All Forum Posts by: Dustin Poole
Dustin Poole has started 9 posts and replied 22 times.
Post: Oil and Gas Investments. Any general feedback?
- Wholesaler
- Allen, TX
- Posts 23
- Votes 2
Everyone,
Recently I was approached by a local Oil and Gas Exploration outfit here in Texas. For those of you who have actually participated in these types of projects, what sort of feedback can you provide?
Thanks,
Post: Tips for streamlining multiple offers and keeping my sanity
- Wholesaler
- Allen, TX
- Posts 23
- Votes 2
Originally posted by Will Barnard:
Will, what system are you utilizing? I am curious... Thanks in advance!
Post: Quick Poll: Do you Fix and Flip or Buy and Hold?
- Wholesaler
- Allen, TX
- Posts 23
- Votes 2
Trying to gauge what sort of mix there is out there between Investors who Buy and Hold or Fix and Flip.
Thanks guys!
Dustin
Post: Investors - What things make you tuck and run on a deal?
- Wholesaler
- Allen, TX
- Posts 23
- Votes 2
Great responses so far guys. Thanks!
Post: Investors - What things make you tuck and run on a deal?
- Wholesaler
- Allen, TX
- Posts 23
- Votes 2
On any deal I analyze for a fix and flip strategy, I have some pretty strict requirements I scrub the opportunity against before even wasting my time, whether it's an internal project or a wholesale deal. However, as I look in to some of the properties taken on by other investors, I begin to wonder if I am just being too conservative.
What are some of the aspects on a potential investment which make you run?
Post: Percentage of ARV minus Rehab Costs... Am I missing something?
- Wholesaler
- Allen, TX
- Posts 23
- Votes 2
No, the subject does not have to be in the MLS. The important part is being able to pull comps from around the property.
Post: Percentage of ARV minus Rehab Costs... Am I missing something?
- Wholesaler
- Allen, TX
- Posts 23
- Votes 2
I shared the Cotillion Report for you guys to check out. Let me know your thoughts on the report itself, not the property.
Post: Percentage of ARV minus Rehab Costs... Am I missing something?
- Wholesaler
- Allen, TX
- Posts 23
- Votes 2
Originally posted by Jeff S:
With 50 rehabs under your belt Dustin Poole , you’re the best one to know the formula that works best in your area. It’s very regional. Out here in Los Angeles most flippers would kill for a 60% deal. Our average borrower pays 73% and I suspect your potential buyers wish they could buy at 60% but would pay more.
Many forget that it’s not percent you take to the bank, but dollars.
A low dollar flip, as you presented in your example, would be extraordinarily risky for all but the few who could control their expenses tightly, knew the area well, had good relations with the building department, a great contractor, etc., etc.. This might work for you with your experience but I could see why you might have trouble convincing someone new to the game, or at least new to the area, to buy such a property.
Most wholesalers have given themselves a bad reputation due to greed and incompetence. Unfortunately, earned or not, you’re going to be tarred with the same brush. On the other hand, the best wholesale deals are flipper-to-flipper, so your experience adds credibility.
I assume this is a deal you would normally do yourself and it’s simply extra inventory. If so, you’d probably be better off partnering with someone to build credibility and show them they could make money on deals like this, before they bought others from you outright.
Jeff
I appreciate your response Jeff, and you make a good point.
The property I included above is solely an example of the report we generate on any property we offer. This is not a property we would offer a Buyer. The spread on this is too thin. Typically our deals are between 50 and 70% of ARV.
What are your thoughts on the analysis itself?
Post: Percentage of ARV minus Rehab Costs... Am I missing something?
- Wholesaler
- Allen, TX
- Posts 23
- Votes 2
This is what we provide our Buyers...
https://docs.google.com/open?id=0B2Lv_eqzK4FEVDNfczczb2xHZ1U
Post: my house deals
- Wholesaler
- Allen, TX
- Posts 23
- Votes 2
I figured it would be full of "non-deal" Amazing Deals, but I think there is value in posting a property, if it in fact a true deal. It seems as if it would be a great way for a Rookie to begin to try and build a Buyers List, fairly easily.