All Forum Posts by: Dave Boswell

For years I have called all "I buy houses signs" I see and ask to be on their buyers list, I have been offered less than 5 deals that were not even close to being deals, Is wholesaling even being successfully done in the Sacramento area? I'm a cash buyer, buying several houses per year.

I will be there. Excited to meet you all. 

Out of state investing definitely has some major risks that accompany it. I know I'm in a similar boat and looking to possibly move out to Utah. The 3 things I must do that come to mind is - 

1. Find a real estate agent or partner you trust and knows the area well

2. Travel out there attend the REIA meeting to network and get a taste of what strategies are working in that area.

3. Start hitting craigslist and calling wholesalers who can add you to their buyers list (if you're rehabber like me ... actually did this today!) 

Wish you the best of luck!

@Adam Craig

I would say 50/50 is fair. But something to heavily consider is the future of the partnership and where you see it going. If for example if you do plan on becoming 50/50 partners do you plan on splitting marketing costs? Will you both be bringing in deals? Now this is just my opinion, but if you're the only one bringing in deals it might just be more cost efficient to hire a general contractor. Have you read J Scott's book on flipping houses I really like his arrangement with is project manager ... more an employee with a bonus structure, definitely worth a read. 

@Danny WoodsonI come across this dilemma sometimes myself. I agree with everyone above ... you just have to run the numbers and look at the comps to see if it makes sense. 

I know for me and in my area a lot depends on the neighborhood. There is a project I'm working on right now in an area that sales at over $200 a sq ft ... and it only has a 1.5 bath so by adding a master bedroom and bath which will help sale my house faster and increase my profit margin. 

Now in most neighborhoods this isn't the case. Recently finished a 3 bed 1 bath in a mediocre neighborhood and it just didn't make any sense to add to it. These are just some examples. I hope that helps but really the only way to know is by running the comps. Good Luck friend!

I hear you! ...  the process of buying lists and praying for response is exhausting. I like your overall strategy because really equity is the most important aspect to knowing if we want the deal and you are still covering those smaller niches of absentee owner, probate, etc. I've been thinking along the same lines.

That being said aren't we still having to buy a list to get the names of those with at least 40% or more equity? And in reality still digging for motivated sellers?

thank you everyone for the response and feedback

@Brian G.thanks for answering my questions it definitely gave me clarity and direction.

@Jared Lichtin

 Thanks for reaching out. Yeah lets set up a time to skype and I'll gladly answer any questions you have and I'd love to hear more about your current flip.

Hey Larry, Thanks for the warm welcome!

Yeah the arrangement with our investors is we pay them interest or points, usually anywhere between 8-12%. Each project we come to an arrangement but typically its 10%. I actually have even one private investor where we use his money to purchase the deal and our own money to rehab it. Its not ideal but thats what he is comfortable with and it pretty much puts him at almost zero risk. 

Hello!

My name is Dave Boswell from the Sacramento area and joined Bigger Pockets a few months ago. Just wanted to introduce myself :)

I have been a house flipper for the last 8 years! I have had many successes and failures and have probably made every mistake in the book. haha. Most of my experience is in the construction side. I was a premier painting contractor for over 20 years before I became a full time real estate investor. 

Right now I am currently working with several private investors. Mainly our deals consist of short sales, and sometimes a rare deal on the MLS. I'm looking to expand our business this year; more deals more flips! Also I want to start some different marketing approaches and other real estate strategies. Its time to start thinking bigger! :)

I am really excited to start networking with all of you!