All Forum Posts by: Jake K.

Hey Jake-
You may have more options the only wholesale. You could buy property with seller financing- where the seller acts as the bank, and no lending institution is involved. In such a case, downpayment and terms (years, interest, monthly payment) are all negotiable. I’ve used this strategy multiple times to buy property with no money out of pocket.

Regarding your business plan- I highly recommend listening to The BP Podcast 108- Grant Cardone’s discussion on goals made a big difference for me.

This being said- a few suggestions I have: write your goals down every single day. And remind yourself to keep an eye out for opportunities when you do. You’ll see a lot more. Next thing- in any area of life, there are a half dozen things that make all the difference. Identify those for your business.
Example blueprint:

1. Goal: double my income from my job by wholesaling and investing in all my available hours.
2. Why? : this is your motivations for what gets you going- what would make you keep trying even when you’re struggling?
3. List of 1/2 Dozen daily/weekly things to be doing to be successful
3.A. Use 5 second rule to take immediate action when I think of something I should do (for more info- YouTube Mel Robbins 5 second rule)
3.B. Send out marketing for offmarket deals (Craigslist, bandit signs, direct mail, business cards in public places)
3.C. Physically go to properties to evaluate - for both your off-market or ones through the MLS.
3.D. Analyze the #’s and make offers
3.E. Property under contract= market the crap out of it (Facebook, Craigslist, BP, local REI Groups,etc)
3.F. Close on contract with buyer/seller and get paid.
Repeat. Especially 3A-3E. On your list, write how many times per week you should be doing each of 3B-3E. Then triple this amount, and set it as your goal. Track it, and hold yourself accountable for doing the level of activity you set out to do. You can’t control who accepts your offers, but you can control how many you make. Focus on what you can control, and shove all of your attention into doing the things under your control.

This was a lengthy post- I hope it helps. Good luck

Find the house, then contact the owner to see if they are interested in selling. The key is understanding the value and how much time and money need to go into the property. Understanding value is critical and then you can find out what you will pay based on the profit you are looking for. Let me know if I can help any further.

Welcome Jake! Good job on getting started.  I would recommend doing a little research on the forum, there are a lot of posts talking about this very thing.  Also educate yourself in different exit strategies.  Wholesaling is a great tool, but it wont work for every deal you come across.  Start networking with different people in your area and find people that focus in other avenues and see if you could partner on a few deals so they could walk you through the processes.  

Good luck!

We lowballed a duplex in foreclosure mid winter for $13,500. Kitchens & Bathrooms were gutted. One furnace was running & both HW tanks were toast. 

No response for several weeks & another 12-18 inches of snow fell. Then we were notified that we got it for the low offer. Flipped it to an investor for $28k holding the note with $5k down. He got it up & running then after 2 years simply walked away because of a run of bad tenants & a move to Ohio. We evicted the tenants & sold it lease to own for $42k @ 13% 18 year term. He has 4 years left & has never been late on his payments. 

We also picked up another mid-winter for $12,500 with frozen pipes, collapsed ceilings complete with icicles & buckled oak floors. We sold it as is for $25k holding the note @ 12% 12 years & they just mailed us the last 6 post dated checks to finish their payments.

Several years ago we 'took back' DILO an old 1800's 5 bedroom 4 bath country mansion that we held the note on. It also suffered frozen pipes & we subsequently flipped it lease to own to a contractor friend who has since done an amazing job restoring it.

Bad winters have provided us with some very unique opportunities. 

I will NEVER purchase a  house in my area in the winter. After Oct. 31 there is guaranteed snow and it probably won't all melt until May. 

Because of the snow you can't really inspect the roof, chimney, or see how the water would/should run away from the house in rain.

If you can still see the roof, and ground grade, sure go for it. But if you can' t do a full inspection you're setting yourself up for trouble!

@Jake K. WINTER IS THE BEST TIME!!! Everyone wants to be cuddled up inside,  while you can get out there and find those deals. I know in New York winters can get bad so nobody wants to be out. Get out there! 

Actually no, it would not be a bad time to wholesale. I think the reason most investors aren't as active in the winter is about the effort. If someone presents them a good deal and they don't have to do any of the leg work to find it (i.e. going to 25 or 30 showings and putting in a bunch of offers), I don't think you'll have any problem selling the deal at any time of year.