All Forum Posts by: Jaelyn Whisler

My biggest question as far as starting out in wholesaling goes is how to go about making sure you get the accuarte numbers for #5 when you're starting out.

Getting the current market value is one thing. You could call a local agent to get the CMV on a property. But many of them don't even understand how to get the after repair value.

It'd be great to get a better understanding of that.

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Attend local REIA meetings. They'll have plenty of experienced investors who'll know your market area like the back of their hand. That'd be one of the best places to get any information on how the market is doing and what sells where.

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Try getting in touch with local rehab investors who are experienced in the area for recommendations on who to hire as far as the contractors and property managers go. Even if you don't have the time to oversee it yourself, it'd still be a great learning experience in my opinion.

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Lot of good content on here... Where's my pen and paper lol

@Curt SmithI personally really like what you said about putting in the extra sweat-work in... Knocking on doors, hovering around at the court house, and doing whatever else the typical wholesaler doesn't do.

@Eric H.Good tip on looking for citations against the properties. I tried doing a bit of that yesterday afternoon for PG County but I honestly didn't know how to find what I was looking for. Should I maybe go to the courthouse in person to get someone to help me navigate through the records??

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As far as the earnest money deposit goes, I heard it's better to have it sent to the title company who would do your closing.

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Well congratulations on starting your education here on BP !

Glad to see another new investor in the Maryland area. The first bit of advice I could really give to you is to attend the next local REIA meeting to meet other investors who may actually invest in your area.

Connections will make or break you in wholesaling.

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Firstly, Congratulations on closing your first deal !!

Secondly, I agree with @Jim Viens. I'm new, but I'm used to seeing the buyer do the title search if the seller hasn't already.

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This is a really encouraging story. Hopefully I can get the ball rolling and do the same in my market area.

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Originally posted by @Steve Vaughan:

Thanks @Jaelyn Whisler- just one more point. In our advertising, we NEVER describe the tenant, just the property. Want to clarify the speaker's advice to 'describe the tenant you are looking for' in your CL ad. I don't even say 'walk to' shopping, entertainment, bus line, etc. 'Close to' is better. Cheers!

Thanks !! And you make a great point. When I think about it, it'd probably be safer that way, what you're describing, also to avoid any fair housing issues. Would this be right??

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Originally posted by @Steve Vaughan:

A couple points and a question, please. I have never 'staged' a rental. Most renters don't need to picture them and their stuff inside like a home buyer, but I have had applicants come back to take some measurements for their beds and couches.

Yeah it'd be more work on the investors end than the tenant's end to stage a house. But I think the point of that is to minimize the decision making process. If they can see the couch or the bed already in place they can get an idea of whether or not there's adequate spacing for their own things.

I never do open houses. All showings have been pre-screened fairly extensively. I have applications and screening/qual criteria listed at the showing, but not what I expect from them. When I post ads on craigslist, I have 4 or 5 questions at the bottom that need answered and I only use the anonymous e-mail at first. In general I ask: How many folks? How many vehicles? Is this far from your work or income source? Do you smoke? Do you have pets? Your phone will blow up with the same questions from the same unqualified people if you just put the ad in with your ph#! The ones with 6 adults that smoke with a bunch of kids and cousins with no job and an old semi that needs to be parked somewhere - do you want them at your open house??

I definitely agree with this point and I should have elaborated on this more. During the meeting, the speaker talked about using the Craigslist post as a way to pre-screen tenants by describing the type of tenant you are looking for. As a result, most tenants who know they don't meet these standards will weed themselves out.

I didn't quite understand something about the better neighborhood. What's

The better the neighborhood/area, the better your security to hold the property for cash flow versus to flip it (generally) ? The security part is throwing me off. Thanks!

What I mean by this is that, typically, the better the area the house is in the better the chances of having a long-term tenant than if the home were in a lower income area. So it could provide a better option to hold such a property versus to flip it if that's what you as an investor would be looking for.

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All Forum Posts by: Jaelyn Whisler

Jaelyn Whisler has started 3 posts and replied 40 times.

Post: Wholesale Beginner

Post: Where do you get your market data?

Post: Wholesale Deal with a twist

Post: Finding motivated sellers

Post: Wholesale Beginner

Post: New Member From Maryland

Post: Title Search - Are Wholesalers Responsible for Doing One??

Post: My First Assinment of Contract

Post: Understanding The Business of Buy and Hold Investing: A Landlord

Post: Understanding The Business of Buy and Hold Investing: A Landlord