All Forum Posts by: Dustin Poole

We are "rookies" when it comes to Wholesaling, but have done almost 50 in-house rehabs. I have a couple Investors stating they want properties that are "60% of ARV minus Rehab Costs". We are extremely inclusive of expenses within our pro-forma, so our Rehab Estimate includes all Carrying Costs as well. I want to be sure we are being compared "apples to apples" against our competitors deals, so I thought I would ask if this is a standard practice out there.

Am I missing something?

It looks like there will be quite a few people at this. I wish I could make it, but will unfortunately be out of town.

I will see you guys next time!

This seems a bit risky. If the Buyer, although verified beforehand, falls thru at closing, what happens then?

When transferring shareholder rights of an LLC tied to a contract, when would it be appropriate for the Wholesale Fee, or LLC Purchase price, actually switch hands?

This may sound ridiculous. So do you have an account with cash you provide as POF?

We have done multiple principle rehabs in the last 18 months, about 30, but each offer was sent with an offer and Proof of Funds showing a substantial sum of money.

We are now in a position to where we are finding more properties than we can handle, and are firming up our wholesale strategy and I had a question.

When submitting an offer, would it be advised to continue to show the account with cash, or would a simple pre-qualification letter be sufficient?

I appreciate your responses!

Dustin

Interesting, Will. I have never heard of leveraging a land trust. Pros? Cons?

We are working on our Wholesaling strategy, and are trying to fine-tune the procurement process. Our goal is to submit the offer in a newly formed LLC, then sell the LLC to a Buyer/Rehabber. I understand this isn't anything new, but I am curious as to how other wholesalers are showing Proof of Funds with each offer. With our own Rehab deals, we would simply provide an account with loads of cash, but when dealing with multiple newly formed LLCs, I would imagine this would become a bit tricky.

Any suggestions?

We are putting together a "Software as a Service" model, but have quite a bit on our plate, which has slowed us down a bit on the release. After demoing to multiple people involved within RE, we are pretty convinced it's something pretty special.

I will talk with my Partner, then let you know how we could work together. Thanks for the response!

Great input Michelle. Thank you!

It would make sense that most would have a "team" in their corner, but from what I have seen out there, it seems as if most seasoned guys view wholesalers at the bottom of the totem pole.