All Forum Posts by: Jan Wanot

@Cornelius Garland sounds interesting! How do you get owners phone numbers to cold call?

Best,

Jan

Thanks for sharing!

If you haven't been to this meetup, I can say it's a solid one. 

@Eric Hall you're not missing anything!

As @Tatiana Gershanovich mentioned, and you linked, those are "tract homes" and are much cheaper to build. Check out http://www.realityhomesinc.com/ as well, they are popular around our area. 

Be advised that the prices they have on their website does not include everything. In fact, you'll need quite a bit more work on your own to finish the property once they are done building. Even paint! 

Give them a call to understand exactly what the packaged prices include. 

@Jay Hinrichs, while I haven't seen a single deal from a wholesaler after reviewing many, I'm also not yet an expert in keeping in touch with the many that are out there. I think that is important.

Another potential differentiating factor in getting the actual deals from wholesalers is having a brand around your business, so that you're the first they call with a deal. 

My friends at Fixated Real Estate seem to have quite a lot of success with both of the above, and mentioned that a MAJORITY of their deals come from wholesalers. I can't tag them, but they do high volume flipping based on those strategies, and I'm sure more that I'm not aware of :)

I will say that I have personally wholesaled a property that was in fact a great deal, but I only sent it to 3 people. How did I choose those 3? I talked to them in person THAT week, and knew they had cash and interest. 

A testament to my first point. 

@Rudy Manna can you give us an example using numbers for an actual deal, or fabricated numbers for your BRRR deals?

interested in numbers related to acquisition, rehab, refi, and what you mean by 20% margin.

Cheers guys! 

Hey @Annie G.!

In order to maximize gross rents, we set the price so high that it filters out typical candidates, and pretty much only allows for a house share situation where roommates sign one lease with us, and pay on a per-room basis, but coordinate that amongst themselves. 

That's exactly what we got. Young professionals, and friends who rent together. These are the types of tenants we like because I am in the exact same situation and rent with friends. I find it's easy to build rapport and manage tenants when you see eye to eye with them based on similarity in demographic. 

We do also advertise the rental with distances from specific places that we believe our target would be interested in. In this case, it was highlighting the distances from the waterfront, 6th ave, hospitals, UW Tacoma, and freeways. 

Hope that helps :) 

Let's be honest, most of Tacoma is going to have above average (for WA) crime rates besides maybe North End. 

It's all about the numbers. If there is a KILLER deal in a rough neighborhood, it may still be worth it. Just gotta figure out if you have the energy/time to deal with potential tenant issues/money you're willing to pay for management.

I have a rental in the hood, and it's wonderful because we made it so and designed the place to attract the right tenant. It's a 4/2 on Hilltop, and we got the exact tenants we had in mind when rehabbing: young successful guys that aren't too worried about the crack being sold 1 street down because they won't be hanging out outside anyways. One of them is a nurse which is exactly what I was hoping would happen as there are a couple of hospitals nearby. 

We didn't do much to the exterior so it would blend in and not attract the wrong attention, but the interior has inexpensive but modern finishes, brown-grey laminate throughout, light grey walls and white trim, cool pendant lighting, open floor plan, you know the template :) 

Join the club :)

I'm also actively looking for BRRR strategy deals in Tacoma from other wholesalers, but I'm also doing a campagin around UPS near 6th Ave, and would be happy to send you any deals I get under contract there.

Love the area, lots of out of state money at the school, and I like renting to college kids. 

@Account Closed I poked around on the web a bit and found the same thing as Alex. Most importantly, you'll want to separate your retail broker transactions from wholesale activity by acting with transparency and spelling out the potential to assign in contracts. 

Here is another thread with some discussion and opinions on both ends: https://www.biggerpockets.com/forums/93/topics/77001-can-a-licensed-real-estate-agent-wholesale-property

I'm not a broker and don't know what set of regulations they abide by, but I'd also love to see someone quote the specific guide/rulebook providing us direct reference on any articles that would allow or prevent executing retail and wholesale transactions. 

I can't imagine this would be defined by the Revised Code of Washington but I've been surprised before! 

Thanks for the reminder! 

Albert, 

Home Possible opens up a whole new set of possibilities, thanks for sharing and educating us!

Can you recommend a few mortgage brokers that offer this type of program locally?

Kind Regards,

Jan