All Forum Posts by: Jorge Caicedo

well i hav e a list of 30+ buyers. I put ads on Craigslist, have access to the MLS and put ads on Backpage. My ads are to the point and professional, the few calls I did get, the selllers weren't motivated enough.
That's beyond my control and if there are any La. people on here, you know how flaky these buyers can be. 'Oh yeah, I'll take a look at it" or "send me what you got" etc....and nothing comes out of it. Even if you have the property under contract and send pics, they still won't follow through. I'd like to take some of these 'GURUS" on here and challenge them to wholesale 1 deal in Louisiana using a motivated seller. I have no money to pay them since I'm broke, lol but it'd be interesting to see what they do

In my studies on wholesaling, I've come to realize the sellers who're desperate to sell really aren't that plentiful, especially in Louisiana.
I'm starting to wonder if all the fabulous money made in wholesaling as touted by these courses is really just a ploy to sell books. I belong to our local Reia and have yet to meet anyone who's even wholesaled a deal.
Starting to wonder if wholesaling is a myth concocted by shrewd marketing experts..... I say that because these people who supposedly pull in 5 figure checks just happen to "come across" a motivated seller or "stumbled upon" a rehab and the seller couldn't wait to get it off his hands..makes me wonder.....

Marc, it's like that here in La. Heck, some buyers don't even know about wholesaling as a technique! Some take their time looking at a deal or don't call back at all.
The whole key behind wholesaling really hinges on the end buyer ,of course, and they can be very unpredictable. Certain wholesaling gurus(no names please) would have you think wholesaling is as easy as basic addition. Nope, not even close. It's that element of unpredictibility in the end buyer that can make or break a deal.

To clear $50k on assignment fees though, you need to be dealing w/ big numbers. In La., the ARV on most homes out here (Jeff/Orleans parish) is about $3-350k MAX, w/ $80k-$150k being the minimum;give or take a few thousand. Anything w/ a higher ARV and you get into the Garden District and certain parts of Uptown, but even in gutted conditions don't even think for a second you'll get anywhere near $50k. I know REI Coach was being illustrative w/ the #'s but I also feel he was trying to show the profit potential in one. However, I have yet to talk to a wholesaler in La. that has made anything close to that(and I know at least a couple dozen)

dcg, she doesn't care for the area too much, it's not so much that it's normally bad, but there have been a few murders around there as of late. I'm thinking maybe $89k is too high. Correct me ifI'm wrong but to make at least $5k on this, would I have to drop the price to around $80(she won't take less than that) because then w/$80k +$5k=$85k +mrtg of $27k=$112 and that's still a bit below market. The property appraised for $116 so I'm going off of that. Now, should the mrtg even be a factor in my flip as far as the end buyer is concerned?

anybody out there?.........

OK, a 3bdrm, 2.5ba 1419 sq ft townhouse, needs no repairs, is ready to be rented, has insurance, owner needs out as of yesterday, it has a $27k mortgage and has a FMV of $116k. I'm about to fax an offer over of $89($116-$27) and want to make $10k on an assignment. Is this possible, or if not, what would I need to do to get a $10k fee? Please help!!! PS My contingency is that it's based on my lender's approval, so I could always lower the price if need be.

John, good point although if I plan to do SP there's always liability insurance insurance available you can get fronm an insurance agent. That's probably the only advantage to me after having done ins. for 5 yrs and real estate for one lol

Aaron, Thanks... I knew a number was wrong somewhere lol! So a 2nd mrtg shouldn't affect my ability to do a wholesale deal then correct?

I ask this b/c I've never done a deal where the home had a 2nd mrtg.