All Forum Posts by: Ethan Peyton

That's so awesome!

They are a great pick-me-up! Sadly, I have exhausted your supply of new editions. Guess it's time to re-listen!

Wayne Woodson
Have at it man. That list is worth exactly what you gave for it. :)

Just tell Dave Ramsey I said "Hello" when you see him on the street.

Good thoughts. I guess your last point comes down to what a person really defines as an "investor". But I agree with you, one would never have to use that word to do business.

I hadn't thought about the "partnership" angle. That makes sense.

Thank you for putting my mind at ease!

I am in the process of drafting my letter that I will be sending to absentee owners, and I seem to have run across a snag. (for wholesaling purposes)

I have been told before that I am far too honest for my own good. It hasn't killed me yet, so I think I'll stick with it til it does.

I am borrowing a template from another investor that has shared his letter online, and stumbled upon a piece of information (or lack thereof) that bothers me. It seems as though I'm being dishonest when telling them that I am looking to buy the property myself. I am also totally aware that if I start using words like "investors", "wholesale", or the like, that I may be scaring some people away.

I don't want to scare people, but I also don't want to be a liar. Am I worrying about this too much?

Advice??

Braden C.
You are a rockstar!
Thank you so much for this info. Sounds like I will be going over this thing with a fine toothed comb later. :D

Clay Huber
Good call.

I will also add to take 1,000,000 pictures while I am at the property.

Braden C. Thank you for the confidence boost!

What are some of the specific changes you would make?

(I like specifics. They make me feel all warm and fuzzy inside)

Steps of the wholesaling process

1. Find property
a. Send direct mail once a month to list of absentee owners
b. Drive for dollars – seemingly vacant homes
c. Bandit signs – We Buy Houses

2. Put property through tests
a. Visit property
b. Find ARV value through a realtor with comps
c. Estimate renovation costs
d. See what kind of spread can be made

3. Negotiate terms with seller
a. Price
b. Time for sale
c. Earnest money
d. Lock box for access
e. (Need to talk with seller to build some rapport. Find out what their pain is.)

4. Market house
a. Take to buyer list (offer to specific buyer for certain amount of time)
b. Craigslist
c. Hand written yard signs
d. Biggerpockets.com
e. REIA Meeting
f. Facebook
g. Talk to realtors
h. Talk to bankers

5. Find Buyer
a. Assign the contract (or flex option agreement)
b. Send to title company
c. Require earnest money ($1,000 - $2,000)

6. Close
a. Get paid!
b. Send everyone cookies and thank you notes.

This is the step by step process I've brainstormed thus far in my wholesaling education. Can you tell me if I'm close? Do I need to add anything? Do I look like a genius or a big dummy?

Of course there are pre-steps like finding buyers and knowing the documents I will use, but this just the process itself.

Thank you all so much!

I'll have to check that out. Thank you so much for the info.