All Forum Posts by: Jason S.

The upside is for buyers that drive by and call off the sign - for these buyers he can act as the buyers agent or simply add them to his list to contact for other homes.

I looked up the broker and he is out of Temecula - if he were out of Los Angeles or Long Beach I would be less forgiving. I will give you the possibility of the wrong listing being typed in which set forth a chain of events... but that is a hard nut to swallow given my experience of keys stolen from lock boxes, signs torn down so others do not know of deals etc - just standard So Cal business practices. Does that happen with regularity in your area also? I know of agents that stop taking offers when keys go missing until they are replaced and then the clock is restarted.

You are right - maybe it was simply a mistake. It would be interesting to find out.

This is where your negotiation skills come into play - this is when it gets fun. Balancing your needs and wants with their needs and wants - the anticipation of who should "blink" - this is where "the deal" is made. Determining the sellers motivations is powerful - what else might the seller need other than "the highest possible price"? - and does that need overpower price?

I do not know what rules Realtor's live by so I am posting this for a little insight from the forum.

We recently listed a property for sale in Riverside, Ca. The listing is currently "active" with a local broker. I drove up to my property this afternoon and found a real estate sign on my property that said:

"Bank Owned Home! 24 hour recorded message 1-800-xxx-xxxx listing #104"

Thinking my broker was "out of touch" for my non-bank owned home I called the 1-800 number and heard my listing being read directly to me - I pushed the button to connect with an agent and ...... I was connected to an agent for a different broker. Apparently this broker simply placed his sign on my property - hence attempting to not only degrade my fully re-hab'd property by calling it "bank owned" but also to steal my brokers business.

This could not have been a mistake as the message on the recording was word for word duplicate of my listing, therefore the broker knew he was placing a sign on another brokers listing.

This must be against some Realtor "Rule" or "Code" - What, if anything, should be done?

If they can get past the blue cabinets (ha ha - in fun) they should be fine with the kitchen w/d. At $600 a month how can they complain? - where is this by the way - I think I need to buy in places other than. Southern CA

To clarify as it seems to be a distraction.

Wholesalers - it does not matter how much you charge as long as it makes sense. When I said do not try and make 2 months income on a deal just because it took 2 months to put together I was referring to the wholesalers that price things based on their time and effort and how much they needto pay their bills and not soley on the merits of the deal. Sometimes you make $1 an hour and sometimes $10,000 an hour - that is fine as long as the deal can support it.

I apologize that my original post was not written well enough.

1. 400 offers. That is 100 per week - wow. The point is numbers do work - you never know when you might just hit. I am assuming either your Realtor has pre-signed papers, you are a Realtor, or you send the offers in straight without a Realtor but you have a set system of fill in the blank forms. ---> lesson is that to become a wholesaler is a lot of work! Think of it as training to be the investor in the future.

2. To send in 400 offers, you must really know your area very well - even to ensure they are low-ball - or are you sending in offers and then relying on the due diligence to determine whether to proceed? ---->lesson is to know your areas and once again true ARV

3. Putting in offers that have at least 70% equity after repair ---> lesson is that you need to be very good at determining what needs to be done and how much it costs to do it.

Summary is that to those that are just starting out to be wholesalers - it is a lot of work, every day, and you must yourself be an "expert" in ARV & Estimating.

Let me add one more key point - that 70% ARV she mentioned is AFTER her fee (that i an assumption though). So many wholesalers bring me deals but their fee kills the deal. When the deal is good enough - the money will be there. But do not try to make 2 months of your bills on 1 deal, even though it may have taken 2 months to put it together. Charge what the deal is worth and leave room for everyone.

I would be interested to know what the successful wholesalers out there charge - Every time one brings me a deal I cannot believe how much they want.

What a tough question - make certain you get views from factories that service your area and be certain to differentiate between different factories with the same brand name.

For example, Champion has plants that feed Southern California based in Lindsey CA and Chandler AZ and the product they produce is quite different. Cavco has Litchfield and Durango - both service Southern California but the product is very different.

Good luck.