All Forum Posts by: Gabe Waldrep

@Costin I. excellent answer regarding all of the extra factors to account for involving foundation repair. There is so much more involved than just repairing the foundation. 

I would agree with the above. Start local and get good at that before doing remotely. Develop systems and a routine with your local fix and flips, get good at judging areas and ARVs, then explore other areas. 

If there is only one bathroom, I suggest keeping a tub. People with kids need a tub, and having only a shower will limit your potential buyer pool. If it is an area that is mostly adults without children then it might not be such a big deal. 

@Joe Taft I messaged you two concrete vendors. 

Your GC should be insured, licensed if required by the state. Not all states require or even offer a license for GCs though. The electrician, plumber, and HVAC should all be licensed. Roofer and foundation as well when applicable. Just depends upon your state. 

Great answer by @David Robertson. You don't want to be the wholesaler who is known for being way off on his rehab estimates. If you consistently underestimate your rehab numbers, then you are overpaying for your deals, which means you will have trouble selling your deals. Learn to provide accurate assessments of properties so that your end buyers will trust you when you send them deals. If your numbers are good enough and you build the trust, you will develop buyers who will buy sight-unseen because you have proven yourself as someone who does the proper homework and is knowledgeable in your field. 

This industry is full of fly-by-nighters who use general estimates and provide terrible deals. Be better than the rest. It will pay off in the end.

I have removed/filled several pools and agree with most of what @Clifford Paul said. The most important aspects are to: 

Check for local ordinances to see if you can dump the debris into the pool before backfilling with dirt

Ensure several holes are punched into the bottom/sides of the pool to allow water to drain. I have seen some serious bogs created if this is not done correctly.

Pack the dirt as the pool is filled. Otherwise you will have settlement and sinkholes created once it rains.

Additionally, have a plumber or handyman cap any fresh water source connected to the equipment. Also have an electrician (or competent handyman) disconnect the power to the equipment. Then remove all of it to be sure all signs of the pool have been removed. If you remove it, you want to remove all signs of the previous structure. I have paid $2500-6000 depending upon the size of the pool and ease of access to the back yard. The top end was for a backyard that was unreachable by equipment, and the contractor had to wheelbarrow dirt to the back. Extremely labor intensive.

Good luck.

What market are you in? Here in DFW, there are hundreds of title companies that work with creative real estate. Capital Title is a larger company with many offices, most of which have at least one escrow officer who will work with assignments. Talk to other wholesalers and cash buyers in your area. 

Calling FSBOs can work but isn't easy. As Brad said, you'll be one of many agents calling the sellers trying to poach their business. But many agents do this and make a good living on it. The key in my opinion is to be able to offer value. Once they have been on the market for a few weeks, call and ask how things have been going. What feedback have they gotten? Then offer to give them your feedback as a successful agent. Ask to view the home, then give them your opinion of the home, price, etc. Offer suggestions on how to stage better, have better pictures, etc. Talk to them about their home just like you would any other seller/client. Try to build rapport. You may waste time doing all of this, but you may also impress them. Maybe they will come to you if they don't sell soon after, or maybe they will refer you to someone else. Building a name for yourself by providing useful insight will go a long way.

Zillow can be hit and miss as well. Most of their leads don't turn into anything, but some do. If you can get one lead a month to turn into a transaction then the marketing paid for itself. We have found that staying in front of the lead and establishing yourself as the most knowledgeable agent in the market makes a big difference. 

There is no perfect formula for generating leads. But having multiple sources is important, and buying leads is a good way to get started until you can build up your referral base. Good luck.

Search Facebook for investor groups and post in all. Check Craigslist. Look for I Buy Houses or anything along that line. Those are usually wholesalers.