All Forum Posts by: Dell Schlabach

@Ben Leybovich

Fla being a reciprocating state with fla, is this something new? 

I was looking at requirements for getting licensed in fla, recent real estate classes I was told there is no reciprocatity between Fla and Ohio. 

When I google it, here's what I find, am I missing something?

Florida has mutual recognition agreements with 8 states: Alabama, Arkansas, Connecticut, Georgia, Illinois,Mississippi, Nebraska, and Oklahoma   

@Anthony Micklus

 We are set up with a local brokeer that has a flat fee option, we pay $495 per month, no comission  splits, no matter the volume. Thi

 There are a couple reputable brokers locally, with similar arrangements available as one of of their options. It is a good arrangement for agents doing volume. I suspect there are some in your area if you check around. 

@Brent Coombs

It was sort if a rather  tongue in cheek lengthy post about the definition, we do it legally, we buy we close we sell. We have done a few assignments, we have funds available to close if our buyer walked,  but  80% of them we close first. 

We have done nine, ``guess I can't call them wholesale deals per this definition ``  this year. It just seems wierd that the definition of wholesale is = to assign real estate legally?  And that if you buy close and sell to a rehabber, that is not a wholesale deal, strange how people warp the definitions of words. 

Reasonable level of expereince and sufficient funding available, but no time :-(

The definition of wholesaling is to assign a contract? Hmm you think Webster would agree. 

I thought the definition of wholesaling was to buy something and sell it to someone else who is going to sell it retail.

Maybe I was in retail to long to understand what the definition of a wholesaler is, the semi loads of products we used to buy, I don't recall my supplier ever assigning a contract to me, pretty sure they bought them cheaper then we could, and sold them to us wholesale and we marked them up and sold them to retail buyers. 

 The houses we bought and sold to rehabbers who then rehabbed them and sold them on the retail market, they didn't buy wholesale from me :-) ? I should quit telling rehabbers they can buy wholesale from me. 

So to use proper r.e terminology ,for example, house I buy for 450,000 close and sell to a rehabber, for 470,000 he puts 120,000k in it sells for 750.  I would be grammatically incorrect to say I wholesaled that house?

I understand most RE "investors" call assigning a contract wholesaling, I always found that that being the only definition, strange. 

From what you describe, if you can't find a leak and can't reproduce it, If its under the kitchen, I would suspect the kitchen sink overflowed, we have had this happen. Basement ceiling was wet water dripping out of a couple light fixtures. Spend a couple days trying to reproduce it without any success. 

  Discovered that a contractor had turned the water on in the sink, went outside, left water running, sink overflowed, ran into basement ceiling. It wasn't obvious because he had brought his wife in and wiped the floors down to clean up the water.

I would check the floors and under sink for signs of surface water.

Maybe the tenants kids accidently overflowed the sink or dumped a bucket of water, then cleaned it up, but not before it ran into downstairs ceiling. I would suspect something along those lines. 

I agree with the others about the importance of finding your own buyers. You can search building buyers list,  and similar terms, you will find plenty of methods. 

Becoming a good wholesaler for me required building trust and very solid relationships. 

Treat people the way you would want to be treated. If you want the help of other wholesalers be greatful for their help,  and think long term.

MAO = Maximum Allowable Offer

What you are saying is your maximum allowable is not your maximum allowable offer. 

Can you explain that?

You make your offers based on emotions rather then determining what your MAO is?

People may argue the best formula %, 65,72,75,80. I personally never use a %. I use real numbers. But I would never try to confuse new people or train somebody and tell them that the need to determine MAO is a myth.

Its as bad as saying you dont need to determine ARV, just bad advise

The ability to determine both with reasonable certainly is absolutely essential if you want to stay  in business for any period of time. 

Good advise and strategies from @Chris L. I will second the comment, the RIEA groups may or may not have the buyers you are looking for. We supply three solid rehabbers, cash buyers, with most all their wholesale deals. The three largest rehabbers I know of in our area who have cash and actively rehabbing in volume have never attented a RIEA meeting. 

Remember that RIEA meetings have a LOT of newbies and people selling programs, properties that may not be good deals, solid advise and good information is not always readily available there. Do your due diligence find out who the real buyers are, real cash buyers can typically make decisions in 10-15 minutes of looking at a house. Finding a couple good cash buyers will save you a lot of grief.

The best to you!.

Had two offers accepted on houses today, probably the two best deals out of the five for the month. ... one we got them to accept the offer before start of auction, a first. Just signed the dotloop docs a few minutes ago. I love Friday 13.