All Forum Posts by: Dan Franks

I am sure you will get one or more of their reps commenting on this post, as they seem to have a growing presence here on BP.

From what I have seen, they are wholesalers who mainly deal with newer investors. They are great marketers, and often times because of their "inexperienced" list of buyers, they are able to sell their properties at a higher price than a more seasoned investor would pay.

I have also heard second hand reports of them taking the $5,000 non-refundable down payment from these "inexperienced" buyers, even though they know they won't be able to close. And they can do this multiple times on one house. End result is whether they sell the house in the end, or the deal falls through with the owner-seller, they have collected 1, 2, or 3 x $5,000 of non-refundable deposits in the process. Again, this is second hand, but from a very reputable source.

All of that being said, they have a huge presence at all the area REIAs, and I have met a number of their reps who are knowledgeable on the business and good to talk to, but thought I would throw out the info I have to try and help.

Welcome! DFW REI Club is a good one if you don't mind the drive to Haltom City. They are weekly, I try to go once a month or so.

Roddy Roundup is a good free one monthly in Addison.

North Texas Area REI is the other one I have been to in the past. The offer a lot of educational type classes.

And of course the BP one this coming Monday :-)

Getting close to tax deadline day, but I will make a push to be there!

In!

Gaylene Lonergan is who I use and can recommend, but Scott Horne is the other one who quite a few of the investors use and are quite happy with.

@John Chapman you're not kidding about competition in that area! We just bought a new primary in Allen, and any house that was even halfway decent was going under contract in 24 hours, sometimes less!

Welcome! Texas, and Dallas in particular, has a huge base here on BP. I have made some great local contacts through the site!

I will leave the directing to some of the more experienced members, as I consider myself a rookie learner too! But just wanted to welcome you to the family.

Dan

Hey guys, I have searched and found quite a few topics that discuss Auction.com, but have not read anywhere where someone has gotten a house under contract and found a cash buyer to assign it to through Auction.com.

An employee from the site has reached out to me for awhile about putting my deals on there, and seems to fully understand the wholesale process and says they regularly do them.

Does anyone have any experiences or thoughts?

Most of my motivated sellers are low income or older, so they would not be very effective for that.

However I could see using them for the buyer side of my deals for sure.

I have had great success using bandit signs in my farm area.

I have three specific zip codes I am targeting with them. I put out 50 every weekend, and strategically rotate through the different parts of the farm area each weekend. This means I hit each area probably every other month on average.

I have bought multiple deals, and also found multiple high quality cash buyers that I know I will do deals with in the future. Are there tire kickers and time wasters? Yes. But for me, it has worked better than any of my direct mail campaigns.

Also, one of the things I am most proud of, is that I have yet to get one call about them from the city. I am not sure if it is because of the part of town I am in or what, but I am fairly certain if they did begin calling me I would seriously reconsider my strategy.