All Forum Posts by: Account Closed

1% response isn't unusual.  Sometimes I vary from 0-10%.  It also could be that they just haven't called yet.  I've got calls three years later from ads I put out.  This happens quite often actually.  

Also, I would reword that nice guy bit.  Maybe take it out all together with a more solid call to action.  

On a side note, I think it's funny when people call me  to tell me their house isn't for sale.  I understand that people really are guarded about their property, but I always think "do you call the auto mechanic or pizza delivery place and tell them you don't want any when they send you an ad?"

Many wholesalers use other wholesalers inventory to sell in their local market.  I've had many others mark up my stuff and sell it to their local folks.  I usually pay them a fee and whatever the mark up was.  I've even tried selling stuff from other places, Atlanta and Phoenix, but didn't care for it because I like to be hands on for my clients and they expect that from me.  But yeah, people from all over the world sell my stuff all the time.  

Usually takes us at least 90 days to rehab it.  Ours are usually full gut rehabs.  We usually purchase for around $30k put around $100k into it and sell for around $200k.

In most states one can not legally sign contracts until they are 18.  However you can bird dog now.  It's a good way to get your feet wet.  I did this with my high school son.  He did some bird dogging for me over the summer.  I would sell the house and when it closed I'd pay him a finders fee.  

I don't think he is actually doing it.  There is no way a bank will use that guys appraiser and run with their numbers.  In this day and age, there is no way a bank is going to loan more than the property is worth either.  

However, maybe he has a shady local bank he is working with.  

Another thing to consider is how he is going to have large mortgage payments.

Another thing to consider is that most banks will not give out more than 4 loans so someone, some do 10.  So I doubt that he is able to get 20.  

I would have to wholesale 334 houses a year to get to a million.  Which means I'd have to hire several more people too, because there is no way I could handle that all by my self.  So most of that million would go toward paying my new employees. 

I doubt he is actually doing that because I don't know of any bank that will loan to a company with a mortgage.  They only loan to individuals, so his name would have to be on the loan.  Second, I don't know of any bank that will loan that much over what he paid and spent the first time.  Only spending $10k in rehab isn't going to justify the new value of $150k from the banks point of view.  

It took me months to close my first deal. I don't remember how many offers I made to get it because it was 12 years ago. But I can tell you now, that I typically have to make 100+ MLS offers before I find a property. I know I am well over 100 offers at the moment.

I usually only have to make a handful to get a wholesale deal though.  

I'm pretty sure the realtor won't give you the time of day once he/she finds out you are wanting to wholesale the listings.  

You're supposed to find off market properties, not listed ones that everyone already knows about.  

Technically and legally you can, and if you do please connect me with that lender.  It will probably never happen, unless you know them really well.  

I had a HML take a 2nd a few times, but it only happened when they were the lender or homeowner being paid off from a sale and the appraisal came back too low so a bank wouldn't fund the entire price. So the HML would take a 2nd for the difference. But that was a bank loan in 1st and the HML in 2nd and the 2nd usually wasn't for very much, only a few thousand.