All Forum Posts by: Francisco Perez

Hey everyone,

I’ve been expanding my real estate investments ever since I got my first rental, but I’m starting to look for out-of-state opportunities now. Today, while making some offers in Indianapolis, IN, I met a ROCKSTAR agent who was listing a property I was interested in. Unfortunately, the house was under contract already. However, the conversation we had was more valuable than the house! After several minutes just talking to him and building rapport, he mentioned that he had many off-market properties that he was trying to get rid of and offered them to me if I was interested. Of course, I said yes! These properties include an eleven-property portfolio and a 14-unit apartment complex! He even followed up and sent me a list of the performance of these properties for any investors interested! This is for sure the biggest deal I’ve encountered so far! And all was possible because I spent some time talking to the agent and building rapport!

If anyone’s interested in following this deal, I’m going to be posting here on BiggerPockets! I am in no means an "expert", but I do have the obsession required to pursue this crazy dream! Also, this is a big endeavor, and I am open to partnerships with serious investors to make this happen! If you have any questions, feel free to DM me, Im very active in the community! 😊

(I wanted to share my goals in this small blog, I know I can't be the only one going through this. Maybe I will start a blog on my progress this year! I know this community is very helpful and encouraging, thank you!)

As I keep reading books and educating myself, I get more and more obsessed with real estate! Last year, I got my first rental property and I've been stuck trying to figure out a more efficient way to keep going other than saving money like crazy! This year, my goal is to get a duplex, househack it and live for free/cheap. Problem is, how do I get enough capital to make this happen if I still have bills to pay.

After reading "Set for life" and the BRRRR method book, I set a goal for myself that I was going to do all it takes to live for free/cheap by getting this duplex. This would allow me to save that money I would be using for rent towards new investing opportunities, become debt free and to further expand my "financial runway".

I am now looking into wholesaling properties to get the down payment for the duplex. Instead of looking at it as "Oh I need to save 60K for this property" I am now looking at it as "I need to do X amount of deals to get it". This makes the problem seem more manageable and gives me a goal to pursue! I like the idea of solving problems, hopefully I can bring my knowledge into the market and bring some good deals for both the seller and the buyer.

 I use all my free time to educate myself in real estate (analyzing deals, reading books, listening to podcasts, watching youtube videos, etc), in fact another goal of mine is to read 52 books this year to further expand my knowledge!

Thank you for the input, Bryant! So I would get the property under contract, then assign it to the actual buyer with the wholesale fee and when the seller & buyer sign the contract I would be getting the difference in a check? How will I include the fee under the contract? Or does the buyer pay the fee in cash?

Also, any recommendations on where to get a wholesale contract?

thank you for the help!

Hi everyone,

I was presented with an opportunity to wholesale a property recently. My friend wants to buy the property he is renting from now but he doesn’t have the experience in real estate or the time to handle a deal. I offered to help him out to try getting a great deal on the property before it hits the market. 

He will be financing it through a loan and I know I can get him a great deal on this. However, knowing that he will be financing the deal instead of bringing a cash offer I don’t know how I will be getting my fee at the end of the transaction.

This might not be the traditional “wholesalers” situation, but I can use my skills and knowledge to be the middleman and get him a deal for lets say $100k and offer him the contract for $105k. Finally, helping out my friend, hopefully leaving the seller happy with the deal and trading my skills/time for $5k. I just don’t know how I will get paid at the end of all of it.

I’ll appreciate any help and tips on this!

Thank you all for the replies and the support! This is why the BiggerPockets community is so great! Wishing you all happy holidays.

Hello Jay,

thanks for the tips! I casually started to talk with the contractors at a property and got some good leads and information!  I’ve been thinking of investing in Texas and Houston is a great place, I’ll dm you to touch base on that. Thank you very much and happy holidays!

I decided to pursue real estate investing late 2020 when I stumbled upon BiggerPockets! 2-3 months later, I purchased my first rental property in 2021! The property has been cash-flowing since day 1, the tenants are very happy and it has resulted in a very low maintenance property for this past year. Unfortunately, I didn't continue to educate myself or pursue any other deals because of my current job. However, 1 year has passed from the last deal and I now have more time in my hands to focus on my second deal. I am looking to scale to multi-family properties but they are scarce in my local area. There are some new constructions being developed, but I don't think a brand new duplex would be a good investment here. I am still searching for deals here but I'll be searching for deals out-of-state as well.

Books I've read so far: Rich Dad Poor Dad, The book on Rental Property Investing, How to Invest in Real Estate, The Book on Investing in real estate with no (and low) money down, The book on negotiating real estate.

This first year has been great and I am looking forward to keep growing and learning about real estate investing.

It's been a year since this post! Quick update: the deal went through and I was able to get the property. Now that a year has passed, I'm looking for my next property! I'm looking for a duplex in my local area. Unfortunately, there aren't many multi-family properties in my area but I'm still looking! If I can't land a deal here, I'll be looking in different states.

Investment Info:

Single-family residence buy & hold investment in Clovis.

Purchase price: $164,000
Cash invested: $3,000

First investment property. 2bed/2bath and an office that I’ll be converting into a bedroom soon. Was able to finance it and negotiate below asking price and include closing costs too. I already have possible tenants for the property, making it cash flow positive from day 1.

What made you interested in investing in this type of deal?

Getting hands on experience and I’m really interested in rental properties.

How did you find this deal and how did you negotiate it?

I had good connections with realtors in the area, and my best agent reached out about this property and sent me all the details. We went to see the property that afternoon and made an offer after running the numbers on it.

How did you add value to the deal?

This is a 2bed/2bath and Im converting it to a 3bed/3bath

What was the outcome?

Got quotes from various contractors and was able to land a deal for the expansion

Lessons learned? Challenges?

Working different aspects of the deal for the first time (i.e. negotiating, analyzing)

Just came back from seeing the other house... It was how I expected. Good quality house but poor location. Ended up calling my agent and finalizing the offer for the first property!