All Forum Posts by: Anore' Allen

Hello BP family my name is Lakeem Allen, I'm looking to network with investors, etc in Wisconsin and learn as much as I can. I'm not going to lie, I started to become discouraged about the lack of responses from Investors in Wisconsin when trying to build my buyers list but noticed everyone wants to talk when you have a good deal! 

My biggest strength is the ability to negotiate effectively, not so much with organizing data so for the analytical (or very busy) types feel free to reach out to me and maybe we can make some things happen. 

Wholesaling is THE best way to go in my opinion, make sure you get your license if you're in CA, study negotiation and stay away from the wholesaling bashers on BiggerPockets. There's nothing wrong with it, especially if you close before you resell, if you can't.. I see nothing wrong with being an assignee on a deal as long as you practice 100% disclosure with buyers and of course sellers. 

Good luck, block out all negativity. And like bill said: LEARN REAL ESTATE. 

every market is different, every buyer is different. 70-75% ARV minus repairs is the norm. It can fluctuate due to the fact that the 70% "rule" adds a buffer for repair cost mistakes (I think it's 10% of the 30% discount ). We can typically wholesale to a contractor who'll be doing some of the work for 75% of ARV minus repairs, remember you're saving them marketing dollars and most importantly the time and hassles that come along with negotiating with sellers.

@Tim G, very true that'd why no one has responded to you yet, learned that a while ago. 

And if my rehabbers won't buy it... the PROFESSIONAL FLIPPERS, why in the world would I? Something has to be wrong. If the deal is good this rarely happens to be honest, I've seen title issues stop a deal more than 'not being able to find an end buyer '

i'm starting to think Wisconsin isn't a good state to wholesale, although it's an investor friendly state buyers don't seem to be very responsive at all. I send a text, email hell I even call and it just doesn't seem to work very well. 

All the buyers seem to be aloof, and there also doesn't seem to be more than 5 or 6 serious buyers here (in the entire state)...I've closed a few deals but they were in the fox valley area, Dane county seems to have really arrogant buyers and Sauk county is pretty much dead for investment activity even though when I drive around I see a bunch of potential. 

I want to take wholesaling to the next level, should I pack up and get the hell out of Wisconsin? What's a good market to wholesale ?

Ok, so I've closed a few deals (nothing crazy, yet) but im noticing besides speaking with sellers on a daily basis I have a little too much free time between appointments and deals, what's a good way to FULLY dive into real estate? I want to be working this business 24-7 besides joining a REIA what else can I do to stay active in this business?

I do NOT like sitting behind a computer and 'analyzing deals' all day, I actually have a set day (Sunday) for this, any suggestions?

REIPro get the job done each time. 

The POF is not fraudulent, sellers can call the number on it and speak with them directly. Yes you have to have an end buyer lined up to use the funds but you also can legally say 'you have private money you use to close ' no lies, no tricks just a simple solution.

Call Velocity Capital, visit the website first, but call them and speak to Michael. Get your general information on transactional funding 

Print off a proof of funds letter. 

Build a crazy buyers lists.

And when you speak to sellers tell them that you buy and sell real estate using private funds but may assign the contract over to a partner. 

Always be building your capital base and your buyers list. 

I love this business and I'm always trying to get different perspectives especially when it comes to valuation techniques in a HOT market. 

Just out of curiosity when in a sellers market, are you guys and gals using 70-75% ARV method, or just backing out profits and costs (ARV minus repairs, fees, closing costs, etc)?

I find that both ways usually gives me a 'range' of what I should offer and I make the most intelligent (at least i'd like to think so) decision from there. 

Feel free to explain your method when determining MAO in a hot market.