All Forum Posts by: David Reo

@Joshua Dayrit I have picked a strategy that I am currently implementing while building my buyer’s list. I do want to start with the end in mind. This post is more about having the structures in place for when I achieve certain levels of success.

@Nick C. I’m not after any scheme that involves lying to people. If that means I won’t scale to “corporate level” wholesaling so be it. Reputation comes first and I want to be completely transparent. I want an honest business with at least two to three closed deals a month worth of lead flow long-term. I would then be able to pick the best deals and use them for rentals and/ or flips of my own.

@Nick C. I’m not after any scheme that involves lying to people. If that means I won’t scale to “corporate level” wholesaling so be it. Reputation comes first and I want to be completely transparent. I want an honest business with at least two to three closed deals a month worth of lead flow long-term. I would then be able to pick the best deals and use them for rentals and/ or flips of my own.

@Barry Pekin I have started. I am currently flagging distressed properties with LandGlide in a zip code that I researched on ListSource. I am also building my cash buyers list at the moment. I will begin cold calling two weeks from now when my buyer’s list is more substantial.

How do you make your real estate investing venture into a business?

I understand systems are key, but how do you implement these systems? How do you ensure efficiency and success?

I am curious about what other investors think so I can grow my own wholesaling business in a way that allows for the highest probability of success. Of course, there are several other factors like the persistence and passion of the business owner--qualities I believe that I have--but I am most interested in the systems others are using.

Hi Bay Area investors, join the conversation! What investment criteria do you live by, and what is your favorite type of investment here? How much deal flow do you handle? Tell me about deals that worked out great for you, and ones that didn't. 

I am currently expanding my wholesaling business into Redwood City, Palo Alto, and Menlo Park areas. Any advice is welcome!

@Braden C. Thanks for the advice! Any other pointers for starting out in wholesaling? I am going to put a system together with an experienced entrepreneur once I'm on summer break.

Thank you for reaching out! I don't buy into the "get rich quick" BS. I do, however, buy into hard work, focus, consistency, networking, education, systems, and planning as a way to success. I look forward to future correspondence. @Paul Wakim

After some market research done on ListSource, I have narrowed my wholesaling venture down to two zip codes. The first one is Redwood City ,CA (94061 - a local market) and Fort Worth, TX (76180 - a virtual market). The research I conducted was targeting properties with high equity (99-100%) and absentee owners across the U.S. Do any experienced wholesalers, cash buyers, rehabbers, or really any other players near one of these markets have any advice? I would also like advice on whether or not I should pursue the hottest zip code (TX), or just stick to my local market for wholesaling. If virtual, any advice on getting boots on the ground and a system in place?

@Jonathan Greene Thank you! My plan is to start out driving for dollars using LandGlide. I have already located about 30 distressed properties. The next step would be to skip trace and start calling the owners to see if there is any motivation.

I can access more capital ,but it could mean unnecessary debt. What are your thoughts on this? How much capital would you recommend for a system that would work?

I have been frequenting REI meetups since the start of this year, and I have decided wholesaling is the best place to start. My reason is that everyone seems to have cash and skills, but there is always a need for deals. I have hustle, so I can find deals assuming I consistently implement the right systems.

To answer some of your other questions, I plan on finding buyers by looking at recently transacted flips or bringing deals to BiggerPockets Marketplace/ REI meetups. My current knowledge is that wholesaling involves finding highly motivated sellers off-market. The next step would be to meet the seller, negotiate, and put the property under contract. After this, I would shop the deal around to cash buyers to fetch the highest price. I want to be as transparent as possible with sellers. I can even leverage my position as a middleman to build rapport. For example, I can say something like, "I work with a group of cash buyers who are interested in your property. They may not like *said price.* Can you do any better?"

I believe that I will be successful, but it means lots of upfront work, consistency, and continuing my search for an experienced mentor. At this stage in the game, I want to know what systems I can implement. As soon as I have cash from a deal, I will reinvest it in marketing. Right now, I think the first list I will target is high equity absentee owners. Thoughts?