All Forum Posts by: Duncan Hayes

@Giovanni Cardenas in my opinion you only need one or two solid buyers. I personally feel like finding properties are much easier when you know what you’re looking for. & finding buyers is super easy. Being upfront and truthful with them about being new usually brings good things. There was never a time I could think of a buyer treating me bad because I was new. They were all extremely helpful & helped me in many ways, whether it was running numbers, checking comps, or even tips on maneuvering the market.

There is no correct or wrong way of doing it though, at the end of the day it’s all preference. The best thing I can tell you is don’t stress over which one you should find first & just find one.

Good luck.

@Jerry Puckett

@Jerry Puckett 1st, yes I would say you’re made it! Congratulations on hiring your ten year mark as well! And being able to retire the Mrs.! All things I plan to accomplish through real estate.

Using OPM is something I am extremely interested in, and through wholesaling I have created some solid relationships with a few buyers, in hopes that when they’re tired of what comes with flipping (all the work, dealing with contractors, putting the house on the market, etc) they want to just become a private lender and let their money do the work. Part of why I gave up so much spread on my first deal. I thought of it as a way to gain repeat business. I expected them to Reno the home then put it on the market, they ended up stopping the Reno & just selling. Which is how they made so much, they barely put anything in other than some roof inspections, closing costs, etc. They also sold for under market value. The property was worth $230 at Best. I got for $123k, sold to them for $130k and they sold for $206k. It taught me a lot about running numbers and it ended up still being a win. Wholesaling isn’t my long term play though, but I want to use those acquisition skills to get myself properties at a discount.

I truly appreciate your input! I agree wholeheartedly about not getting trapped in the rut of having a ton of systems. This is something I constantly remind myself of, I didn’t have anything other than my phone, a great connection with a local realtor, and was using free skip tracing systems. That $7k wasn’t much money but I made it appear at no investment to me at all, aside from time. And did it while I was a full time Truck driver for Milgard Windows and Doors. I have to remind myself when I feel like I’m over complicating things, and reverse engineer that very first deal to remind myself to keep it simple. Phone and lead generation is really all you need, plus some motivation and determination.

Again, thanks for chiming in!

@Ann Shanley I’m not cutting the realtor. She’s my biz partner. $1,000-$2,000 is nothing when she’s passing me leads she can’t do anything with that profit me $8-$10k. As I stated to Lydia, not here for tips and pointers on how to wholesale. I’m looking to hear learning and growth experiences from investors that have been doing it a decade and a half, two decades. Appreciate your input, but not what I’m here for.

@Lydia T. Again, that was my first deal a year ago. I'm not here to ask about calculating ARV or wholesaling, those are things I know extremely well at this stage. I'm not here in regards to how to grow my business or to examine it. I'm just asking REI Pro's of 15+ years what they'd do different knowing what they know now. I appreciate you input, but it is not what I was searching for with this post.

A year ago I completed my first wholesale deal. It was in CA and I made $7k. Gave $1.5k to the realtor that gave me the deal. Left way too much on the table, my buyers flipped it 27 days later and pocketed $63k. Learned a lot from that deal lol And have learned a lot in the last year.

For you guys that have made it and have a decade or two in the biz, what would you change? What do you wish you had done that you didn’t, or what didn’t you do that you wish you had? Anything you would have waited on or did quicker?

I understand that wealthier guys have less time to spend on frivolous things, but it’d be greatly appreciated by myself and other newer investors if you gave us a bit!

Thanks in advance!

@Tom Vanderlinden

Sounds like you've gotten saved on five deals that could have been super bad & changed you're entire outlook on REI. My suggestion;

figure out what’s the consistent variable in all those deals that went bad. Adjust your strategy & approach accordingly. Adjust your purchasing criteria. You could be doing a hundred things correctly & the one thing you’re doing wrong could be what’s stopping you. Finding out what that one thing is could propel you to the next level. You won’t know what it is killing these deals if you don’t self-reflect to analyze what’s going bad for you. If all of those deals that went sour appraised less than purchase price then you may want to re-visit how you run your numbers on potential deals. Maybe work on negotiation skills & rapport building to help you get those deals a little cheaper.

Good luck and much success to ya!

@Tony Robinson I’m kinda new to investing. Dinners some wholesale deals. I have a question about the bank;

Was the lending totally asset based or did they take into consideration your personal finances as well?

Thanks in advance.

@Jaysen Medhurst understood. It’s not what I want to do for the long haul, it’s just a way to acquire capital to purchase my own deals and build other businesses that generate small flows of passive income. The reasoning behind chasing bigger MF deals for me is bigger assignment fees.

Obviously to be purchasing deals of this size you’d have to know a little something, but let’s assume the buyer and I have an agreement that I find him properties @ an amazing discount because my negotiating skills are just that good (this is hypothetical). Is that even a relationship that these kinds of buyers look for or care for?

@Richard Deberry build solid relationships with your buyers. Talk to them about repairs and the usual costs of x, y & z in that area. Your best asset is a strong relationship with your buyers. One day they won’t want to fix and flip anymore and they turn into private lenders. 😉

@Richard Deberry

Welcome. First thing I recommend is building your cash buyers list in your chosen market. It it’s better to have a list of 3-5 buyers and have their criteria close by. Ask them questions about what they like to buy and where, especially since you aren’t in the market yourself to get a lay of the land. Once you have that criteria then you can implement whatever system you have for pulling leads, to target the properties that fit the criteria of those buyers. You can find buyers in FB Groups for real estate. Every buyer that’s bought from me, I found on a FB group.

You also need to find out if your chosen market uses title companies or closing attorneys. Once you find this out, google companies in your chosen market. Make a list of them then call them, until you have 2-3 of them on your list. Best to have options. You're going to call them and ask if they can handle assignment of contract & abc transactions. If they say yes, they go on the list. If they say no or sound confused by what you're asking, end the call. You can also ask for a copy of their FSBO packet and receive a copy of the standard purchase agreement in that market.

Then start looking for properties to speak to the owner until you get a contract to sell.