All Forum Posts by: Gavin Welch

message me directly and ill give you a list.. If i do now, it will get flagged

@Peter Whitaker .. A degree, especially one that is paid for is always a great plan.. It can only help you..

Try to learn as much as you can from various sources.. realtors think one way (not always) investors think in other ways. Learn as much as you can from anyone willing to speak. There are a ton of great real estate podcast. Local book store and meet ups are a great source of learning also.

Good luck and thank you for your service to our country. Freedom is not free and we are fortunate to live in the greatest country in the World. Thanks

Gavin

@Account Closed ... It helps build a relationship with the seller...

Sellers do business with people they : know, like and trust.

Its easy to kill a great lead by not handling the seller correctly or getting excited or being to 'slick' and pushy..

My whole point is don't waist your leads you paid for them!! Just because it may not fit a wholesale model does not mean its a 'dead lead' there can still be money to be had.

Get creative..

It depends.. You will learn which sellers are more serious than others.. Obviously if the property is 300 miles away you can forget about that. But you can pre-screen the sellers.. Ask them questions before you go out there..

Like.. What did you pay for it? How long have you owned it? What's your mortgage balance? What do you think the property would bring if you listed it? Have you listed it before?

The pre-screening of the seller will help you a lot. If they are 100K upside down, then don't waist your time.

If you do get out there, then repeat their price and ask "Is that the best you can do?" Then shut up and wait! If they say "ok ill take 100K?" then you respond with.. Ok.. Then wait a minute ask a couple other questions then hit them again with "Is that the best you can do?"

Finally, when they are not budging any lower on the price you use something like. .. "You know I'm a cash buyer and can close fast, but I need to make sure this deal fits our criteria, and we are currently looking at several properties in your area. The bad news is that we can only buy one of those properties. So I want to make sure that when I propose to my partner that we buy YOUR property, that your property is the most attractive. Is that the BEST rice you can do?" THEN SAY NOTHING!!! WAIT!! The pause in good.. Wait for them to respond.. Then when they give you a number.. SAY NOTHING!!! Count to yourself to 50.. Typically, the sellers will lower their price again while you are silent..

Good Luck

G

Welcome Bill, let me know if I can do anything for you..

Gavin

Hey Daniel, Yea the marketing is difficult. I try not to give a price over the phone. I say something like "how can I be sure of the price without seeing your property". The price is the only leverage I have.

I like to have them walk me around showing me the property and telling me the points of the property. While doing this I try to get them to give me a number. Doesn't always work? If, I'm getting no love on the price I move to motivation then go back to price.

Finally, if we get down to brass tacks and they are not motivated and have little to no equity, clearly wholesaling will not work, instead of just letting the lead go, I offer to list the property for them (I have a license) or you can refer to an agent. But if they really have little to no equity, there will not be enough equity to sell to pay the costs, I then suggest a lease option deal or subject to (existing financing). If they agree, I wholesale the lease option to an end buyer.

Leads are expensive and they to make each one a deal...

Good Luck

Gavin

I think you can get a loan as a residence then rent it out.. You'll get a better rate, but not very ethical.

As far as being a landlord goes.. Its fairly easy.. Its a business and treat it as such

Sounds fishy! The broker is being paid a commission..

Were they responsible for the property management as well? Typically, property management is 10%. Although you need to honor the leases that are in force, you are not require to keep the existing management company in place.. Shop around.

Here in FL you have to honor the existing lease agreement until it expires.

Some close friends of mine went to NOLA after the hurricane and bought every property they could get their hands on.... Then the bubble popped and they single handedly nearly lead to the collapse of three separate banks.

Do what you do and let the jokers go.. There are always going to be some guys with a new scheme to get rich fast.

Most of the really rich real estate investors I know, have done it consistently and over time. No fancy strategy just good sense and basic math and replicate..

That sounds a bit high.. What are properties in your area going for? Take yourself out of the property for a minute. Could you rent it to two strangers and cover the mortgage plus maintenance and still cover a profit? If so, how much profit? What's the local market rent? That should help you set a purchase price and figure for monthly expenses plus profit.