Wholesaling career is HARD. I'm not familiar with any specific Clubs IN Detroit but I know there are a few, one for Landlords I think.

Oakland County has one (REI of Oakland) Macomb County has one and there's "Michigan Real Estate Investors Club". Michigan REI meets in Troy and REI of Oakland meets in Madison Heights within walking distance of my house LOL (Shame on me for not attending yet)

Wade Guy

You can narrow your mailers as much as you want but you definitely want to "touch" these homeowners more than once every 5 months. At least once a month is ideal. There are plenty of threads here on BP about Direct mail campaigns. Do some digging and you'll find some great info.

Good Luck!