Hey BP Nation!
First of all I want to give thanks to everyone who will provide some advice on my situation but most important I want to thank @Jerry Puckett and @Ryan Billingsley they have provided me with everything so far in order to accomplish my goals for this year so far!
In regards to this post I would like to accomplish 2 things.
1. Hopefully inspire an newbie wholesaler like myself with my story and experience.
2. Learn how to find cash buyers
To touch on number 1 I've been noticing a lot of post in regards to starting out more than before, so here's my story in short. After talking and meeting a few people from bigger pockets I decided to set a goal to market for 6 months and start on May of this year. I was saving since last year November since my income is very low it took a while for the funds to build up so my strategy was to save until I have at least 4 months saved pay for 3 months in advance and during the 3 month period save enough to pay for the remainder 3, I choose to do 6 months because from research and podcast it generally takes 6 touches for something to develop.
Unfortunately LIFE happens, during the end of the 3 months my car all of sudden needed work and i had to spend the last 3 months of my marketing budget fixing it I had no choice because without it means no work, no work no money simply put. This whole experience taught me a lot not only about wholesaling as a business and most importantly myself as a person and my personal finances. I learned that I was o.k budgeting and managing my low income but I actually became better at especially since it so low, I only spend when I really need to and track everything that goes out and also started setting aside for emergency or unexpected events that might occur
Most Importantly I learned that people are in their situation because they want to this might seem a little harsh because I don't know everyone situation except for those close to me and the people I interact with. What I do know is a lot of us are lazy or fear completely paralyze most of us from doing anything, I personally fell I'm at the bottom of the barrel and I can't go any lower BUT I still found a way to save, plan, and take action I'm not sure if it's me since I already consider myself a failure before starting I figured since I already don't have anything what else do I have to lose? The only thing was 6 months of marketing in this case only 3 months but the experience I was going to gain was priceless in my opinion.
So just do it go for it regardless how long it takes!
In regards to my second point within the 3 month period I was able to put a property under contract last week! The problem that I'm having now is finding Cash Buyers, ever since getting close to closing the contract I started attending REI groups but I'm starting to see every time I go there's a bunch of realtors or wholesalers like me or they are just selling mentorship programs I'll leave the details of the property below and a few details I learned about the market the property is located.
single family in Elizabeth NJ
property ARV 190k-210k
3 beds 1 bath
3,880 sqft
property sqft is 1,489
year built 1900 (no oil tank) home is converted to gas already
Rehab 60k-70k (I did the math and its close to 63k)
Asking 67k
Ever since the beginning my realtor provided me with comps showing 190k-210k the only difference I see is that one of the subject properties has 2 bathrooms this is the high 210k the other has 1.5 bath and that sold for 199k. After the comps I still felt the comps where high so I asked another realtor but they provided me with different comp range from 190k-200k, so I still decided to do more research I went to city hall in Elizabeth to get a list of all the foreclosure and autions taking place it seems to be true because nothing is being sold this low in Elizabeth.
The cheapes price I've seen is 78k for a foreclosure and this already sold, I know this is an awesome deal especially because the location of the property it's in a quite street 10 minutes away from the airport and 5 minutes away from transportation and a major school is a block away, the city is also developing a new park and building literally down the street and the property is on a one way so it quite day and night all homeowners in the area. It's so serious that i was at the property last Friday at 9:00 pm and a neighbor seen me walking out the house and asked me if I'll be moving in! very nice an clean.
but the question still remains how do I find buyers for this property?
I'm also interested in knowing what @Bill Gulley might think.
