All Forum Posts by: Hector Perez

As a wholesaler, this is a good formula to get started, but you need to always ask your cash buyers what is their criteria. They are your buyers so they can tell you exactly what their formula is, so you can find deals they want

The ARV*70%-repairs-fee = wholesale price works great mainly for houses under $250K, for houses above that this formula does not work very well in my experience

congratulations and good luck in your new journey

You need to network and search online; you cannot get a list of wholesalers.

Attend REA events in Detroit or search online for keywords like  "We buy houses Detroit" or Sell House fast Detroit" and call the companies that appear in the search. 

I know many wholesalers who are licensed agents, and the only thing they have to do is disclose they are real estate agents in the contract and they are not representing the seller in the transaction, but nothing else.

It will be interesting to see if in VA they will require additional disclosures or not

Quote from @Jerryll Noorden:

Quote from @Hector Perez:

Quote from @Jonathan Krauser:

Quote from @Hector Perez:

@Jonathan Krauser

After reading the letter for a second time, I would recommend changing the following

here is my two cents. 

In the second paragraph where it says "I will also pay cash" be careful with that statement. If you are targeting small multifamily properties, that statement can be true, but if you are targeting larger units, the chances of paying cash are very small to none, as many people will buy it using banks and a mix of syndication, so savvy investors will ignore your letter

The PS section where says " or if they have tenants in the property." This is what I typically use for my SFR direct mail campaign to landlords. but if you are targeting multifamily more likely they will have tenants in place, so that statement is not as powerful for your audience as it is for SFR landlords, that sometimes is hard to sell a property with Tenants in place

I hope that helps a bit

Thank you for the response. I created the list from the tax records. It consists of only owners that have duplexes and their mailing addresses. These letters are going to the landlords. I have the cash resources to purchase any of those properties. 

 Ok, I understand now, so the letter will work great for duplexes. Good Luck

Typically multifamily is 5 units or more and Single Families are 1-4 units, so I was confused, so thanks for the clarification

Actually, that part is only half true because there are additional criteria that need to be considered to be multifamily vs SFR, such as separate utilities, heating systems, how they are attached to one another (Vertically vs horizontally), etc

an easy way to differentiate and communicate is to call it multifamily if it has more than 5 units. and Single family for 1-4 units or call it how it is duplex

I own several duplexes that are considered single-family homes by the city.

In the end, it is your decision on how to use it

 Well Said, I agree with your comments, keep the pipeline always full

 Ok, I understand now, so the letter will work great for duplexes. Good Luck

Typically multifamily is 5 units or more and Single Families are 1-4 units, so I was confused, so thanks for the clarification

@Jonathan Krauser

After reading the letter for a second time, I would recommend changing the following

here is my two cents. 

In the second paragraph where it says "I will also pay cash" be careful with that statement. If you are targeting small multifamily properties, that statement can be true, but if you are targeting larger units, the chances of paying cash are very small to none, as many people will buy it using banks and a mix of syndication, so savvy investors will ignore your letter

The PS section where says " or if they have tenants in the property." This is what I typically use for my SFR direct mail campaign to landlords. but if you are targeting multifamily more likely they will have tenants in place, so that statement is not as powerful for your audience as it is for SFR landlords, that sometimes is hard to sell a property with Tenants in place

I hope that helps a bit

Direct mail marketing works great for me, and I have never stopped in over 10 years of doing it consistently, and I have closed many deals from SFR, notes, land and commercial properties

 yes, you can do PPC or SEO, but you can spend thousands of dollars too, and no deals. 

Basically you need to know what you are doing in DM or Online for it to work, otherwise, you will spend thousands of dollars without success

@Jonathan Krauser. The letter looks good. Good Luck

@Diego Martinez,

A title company will not necessarily give you advice or review your contracts to make sure those are correct. For that you need a real estate lawyer.

My suggestion is to use a contract from your state, learn how to fill it out.

There is no title company that is investor-friendly, the key is to find an escrow officer that is investor-friendly at a title company, for that you can check post in local Facebook groups or check your local real estate club